In a sicha from year 5748 (1988) the Rabbi says:

The real meaning of Geula in general is that the true metzius (being, reality) of a person that was in exile (Golah, Galut), is liberated and revealed. In exile (wilderness, darkness), a person is not in his accustomed place or position, and therefore he is limited and cannot ‘expand himself’ and act naturally and in his accustomed way (according to his inner, essential self) as he acts in his own home. Geula means being liberated from all limitations, and returning to one’s true and proper place and standing, and therefore one is able to express himself and act expansively as he sees fit. Transforming the exile into redemption. ‘The Rebbe’s teaching that the difference between exile (Golah) and redemption (Ge’Ulah) is the letter ‘Aleph,’ which the Alter Rebbe says represents the ‘Alupho Shel Olam,’ i.e. G-d. It follows that the geulah is the revelation of the da’as (truth), and an end to the ‘spiritual poverty.’ The elimination of doubt and conjecture and the clear perception of truth.

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