Word: rublee
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But then the Soviet President delivered what was probably the unkindest cut of all to Ryzhkov. He indicated that he preferred not his Prime Minister's proposals but a radical plan drafted by the Yeltsin-Gorbachev commission, under the leadership of economist Stanislav Shatalin. "If you ask me," he said...
The Shatalin program, worked out with cooperation from the republics, represents a radical departure from the Kremlin's fumbling efforts in the past to develop a "regulated market economy" that would be subject to central control. At the heart of the plan is a scheme to privatize state-owned property...
One program the U.S. might contemplate is providing the Kremlin with credit ! to buy Western consumer goods for resale in the Soviet Union for rubles. While some economists dismiss this as a palliative, it could bring several benefits. The goods -- clothing, household electronics, large items like autos -- could be sold...
Desperate is right. Though Soviet citizens have long sought valuta -- convertible currency with real purchasing power -- the country's worsening economy has turned the search for dollars and marks into a manic scramble. With store shelves almost bare, the ruble is worth about as much as Monopoly money. As increasing...
There is less and less for consumers to consume, and people are forced to save the money they cannot spend. At least 165 billion rubles in involuntary savings, the equivalent of six months of retail sales, lies like a deadweight on the economy. The ruble is worth so little that...