Word: chiles
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Dates: during 1950-1959
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...Chile, the doughty little country that never lost a shooting war, is fighting a desperate battle against the hemisphere's deadliest case of inflation. Until the beginning of this year, victory was in the air; President Carlos Ibanez, advised by U.S. Economic Consultants Klein & Saks, had effectively reversed 40 years of accelerating inflation. But last week the battle was again going against the inflation-fighters...
...immediate, causes of the setback were three sharp economic blows. First, the worst drought in 87 years parched the fertile south, forcing Chile to spend hard cash for foreign wheat. Then unseasonal rains flooded the North. Worst of all, copper-the government's largest revenue source-plummeted from 55? a Ib. to 27?, and with every 1? drop the government lost $6,300,000 in taxes...
...basic trouble stems from politics. With elections coming next year, Chile's Congress has balked at the important but unpopular reforms on the Klein & Saks program. The Congress refused a 20% cut in government staff, and government expenses rose this year instead of dropping, as planned. It also balked at an antitrust bill to curb monopolistic, inflationary practices in the lumber, paper, cement and tobacco industries. Meanwhile, the government itself hesitated to tighten collections of income taxes, which are high in theory but evaded in practice. And the armed services continued to waste money; e.g., the Navy still keeps...
Santiago, Chile...
...signal came in strong, was amplified by a trailerful of electronic apparatus (made for the purpose by Bendix Aviation Corp.), and recorded on a chart. When the first real satellite takes to space, ten Minitrack receiving stations will be ready in the U.S., Cuba, Antigua, Ecuador, Peru, Chile and Australia. Their information about the satellite's motion will be flashed electronically to Washington, where past orbits will be charted and future orbits predicted by computer...