Bank

The ruble:dollar exchange rate was 4500:1. The following year it had fallen 9% to 5400:1. In January 1998 they dropped off three zeros, so it was 5:1. Then the ruble crashed (again), and now it's 25:1. I just remembered that 50 rubles was 1 cent, 100 (the lowest paper demonination) was 2 cents, 5000 rubles was a dollar, 1000 was two dollars, and 50 000 (the highest denomination) was eight dollars. Large numbers are hard to calculate, because a million rubles is $200. So I always did large numbers in dollars, which is what Russians did too, even grandmothers. Because everyone keeps their savings in dollars.

It was scary going into these tiny banks and windows at stores and pulling out $50 or $100 for a trade. But I never had any problems.

I also learned why Russians are so down on capitalism nowadays. It's because the "capitalism" they see is nothing like in the West. It's more like robber baron capitalism. The nouveau riche shooting their gardener because they don't like his work, etc.

Do not believe what you read in the Western papers. They distort things to fit Western prejudices. Instead, read the English edition of the Moscow News. In fact, I wish the Western newspapers would just reprint articles from here rather than the sorry excuses for articles they do have! Anybody who has lived here a few years will verify that the Moscow News is much more accurate.

Moscow, Russia -- September 1995