Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
One thing which is also downplayed is oil. Soviet Union production peaked in 1986, and started declining therafter - just at a time when oil prices crashed.

That hurt their trade balance violently, and led to massive borrowing (from Germany, mostly), which was coming to an end by 1991. Quite simply, Gorbatchev's Soviet Union was broke, and while it is unknown whether it would have been kept in one piece, it is certain that it was going for hyperinflation and social disaster in 1991.

In the long run, we're all dead. John Maynard Keynes

by Jerome a Paris (etg@eurotrib.com) on Thu Jan 11th, 2007 at 03:19:25 PM EST

Others have rated this comment as follows:


Occasional Series