Background: Boris Nikolayevich Yeltsin (Russian: Boris Nikolaevich El'tsin, IPA: [ba'rjis njIka'laIvjItc 'jeljtsin] ( listen); 1 February 1931 - 23 April 2007) was a Soviet and Russian politician and the first President of the Russian Federation, serving from 1991 to 1999. Originally a supporter of Mikhail Gorbachev, Yeltsin emerged under the perestroika reforms as one of Gorbachev's most powerful political opponents. During the late 1980s, Yeltsin had been a candidate member of the Politburo, and in late 1987 tendered a letter of resignation in protest. No one had resigned from the Politburo before.
Context: Just days after the dissolution of the Soviet Union, Boris Yeltsin resolved to embark on a program of radical economic reform. Unlike Gorbachev's reforms, which sought to expand democracy in the socialist system, the new regime aimed to completely dismantle socialism and fully implement capitalism--converting the world's largest command economy into a free-market one. During early discussions of this transition, Yeltsin's advisers debated issues of speed and sequencing, with an apparent division between those favoring a rapid approach and those favoring a gradual or slower approach.  On 2 January 1992, Yeltsin, acting as his own prime minister, ordered the liberalization of foreign trade, prices, and currency. At the same time, Yeltsin followed a policy of 'macroeconomic stabilization,' a harsh austerity regime designed to control inflation. Under Yeltsin's stabilization program, interest rates were raised to extremely high levels to tighten money and restrict credit. To bring state spending and revenues into balance, Yeltsin raised new taxes heavily, cut back sharply on government subsidies to industry and construction, and made steep cuts to state welfare spending.  In early 1992, prices skyrocketed throughout Russia, and a deep credit crunch shut down many industries and brought about a protracted depression. The reforms devastated the living standards of much of the population, especially the groups dependent on Soviet-era state subsidies and welfare entitlement programs. Through the 1990s, Russia's GDP fell by 50 percent, vast sectors of the economy were wiped out, inequality and unemployment grew dramatically, while incomes fell. Hyperinflation, caused by the Central Bank of Russia's loose monetary policy, wiped out a lot of personal savings, and tens of millions of Russians were plunged into poverty.  Some economists argue that in the 1990s Russia suffered an economic downturn more severe than the United States or Germany had undergone six decades earlier in the Great Depression. Russian commentators and even some Western economists, such as Marshall Goldman, widely blamed Yeltsin's economic program for the country's disastrous economic performance in the 1990s. Many politicians began to quickly distance themselves from the program. In February 1992, Russia's vice president, Alexander Rutskoy denounced the Yeltsin program as "economic genocide." By 1993 conflict over the reform direction escalated between Yeltsin on the one side, and the opposition to radical economic reform in Russia's parliament on the other.
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On 2 January 1992, Yeltsin, acting as his own prime minister, ordered the liberalization of foreign trade, prices, and currency.