Claim: President Obama told an audience in Europe ordinary Americans are "too small-minded to govern their own affairs" and should "surrender their rights" to an "all-powerful sovereign."

Snopes  . . . "Commenting on world order, did Obama actually tell a German audience that "ordinary men and women are too small minded to govern their own affairs, and that order and progress can only come when individuals surrender their right to an all powerful sovereign"? Perhaps, if he spoke this it was taken out of context?" . . .

. . . "No audio clues immediately challenge the clip's veracity. One major red flag, however, is a cutaway: between the first and second portions of the short statement, the camera panned out over the audience before centering back on Obama's face. " . . .

. . . "Considered in their full context, President Obama's mentions to ordinary men and women being "too small-minded to govern their own affairs" and order and progress being possible only "when individuals surrender their rights to an all-powerful sovereign" are clearly references to an old, undesirable form of power, not an expression of President Obama's viewpoint about how things are or should be in the world. "

Politifact says it was edited to change his meaning
We conservatives must leave tricks like this to NBC and the rest of the liberal media. 

Full transcript of this speech

More research on this here. Not all of it classy.