Russia: Yeltsin's Desperate Gamble

As the economy continues to slide, Russia's enfeebled leader devalues the ruble. The risks: steep inflation and a new era of political unrest

The Russian people have been lied to for centuries. Generations of Czars spun visions of a world that eventually proved to be an illusion. The communists, their ideology and the Soviet state turned out to be illegitimate as well. Little wonder that today's citizens are confused and distrustful, wondering what, if anything, they can believe in. For the most part, they do not trust their government, and the administration of President Boris Yeltsin is not helping. It talks reform but hasn't been able to deliver fully. It bills its economy as a free-market system when it actually is a hybrid between...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!