Boris Yeltsin and the Russian Chthonos

What you should know of the first president of Russia

Few figures in the Russian history have been so completely misunderstood as Boris Yeltsin. A person of extreme willpower, outstandingly decisive and ruthless man, he is now widely perceived as a funny oaf, a “liberal” or even a “weakling” succeeded by a supposedly “strongman” Putin.

Nothing can be further from truth.

For Putin, ruling was easy.

For Yeltsin, is was exceedingly hard.

Figure 1. Russian history and the oil prices

Putin ruled through fat years. His succession was followed by the greatest and the most uninterrupted cashfall in the entire Russian history. Showered by the oil revenues, he could afford any expense he wanted and more. Naturally, he spent much of it on the gunmen, to guard his power.

Yeltsin ruled through the lean years. The leanest years, to be precise. He led the empire through the massive decline in oil revenues, the fall in living standards, and the total lack of money on anything. Including even the gunmen.

Figure 2. Soviet to Russian military expenditures