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See you are in business what he think his new definition of a recession? >> look at like george orwell who said it best the best way to control a society is to controlled language first. i just like diversity is conformity, inclusion is exclusion. war is peace and now apparently a recession is other than to can state of of gdp decline. the thing i'll tell you tucker is that most people in the market have already quietly accepted the fact that we are in a recession. regardless of what this administration says. investors pay attention a company's earnings just like walmart's disastrous report ea...

Thanks so much for coming on . so you're in business. what doines you think of this new definition of a recession? >> look, it's like a george orwellt who said it bes, right? the best way to control a society is to control itsst language first. and just like diversity is , conformity include exclusion. war is peace. now,pa apparently a recession is something other than two consecutive quarters of gdp decline. now the thingng tell you, tuckel is most sophisticated investors in the market have alreadye quietlyma accepted the fact that we are in a recession regardless of what this administration ...

Joining us, the economist editor-in-chief. thank you for being here. the inflation is top of mind. give us a sense as to how nations across the globe are combating it and where the u.s. ranks in that fight. >> i think everywhere is the concern of inflation around the world. around the world, they see a recession. we may well see another quarter of gdp decline. is it technically a recession or not is the question. may well be the second culture of gdp decline. the big question is, what happens with gas? as you heard, the russians have cut again the amount of gas they are allowing to the pipelin...

Didn't start in 2003, in fact it long predates that going back to the picture with donald rumsfeld shaking hands with saddam hussein, and then the gulf war in the early 1990s, and then there was a period of sanctions. i think this is a little lost on the american public is just how devastated iraq was as a country prior to 2003. that's a study done -- i did some reporting on this, and there's one study of gdp in iraq in the first three years of the sanctions declined by 98%. and the great depression was a 27% gdp decline. what would happen to a country that lost 98% of its gdp? what do you thi...

at the fukushima daiichi nuclear power plant. they praised the response at the plant as exemplary. the power plant was badly damaged after a quake triggered a tsunami in march. former bosnia serb commander is now awaiting charges at the hague. he's facing war crimes of the massacre of 8,000 men and boys in 1995. after 16 days in space, shuttle" endeavour" is back on earth. nasa's 30-year shuttle program will come to an end after the launch of "atlantis" in the coming weeks. those are the headlines. "world business today" starts now. good morning, from cnn london, i'm nina decembe...