Russia Should Bet The Bank On The RubleRudi Dornbusch
On the surface, the news out of Russia is bad. Boris Yeltsin, who once stood for the hope of democracy and reform, turns out to be unstable, poorly advised, and all too often drunk. His Cabinet is packed with communist goons, and his advisers are shady. The failed war in Chechnya is a manifestation of a government adrift. The past few years have seen ultranationalist Vladimir V. Zhirinovsky get elected; a tremendous drop in industrial output, causing vast poverty; and the spread of corruption throughout the Russian economy. The entire era has been defined by hyperinflation and a plunging ruble.
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