Economist Jeffrey Sachs Reveals How Neocons Subverted Russia's Financial Stabilization In Early 1990s

In 1989, economist Jeffrey Sachs advised the first post-communist government of Poland, helping devise a strategy for financial stabilization and economic transformation. His recommendations included large-scale Western financial support to prevent inflation, enable a stable currency, and open trade and investment with the European Community. These recommendations were heeded by the US government, G7, and the International Monetary Fund, resulting in a $1 billion Zloty stabilization fund and significant development assistance. This led to Poland's rapid economic growth in the early 1990s. In November 1991, Sachs was invited to make the case for large-scale aid to Russia on the PBS news show The McNeil-Lehrer Report. After the show, he was told by acting Secretary of State Lawrence Eagleburger that the request for large-scale aid was not going to happen due to it being an election year. Russia's economic crisis worsened rapidly in 1992, and Sachs continued to advocate for large-scale Western financing without success. His hopes were dashed when Bill Clinton's key advisor on Russia, Michael Mandelbaum, rejected the concept of large-scale assistance for Russia in November 1992.