Word: rublee
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The social compact was a joke: "We pretend to work; they pretend to pay us." As for savings, which are an economic statement of faith in the future, what was the point? To have more rubles with which to scour empty shelves or to stuff under the mattress? But there...
Moreover, while the ruble was nearly worthless at home, it was totally without value abroad. No banker or investor wanted to hold an artificial, or "soft," currency. The ruble was an impediment to foreign trade and contributed to the isolation of the U.S.S.R.
But the secessionists also wanted to escape the tyranny of the ruble. So did many Russians. In 1990 I paid an eye-opening visit to the Pacific port of Vladivostok. The population there is overwhelmingly Russian, yet the local leaders were almost as eager to break with Moscow as the...
That was not good enough for subcommittee chairman David Obey, a Democrat, who recalled that Republicans had in the past attacked his party for its support of the IMF. Congress would approve this contribution, Obey said, only if President Bush were to "state to the country in a very public...
The U.S. can begin, of course, by spending some of the $745 million in technical aid that Washington has planned for the next two years. The real payoff, says Blair Ruble, director of the Kennan Institute for Advanced Russian Studies in Washington, may eventually come "from small-scale private initiatives...