Word: chiles
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...Chile, the "shoestring country" that U.S. children learn about from their fourth-grade geography books, is in the toils of a silent and hopeful revolution, no less tense and dramatic for being economic rather than political. The astonishing evidence is that a 40-year-old inflation, moving with express-train acceleration, has been braked to a stop since January. The significance is that Chile, while the world of economists and traders watches with interest and hope, is scrapping outmoded government controls and veering toward a free economy...
...abrupt change from familiar controls to chancy freedom might be no great trick for a South American dictatorship, ruled by decree; but in democratic Chile the reform is going ahead by vote of Congress, which is convinced that austerity is what the people want. One politico, who at first opposed the change, admitted last week, "We underestimated the civic conscience of our people...
People & President. The 6,400,000 people of Chile-a mixture of Basque and Catalan stock, with some blend of the original Araucanian Indians-have demonstrable courage and energy. Though outnumbered in an 1879-83 war with Peru and Bolivia, they easily grabbed the copper and nitrate riches of the rainless northern deserts, thus completed the process of making their country so long (2,600 mi.) that if it were magically moved it could serve as a land bridge from Boston to Belfast. Chileans are 90% literate and obstinately democratic, but by a quirk they have elected as their President...
President Ibáñez, at 78, is still stern, upright and tempestuous. The son of a wealthy landowner, he early learned to sit a horse and boss his father's peons. The landowning politicians of Chile's 19th century- Conservatives who disputed for power with equally conservative Liberals- molded his beliefs to the right. The Chilean cavalry gave him a passion for humorless order; Chileans say that once, for reasons of pure esthetic tidiness, he made a tall clarinetist in a military band trade instruments with a short trombonist...
...failed to keep the exchange from slipping. Under pressure from internal inflation, the scale of official rates dropped steadily to as low as 300; the limited free market that the law permitted hit a peak of more than 800 last August. U.S. Economic Consultants Klein & Saks, hired then by Chile to cure its economic fevers, made freeing the peso a high-priority recommendation...