The Soviet Economy: Boy, Were We Wrong!

"The Soviet Economy: Boy, Were We Wrong!" The Washington Post, July 11, 1990.

Excerpt: On July 1, East Germans lined up at some 15,000 special distribution centers around the country to exchange their old currency for brand new West German D-marks. There was much celebrating and much to celebrate. Not least, if we are to believe the “Statistical Abstract of the United States,” because East Germans had just suffered a sharp reversal in their fortunes. The 1989 “Abstract” showed East German incomes at parity with West Germany. However, in the 1990 “Abstract,” they dropped to less than two-thirds. Nothing actually happened; our statistics were simply catching up with reality.

Washington Post