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Strategies & Market Trends : Waiting for the big Kahuna

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To: Haim R. Branisteanu who wrote (25663)	8/30/1998 8:05:00 AM
From: Philipp	Read Replies (2) of 94695

NTV/CNN report that the Russian major players have arrived at an agreement to "restore calm to the economy". Chernomyrdin pledges "You can be calm. You will get your savings," (of course, in worthless, falling rubles). This could be taken as a pretext for a rally, but I doubt that it would have any staying power. It is too transparent. We will see hyperinflation again within half a year. I don't agree that the Russian economy can be stabilized by throwing more money at it. The Russian economy has to start at ground zero. It is fundamentally bankrupt like a post-war economy. The only difference is that Russia has a small super-rich elite ("oligarchs" an interesting new euphemism for "mafia bosses"). All political changes happen behind the scenes. They are frightening, but gradual and unlikely to lead to sudden disruptions. And a return of communism is not the real problem (that is just obsolete cold-war rhetoric). Cheers, Phil

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