Russia: walk on the supply side?

Doug Henwood dhenwood at
Wed Sep 16 09:51:11 PDT 1998

Comments from the irrepressible supply-sider, Jude Wanniski, posted to Johnson's Russia List. Vlad is Jude's webmaster.

>From: "Vlad Signorelli" <vlad at>
>Date: Tue, 15 Sep 1998
>Subject: excerpt from Jude Wanniski
>Following is an excerpt of Jude Wanniski's client letter from Monday,
>thought you might find his bullish take pretty interesting.
>...It actually was bullish news to me that the Duma rejected Boris
>Yeltsin's "heavyweight" nominee for PM, Viktor Chernomyrdin, a heavyweight
>crook with a heavyweight Swiss bank account, and chose Primakov, who is
>suspected of being an honest man. I'm even more cheered by Primakov's
>choice of Viktor Geraschenko as head of the central bank. The U.S. news
>media uniformly describes Geraschenko as a Communist responsible for the
>1994 inflation. He's actually the fellow who invited me and former Fed Gov.
>Wayne Angell to Moscow in 1989, when he headed the Gosbank in the Gorbachev
>government. Nobody knows and appreciates my arguments for a gold ruble
>better than Geraschenko, who was muscled out by the Harvard/IMF "shock
>therapy" crowd, the real culprits in the inflation. His sidekick, Oleg
>Mozhaiskov, was a fan of Milton Friedman when we first met, but I won him
>over with gold. His daughter Julia translated The Way the World Works into
>Russian. Wouldn't it be nice to buy Russia at the bottom?

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