The Fall of the Soviet Union: Why the Superpower Collapsed — Fexingo History
In 1987, Mikhail Gorbachev allowed state enterprises to keep their own profits. It seemed sensible—until those enterprises started lending to each other outside the state plan. By 1991, the Soviet Union had over a thousand unregulated commercial banks, the ruble was hemorrhaging value, and the central bank was printing money to cover deficits it could no longer control. This episode follows Viktor Gerashchenko, the last chairman of the Soviet State Bank, as he tried to stem the tide of hyperinflation. We trace the rise of the first cooperative banks in 1988, the collapse of the ruble's purchasing power, and the final, desperate currency reforms of January 1991—the Pavlov reform—that emptied savings accounts overnight and shattered public trust. Along the way, we examine competing theories: did the economic collapse cause the political end, or did the political chaos make recovery impossible? This is Episode 141 of The Fall of the Soviet Union: Why the Superpower Collapsed. #SovietEconomy #Gosbank #ViktorGerashchenko #PavlovReform #Hyperinflation #Perestroika #Gorbachev #Ruble #CooperativeBanks #EconomicCollapse #StateBank #USSR #EasternEurope #1991 #Gosplan #MonetaryReform #History #FexingoHistory Keep every episode free: buymeacoffee.com/fexingo [https://buymeacoffee.com/fexingo]
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