We should recall what Keynes wrote in 1919: “Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency… Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency.”
Right now, the only serious threat to the U.S. dollar’s international dominance is the euro. Even so, the Russian ruble has come a long way since the 1998 default, and it is about time for the perceptions to catch up with the new reality. If only politics would cooperate, both the international role of the ruble and Russia’s rightful place in the economic G8 would be assured.
We should recall what Keynes wrote in 1919: “Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency… Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency.”
Right now, the only serious threat to the U.S. dollar’s international dominance is the euro. Even so, the Russian ruble has come a long way since the 1998 default, and it is about time for the perceptions to catch up with the new reality. If only politics would cooperate, both the international role of the ruble and Russia’s rightful place in the economic G8 would be assured.
When the Baltic countries entered NATO and the European Union a couple of years ago, many thought it was the end of the centuries-old "red line." Euro-Atlantic organizations had crossed into the former Russian and Soviet empires.
In September 2004, the Russian city of Novgorod hosted an international conference entitled Russia at the Turn of the Century: Hopes and Reality. Its organizers were the RIA Novosti news agency, the Council on Foreign and Defense Policy, Russia in Global Affairs, and The Moscow Times.