Word: chiles
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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...
...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...
...Chile was in the final phase. Confronted by a 20% budget deficit, a $718 million foreign-trade debt and an unemployment rate of 10%, President Jorge Alessandri's month-old "businessman's government" devalued the currency. Down 18% went the value of the peso, from 837 per dollar to 989, in the hope that such exports as steel and wine, thus cheapened, would rise proportionately...