While speculators from all sides were still fighting hard against the oil opportunities caused by the Gulf War, Zeng Lingfeng, who had made the best interests, had already turned his attention to the Soviet Union and the ruble.

In fact, Zeng Lingfeng had already started before coming to the United States. Before going abroad, Zeng Lingfeng asked Mr. Deng to find connections and obtained a high-interest loan of 20 billion rubles from the Central Bank of the Soviet Union, saying that it was to have enough funds to invest after arriving in the United States.

Mr. Deng was puzzled by why Zeng Lingfeng needed so much capital investment. He knew that Zeng Lingfeng had made more than 30 billion yuan in the Nikkei market, which was an astronomical figure. Now he had to borrow another 20 billion rubles, which was more than 30 billion US dollars! What is this little guy planning to go to the United States? Are you going to buy the United States?

The money was soon settled. Zeng Lingfeng didn't expect to borrow a large amount at that time, probably because of the high interest rate and the old man's face. The most important thing is that he gave the big nose one percent kickback. This loan fell to Zeng Lingfeng's Cold Rain Misty Investment Bank in the name of supporting the development of Asia, Africa and Latin America.

Zeng Lingfeng sighed, thinking about it, the corruption of cadres before the collapse of the Soviet Union was already horrifying, and after the disintegration, it was the original elites who divided the wealth of the Soviet Union. It was not surprising that with their own abilities and the old man's face, it was not surprising that they lent 20 billion rubles.

Zeng Lingfeng did want to invest at this time, but his other purpose was to speculate on rubles, and he had the idea of ​​killing two birds with one stone.

Two billion rubles are equal to three hundred and twenty billion US dollars when lending, ten years of long-term loans, and ten years later, it should be...

Zeng Lingfeng picked up the calculator on the table and pressed it. After a few days, the ruble fell sharply. The Russian government had to issue new rubles. A new ruble was equal to one thousand old rubles. The new ruble was 5 rubles for one dollar, and then it fell to more than twenty new rubles for one dollar. At the exchange rate against the US dollar, the old ruble was equal to more than 20,000 times. According to the next 25 new rubles per dollar, the current 20 billion old rubles is worth...1.28 million US dollars in ten years.

One hundred and twenty-eight thousand? Looking at the numbers on the calculator, Zeng Lingfeng rubbed his eyes for a long time. Although he had known that this was the result, the facts were in front of him and he could not recover for a long time.

It took a while to return to normal. I scratched my head and felt a little embarrassed. I didn't expect that I would have become one of the evil class who divided the wealth of the Soviet people. These 20 billion rubles and 32 billion US dollars were equivalent to giving them to my company for free.

What's even better is that investing these funds will generate several times the profit. Zeng Lingfeng has to admire his genius idea. This is the real way to make a fortune by making money in nothing.

After borrowing these 20 billion rubles, Zeng Lingfeng quickly exchanged them all into US dollars and gold, laying the groundwork for the subsequent actions.

In fact, Zeng Lingfeng knew that the reason why he was able to make a lot of money from the ruble was because the Soviet Union and later Russian leadership made a fatal common sense mistake. Regardless of whether it was a mistake they made on purpose or not, they had made it anyway.

Anyone who understands the Southeast Asian crisis knows that the cause is that Thailand's exchange rate against the US dollar has changed from a hard structure to a free market floating, giving Soros a chance. Then the Soviet Union was just the opposite. The Soviet Union had two currencies, one was ruble and the other was credit card. This system could effectively prevent financial attacks from capitalist countries.

On the surface, the main reason for Russia's failure is that the Russian government is extremely irresponsible. After the reforms began in 1991, the government evaporated all of its currency, government bonds and privatization certificates (that is, they were denied). Even the savings of residents placed in the national bank were eaten up by him. Whoever took these currency tickets issued by the government was unlucky. Whoever held the bank's deposit slips should be careful that the deposit depreciated by 1,000% within one year. As a result, people only regarded the US dollar and the mark as real money. Once the people had this mentality, let alone reform, it would be difficult for normal economic activities to carry out.

In addition, the Russian reforms also violated several common sense laws. It is difficult to explain why they made these mistakes. Since it is common sense, everyone should understand it. If Geedar and Caubais were nerds and entered the government directly from school, Yeltsin and Chernomelkinko were both experienced politicians and entrepreneurs.

In fact, Geidal and Caubais were just chess pieces used by the Russian bureaucracy, or the Red Guards that were used. The Soviet Union's reforms were similar to those of China's special period. Their length of time and degree of destruction were also similar. For such a big thing, there were always a charge Red Guards.

The Russian reform of the Red Guards was like the Red Guards in China during the special period, and then they were asked to take the main responsibility for doing bad things. But what really worked was the group behind the Red Guards, that was the huge bureaucratic group of the Soviet Union. They were the protagonists and main winners of this reform.

Many Russians call this reform "official reform". This reform can be regarded as the molt of a bureaucratic group. They took off their worn and blood-stained combat uniforms - the Communist Party of the Soviet Union and put on the tuxedo of capitalists. Thus they gained a new identity - a legitimate and popular capitalist abroad.

As we all know, Russia today has much smaller populations and areas than the former Soviet Union, but its government bureaucratic group has not been reduced. Of course, it has not been unemployed. In fact, the number of bureaucrats has increased by 20% compared to before, and the degree of corruption in bureaucrats is far beyond the Soviet era.

Among the rich people today, 85% are former Communists of the Soviet Union. The remaining 15% are mostly former gangsters. Only a very small number of rich people are entrepreneurs. Simply put, after the Communist Party of the former Soviet era disbanded the Communist Party of the Soviet Union, they directly embezzled the Soviet Union's state-owned property as their reward for abolishing the Communist Party.

In fact, they themselves, like Yeltsin, Chernomerkin and Pujin, are both professional Communist Party cadres. It should be said that while disbanding the Communist Party of the Soviet Union, they liberated the cadres of the Communist Party of the Soviet Union.

Russia has adopted "shock therapy" for its economy. Russia's shock therapy has several contents: distribution to households, relaxing prices, and abolishing planned economy.

At this time, Russia's consumer goods market had not yet been established. Therefore, shock therapy includes this meaning: first establish a capital market, and then use the capital market to drive the consumer market.

The so-called capital market is the equity or property rights market, or the means of production market. The stock market we often call it is part of the capital market. The consumer market is the market for buying and selling consumer goods, that is, the market for buying and selling cabbage, radish, pork and soap. Consumer products also include services, such as insurance and banking services (product market of the tertiary industry).

How to establish a capital market? It is very simple: Russia distributes the property rights of state enterprises to the people and allows them to trade freely, and the capital market is established. Then everyone is waiting for this capital market to allow Russia to produce Western consumer goods and allow them to live a good life as the United States or Germans.

The result is not the case at all. Russians' lives are getting worse and worse. Why is this happening? Because this practice violates a scientific rule, which is that the consumer market is the first market or the basic market, while the capital market is the second market, and is affiliated with the consumer market.

To establish a market economy, it is necessary to first establish a consumer market and then a capital market. This is first because the consumer market is said to have existed in the age of the apes and is essential for modern human life. Nowadays, individuals cannot produce the daily necessities they need. If there is no consumer goods market, people will die soon. So in any case, this consumer market is more important to human survival than the capital market. If it is not established first, the entire society will not be stable and there is no market. The second is because the value of a company lies in its profitability. Profit expectations determine the price of stocks (property rights). This profit comes from the consumer market.

Therefore, the performance of the capital market, that is, the supply and demand relationship and price trend of stocks, is the product of the performance (expected performance) of the enterprise in the consumer market. For example, if a certain enterprise's product sells well (or is expected to sell well) and can make money in the consumer market, the value of the enterprise's stock will increase. Otherwise, it will decrease.

When Russia established its capital market, the consumer market had not yet been established. At this time, the performance of various companies in the market had not been shown - I don’t know whether these companies can make profits and how much they can make. At this time, there is no measure of property rights price. Such a market cannot actually be called a market, because people have no way to understand the goods (property rights) in the market.

Some people say that this is a market with insufficient information, but in fact, the information has not been generated yet. The information in the capital market comes from the consumer market, and the consumer market has not yet operated normally. How to generate normal information?

Russia estimates its state-owned property, including some natural resources, to 12 billion US dollars, which is not as valuable as a larger company in the West. Zeng Lingfeng's assets at this time are 36 billion US dollars, three times that of Russia's state-owned property. This also shows that they do not know how to estimate it at all. Because the value of a company lies in its profitability, and when the consumer market is not established, it does not know the profitability of capital, so it cannot be estimated.

Economists in Geidal believe that if property rights are divided and enterprises become private, they will produce a large number of high-quality consumer goods, because Western countries are in this state.

There is a good metaphor for this mistake: Westerners live in two floors, and Russians are very envious. Russians also want to build two floors, but Russians start from the second floor, and the first floor is air. As a result, the building collapsed.

The first floor is the consumer market, and the second floor is the capital market. Western advisers and then Prime Minister Geidal both wanted to start building from the second floor, which was to establish a capital market first. At this time (92-94) the consumer market did not exist. At this time, the capital market had no support and it would inevitably collapse.

Moreover, this capital market is designed to be ridiculously designed and its rules are simply unworkable.

The method of privatization is that the government issues a "privatization certificate" to each citizen (issued on September 1, 1992), which is worth about 10,000 rubles. This 10,000 rubles is not the current 10,000 rubles, but 10,000 rubles in 1991. Because in 1991, according to the government's valuation, each person can get state-owned assets worth 10,000 rubles at that time. After issuing this certificate, the government lets the citizens take the certificate and go to state-owned enterprises to exchange stocks.
Chapter completed!