The flight of capital from the country is quite an interesting phenomenon and it is especially interesting now. In our time, it has resumed again in full, but of course, we will talk about this later. Now we are interested in capital flight from "Yeltsin's Russia".
This led to a complete imbalance in the credit and financial system and increased hyperinflation enormously. However, in fairness, it must be said that hyperinflation began under Mikhail Gorbachev, it was he who turned on the printing press. But Yeltsin's hyperinflation far surpassed Gorbachev's. Yeltsin did not even think about turning off the printing press, plus there was an flight of capital abroad.
The fact is that rubles are not needed abroad, and the Russian “shadow business” or entrepreneur (whichever one likes best) was forced to start exchanging rubles for dollars. It was necessary to exchange a colossal amount of these same rubles. Moreover, this could be done quite officially. Yeltsin lifted all Soviet restrictions on foreign exchange in the country. As a result, an outrageous rise in the dollar exchange rate began.
And it was a paradise for JSC "MMM", "Khoper-invest", the concern "Tibet" and other financial pyramids. This allowed them to significantly prolong their existence, delaying the inevitable bankruptcy for a long time. Now "dividends" to "suckers" could be paid not at the expense of money collected from other "suckers", of which there were more and more, but simply by buying dollars. The outrageous growth of the dollar exchange rate officially made it possible to pay dividends of hundreds of percent per annum. And, thus, money from "suckers" could be collected much longer.
Moreover, the only way for banks and other normal financial organizations to survive was the need to pay exorbitant dividends and, most importantly, interest on deposits. Otherwise, all people would simply take money from banks and carry it to JSC "MMM", etc.
Moreover, the official opportunity to do this was also for normal credit and financial organizations. It was just necessary to buy dollars and other currencies with the money of depositors. Which they started to do, and also pay "crazy" interest.
That is, the entire credit and financial system of a great country has turned into a pyramid. And this pyramid lived and developed according to the laws of the financial pyramid until the mid-90s.
The laws, or rather, the law of the financial pyramid is well known even to ordinary people - those who came first get a lot of money, all the rest remain in the red. The organizers were the first here: JSC "MMM", "Khoper-invest", banks, other official financial institutions. They, yes, "honestly got theirs." The rest of the country's population remained robbed, moreover, in broad daylight, and you can't put quotes here. Many, by the way, were robbed to the skin. These are the people who carried the last to the pyramids. But the losses of the rest of the population were simply prohibitive.
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First of all, all people completely lost all their Soviet savings. I have already said that I was also an officer in the Armed Forces during Perestroika. Despite his youth, he managed to save seven thousand Soviet rubles, after the "denomination" they turned into seven rubles.
But that was not all. Then people stopped paying wages. It should be noted that it was often not paid for objective reasons. Enterprises and institutions, in connection with the law of the pyramid, often simply did not really have the money to pay it. And people began to sit without wages for months, and often and much more than months. Longest of all, I remember, at the very least, but pensioners were paid pensions. Pensioners traditionally go to vote and, as a rule, vote for power. But then they stopped paying pensions.
First of all, the administrations of enterprises were under attack. The financial pyramid has sucked even the "black cash". Enterprises, due to the fact that they all officially became commercial structures, faced the law of the pyramid significantly earlier than budgetary institutions. And the indignation of the workers began to grow. Moreover, the director corps was sitting not in the Kremlin, but in the same city where the workers lived. It began to dawn on the administrations of enterprises that the reckoning for "golden days" was approaching. From complete masters of the situation at enterprises, the industrial nomenclature has become hostages of the short-sighted policy of Yeltsin and the company.
They needed to look for a way out, and look for it urgently. The hungry workers were furious by leaps and bounds. Moreover, their wives (women much more often than men worked as state employees) also stopped bringing money into the house. When they will start paying salaries again, it was completely unclear.
The directors' corps are in need of "hard cash". And not "for the pocket", but for the salaries of the workers. At enterprises, cases of beating of representatives of administrations have already begun, when they said to workers something like: "There is no money, but you are holding on!" or "Go into business!" I have already said that the situation at that time was very similar to today.