Word: rublee
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Russia's immediate problem is its currency. The ruble is play money, testimony to John Maynard Keynes' observation that "the surest way" to destroy a government is to "debauch its currency." Thanks to an unrestrained government printing press run by Moscow's central bank (whose chairman is appointed by the...
The Political Interest: It's the ruble, stupid!
The Vaktins are no worse -- and no better -- off than most working-class families these days. The promise of Western-style capitalism has brought them little more than rising prices and a shriveling ruble. Hard-to-get products might be more plentiful, but average citizens cannot afford them. The falling...
Initial promises of support from the West remain largely unfulfilled, and Yeltsin is still waiting for $13 billion of the $24 billion in Western assistance that the major industrialized countries pledged last April. That money stopped when Russia failed to meet targets set by the International Monetary Fund for stabilizing...
Sketching quickly, letting a line stand for a landscape, the author shows us Moscow in the month before last year's coup. Marxism's fragments still clog streets and government offices. The ruble is nearly worthless. Murderous Chechen bandits and corrupt former party officials war bloodily over control of the...