Matthew 24:34
ESV - 34 Truly, I say to you, this generation will not pass away until all these things take place.
For follow-up discussion and general commentary on the topic. Comments are sorted chronologically.
The fig tree represents Israel. This generation will see all these things take place - this will happens when the fig tree spouts new buds and leaves.
This is best explained in this video.
http://youtu.be/f8p9FyKJT0w