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October 13, 2009
Chile squirrels away copper fortunes and spends prudently

Several years ago, the Chilean government prudently stashed away windfall profits from soaring copper prices. Correspondent Edie Magnus and producer Ara Ayer report from Santiago, Chile where the country is now financing its own stimulus plan spending hundreds of millions of dollars on public works projects, creating jobs and doling out cash stipends to the poor.

A few weeks ago Ivette Feliciano attended an event where Chile’s first female president, Michelle Bachelet, was honored by the Americas Society for her administration’s economic and social achievements navigating the global economic crisis.

She credited her country’s quick recovery after the crisis to her administration’s decision to put away money made when the price of copper was high a few years back. Copper is one of Chile’s main exports.

Watch President Bachelet answer Ivette’s question in the video below:

For more Worldfocus coverage of the Chilean Economy, click here.

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Comments

2 comments

#2

A great common sense story. The question is, why don’t I see stories like this from the mainstream media? The dial a Monk story was also very interesting.

#1

Re Chile. I’ve always lived my life that way and now I’m probably considered a “fat cat”. Now we help out the pigs who lived high on the hog. A pox on them.
Guess you have to grow up in poverty to understand the boom and bust economy. 3 cheers for Chile. MW

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