Fulton Sheen's speech discusses how modern society has universally denied the concept of human guilt, contrasting this with the Christian acknowledgment of sin. He references Dostoyevsky's prophecy about a future where sin and guilt are replaced by material needs, such as hunger. Sheen critiques the shift from viewing individuals as penitents to seeing them as patients, needing therapy rather than forgiveness. He uses Shakespeare's "Macbeth" to illustrate the psychological impact of guilt and discusses the rationalization of sin, using the biblical story of David and Bathsheba as an example. The speech emphasizes the Christian doctrine that sin can only be forgiven through the shedding of blood, symbolized in the sacrifice of Christ. Sheen underscores this principle by tracing the 'scarlet cord' of redemption through biblical narratives, culminating in the ultimate sacrifice of Jesus as the Lamb of God, opening the way to salvation and forgiveness of sins.