More definitions:

More definitions:

-- Deflation - a decrease in goods and services prices, generally from a money supply contraction;

-- Inflation - the reverse of the above;

-- Hyperinflation - extreme inflation, as explained above, to a level where money becomes worthless or nearly so; according to Williams, the coming hyperinflation is because of a "lack of monetary discipline formerly imposed....by the gold standard, and a (Fed) dedicated to preventing a collapse in the money supply (and preventing) the implosion of the (ongoing) extremely over-leveraged domestic financial system;"

-- Recession - officially defined as two or more consecutive (inflation-adjusted) GDP contracting quarters; many economists don't agree on this, and some gauge conditions by the relative strength or weakness of industrial production, payroll employment, retail sales, and so forth; add it up and clearly the US is in recession; how bad and for how long will only be known in time;

-- Depression - a recession "where (inflation-adjusted) peak-to-trough contraction exceeds 10%; and a

-- Great depression - one where the peak-to-trough exceeds 25%. It happened only once so far in US history in the 1930s.