America Abroad

Underwriting Peace in Russia

How to rescue the people of the former Soviet Union from the economic abyss? It is a question of money, obviously, but not of how much we should give them. The most important task is to help them develop real money of their own.

In a normal country, currency is more than just a medium of exchange between a buyer and a seller: a dollar bill or a thousand-yen note is a contract between the individual and the state. The citizen does his part by producing and consuming, while the government ensures what economists call a stable standard of value --...