▲ | okasaki 2 days ago | |||||||
Cool story from an alcoholic traitor > On 2 January 1992, Yeltsin, acting as his own prime minister, began a major economic and administrative reform ordered the liberalization of foreign trade, prices, and currency. At the same time, Yeltsin followed a policy of "macroeconomic stabilization", a harsh austerity regime designed to control inflation. Under Yeltsin's stabilization programme, interest rates were raised to extremely high levels to tighten money and restrict credit. To bring state spending and revenues into balance, Yeltsin raised new taxes heavily, cut back sharply on government subsidies to industry and construction, and made steep cuts to state welfare spending. > In early 1992, prices skyrocketed throughout Russia, and a deep credit crunch shut down many industries and brought about a protracted depression. The reforms devastated the living standards of much of the population, especially the groups dependent on Soviet-era state subsidies and welfare programs.[108] Through the 1990s, Russia's GDP fell by 50%, vast sectors of the economy were wiped out, inequality and unemployment grew dramatically, whilst incomes fell. Hyperinflation, caused by the Central Bank of Russia's loose monetary policy, wiped out many people's personal savings, and tens of millions of Russians were plunged into poverty.[109][110] | ||||||||
▲ | Thorrez a day ago | parent | next [-] | |||||||
If you know of a communist country that has had good civil rights and good prosperity, let me know. | ||||||||
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▲ | lupusreal 2 days ago | parent | prev [-] | |||||||
Communism in Russia proved to be great at producing alcoholic traitors, because the material conditions and quality of life it produced was abysmal. So yeah, people drank a lot and got the fuck out when they could. |