Foreign Capital Flees Russian Depression (1998)

The End of Moscow’s Party (1998) The Russian economic crisis exacerbated by fickle foreign investors Subscribe to Journeyman for news and science reports every weekday: The economic problems of the late 1990s plunged Russia into crisis. The day the ruble plunged by 22%, Russian Vogue held a monumental launch party. The cream of Moscow’s elite crowded a glitzy shopping arcade and pretended not to notice the air of impending doom all around. At the Red Star model agency Natalia flashes a stunning smile. She puts a brave face on the devastating statistic that in 2 weeks they lost 95% of their business as western investors fled. For this new middle class the party is over and the crisis that’s been raging in the Provinces has come to the capital to roost. Arctic Miners who’ve gone unpaid for 6 months hammer together flimsy shelters in central Moscow. In a last ditch protest they bang their helmets on the steps of the