Word: chiles
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Dates: during 1950-1959
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Jorge Alessandri, Chile's industrialist-President, is determined to run his country on the same hardheaded business principles that he formerly used to run its prosperous paper monopoly. Last week a broadside bill giving Alessandri absolute control of Chile's economy for one year sailed through the Senate and headed back to the Chamber of Deputies for approval of its Senate-added amendments...
...system, fire civil servants, establish a new monetary system, modify the nation's banking. He will also be empowered to reorganize public utilities, consolidate government or semi-government agencies, control monopolies and practices that restrict free trade. The powers are drastic, but so is the squeeze on Chile's economy. The 1959 budget of $465,600,000 is unbalanced by $242,500,000; industrial output has sagged 10% in the past three years; food production falls far short of keeping up with the annual population increase of 2½%; more than 150,000 workers are unemployed...
...Chile's main income source, copper, will greatly help Alessandri's program. Selling for 31½ ? per Ib. on the New York market last week, copper was a fat 6½ ? above last year's low-and each penny's increase in the copper price means an extra $10 million a year for Chile. Moreover, Alessandri, who was elected by a Conservative-Liberal coalition, has congressional support from the Radicals, most important of the oppositionists. Dancing with Princess Alexandra at a British embassy party, Bachelor Alessandri, 62, was a picture of relaxed confidence...
...political reasons, the unbeaten U.S.S.R. team refused to play Nationalist China at the world basketball championships in Santiago. Chile, thereby forfeited its claim to the title. Brazil was declared champion, with a second-rate U.S. Air Force team runner-up. ¶ For the third straight year, World Champions David Jenkins, 22, and Carol Heiss. 19, skated rings around the opposition, scored victories in the national senior figure skating championships at Rochester...
...Normal" Inflation. In arguments, most speechmakers fail to distinguish between runaway inflation of the sort that swept Germany after World War II, and that now has Chile and Bolivia in its grip, and the so-called "normal" inflation of 1% or 2% a year that has usually accompanied times of prosperity. Nobody wants runaway inflation. But many economists believe that the U.S. economy cannot grow and prosper without some measure of "normal" inflation...