Word: yeltsin
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...STRETCH TO SAY "AS RUSSIA GOES, SO GOES THE UNITED STATES," but not by much. "If Boris Yeltsin . . . is replaced by aggressive, hard-line nationalists," Richard Nixon wrote recently, "this will have a far greater impact on the American economy than all the Clinton domestic programs combined. Aid to . . . Russia is an investment in peace." As economics has become the 1990s equivalent of arms control, so the President's informal campaign slogan -- "It's the economy, stupid" -- may now refer as much to Russia's as to America...
...idea when he is already asking Americans to sacrifice for the sake of their own economy, a task made harder since 58% of respondents in this week's TIME/CNN poll oppose substantially increasing aid to Russia.) The menu of possible assistance programs is lengthy, and Clinton is determined that Yeltsin not leave empty-handed when the two meet in Canada on April 3, assuming they still do. Much of what is being proposed is warmed-over Bush Administration stuff, including an innovative $2 billion fund the Export-Import Bank would target at Russia's sizable oil industry, a plan that...
...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 parliament Yeltsin doesn't control), the ruble supply has tripled since last July. Now, with the inflation rate approaching 50% a month, no Westerner in his right mind would invest in Russia. For Yeltsin, says Michael Mandelbaum, the Johns Hopkins University professor who wrote the Clinton transition team's Russia memo...
...with conservative opposition, Yeltsin takes the law into his own hands, sparking a constitutional crisis that threatens to divide Russia...
...COVER: Yeltsin's Big Gamble...