We can now have full joy—in the present tense

Both names of the Previous Rebbe are related to Geula:

The name Yosef is connected with the Redemption as we see in the prophecy which mentions how G-d will "again ("yoisif") stretch forth His hand to acquire the remnant of His people." Indeed, the entire Jewish people are called "the flock of Yosef." Because Yosef provided sustenance for the entire Jewish people, Yaakov, his wives, and all of his descendants.

Also the name Yitzchok was given in connection with Sarah's statement, "G-d has granted me joy." Our Sages stated (Berachos 31a), "It is forbidden for a person to experience complete joy in this world, because "then" (in the Era of the Redemption) our mouths will be filled with laughter (Tehilim 126:2)." However, since the Previous Rebbe stated L'Alter l'Teshuvah, l'Alter l'Geulah (Immediate Teshuvah, immediate Redemption) and declared that Moshiach's coming is an imminent reality, the full joy is not only in the future tense, but it is already the present tense!

Indeed, the Previous Rebbe was the Moshiach of our generation and revealed himself in a complete manner. And therefore, he demanded that the conduct of his Chassidim should also be with joy at all times. Although he personally suffered imprisonment and was under a death sentence (which was later commuted to exile), he continued to emphasize the importance of simcha. And he conveyed that quality to all of the members of his generation, and in particular, to the men, women and children, in shul here today. From them, this virtue can be spread to all the members of the generation.

Since "the Nasi is the entire generation," the qualities possessed by the Previous Rebbe are brought down to all the people of the generation. Thus, we have the potential to demand that G-d reveal, in a generous manner, all the positive aspects associated with both his names.

Furthermore, a Nasi, is also identified with kingship and a king is, as the Rambam writes, "the heart of the entire Jewish people," and leads them in all their concerns. The existence of the entire nation is dependent on him, including every aspect of their existence. The Nasi takes responsibility for their financial concerns as well. Surely, we see this approach in the conduct of the Previous Rebbe as was obvious in the thirty years of his Nesi'us.

The above is particularly true since we are the generation of the Redemption, when G-d will "again stretch forth His hand... to the remnant of His people... in the islands of the sea." This refers to America, the land in which we are presently living, the lower hemisphere of the world, and Australia, "the lower half" within "the lower hemisphere of the world."

A Jew is entitled to live in prosperity, and indeed, to enjoy an unlimited measure of prosperity. And with a healthy body, he will have a healthy soul and fuse the two into a single unified entity.

(Sicha of 11 Elul 5751)
Translated by R' Sholom Jacobson ע"ה