John Williams: The Real unemployment Rate 22% not 8.1%

The coming fiscal cliff: hyperinflation on track for 2014

If you feel the economy is not as strong as the government is saying or that inflation might be higher than what they’re reporting, you’re most likely right because you’re dealing with the real world... The government’s numbers don’t reflect what’s going on. It’s a matter of how they define it. They put in happy definitions that tend to give them a better economic result with lower inflation rates...
Quality adjustments are legitimate. Let’s say the surveyors for the Bureau of Labor Statistics, who go out each month and measure prices at all sorts of different locations, all sorts of different goods, let’s say the price of an 8 ounce candy bar; and the next month they go to price it and the package is the same but it’s a 6 ounce candy bar....
..... if you go back to 1933 when Roosevelt abandoned the gold standard, since then the purchasing power of the dollar has dropped about 98 percent....
                              ......................................... John Williams, ShadowStats