The Political Interest: It's the Ruble, Stupid!

It's the Ruble, Stupid!

IT'S A 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's.

What's not so apparent is how exactly...

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