_Economy and Finance

Remarks by Governor Ben S. Bernanke Before the National Economists Club, Washington, D.C. November 21, 2002 Deflation: Making Sure "It" Doesn't Happen Here Since World War II, inflation--the apparently inexorable rise in the prices of goods and services--has been the bane of central bankers. Economists of various stripes have argued that inflation is the inevitable result of (pick your favorite) the abandonment of metallic monetary standards, a lack of fiscal discipline, shocks to the price of oil and other commodities, struggles over the distribution of income, excessive money creation, self-confirming inflation expectations, an "inflation bias" in the policies of central banks, and still others. Despite widespread "inflation pessimism," however, during the 1980s and 1990s most industrial-country central banks were able to cage, if not entirely tame, the inflation dragon. Although a number of factors converged to make this happy outcome possible...

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Mining in Chile The mining sector in Chile is one of the pillars of Chilean economy and copper exports alone stands for more than one third of government income. Most mining in Chile is concentrated to the Norte Grande region spanning most of the Atacama Desert. Mining products of Chile includes copper, gold, silver, molybdenum, iron and coal.

Units of Measure in Mineral Commodity 1 carat (metric) (diamond) = 200 milligrams 1 flask (fl) = 76 pounds, avoirdupois 1 karat (gold) = one twenty-fourth part 1 kilogram (kg) = 2.2046 pounds, avoirdupois 1 long ton (lt) = 2,240 pounds, avoirdupois 1 long ton unit (ltu) = 1% of 1 long ton or 22.4 pounds avoirdupois long calcined ton (lct) = excludes water of hydration long dry ton (ldt) = excludes excess free moisture 1 Mcf = 1,000 cubic feet 1 metric ton (t) = 2,204.6 pounds, avoirdupois or 1,000 kilograms 1 metric ton (t) = 1.1023 short ton 1 metric ton unit (mtu) = 1% of 1 metric ton or 10 kilograms metric dry ton (mdt) = excludes excess free moisture 1 pound (lb) = 453.6 grams 1 short ton (st) = 2,000 pounds, avoirdupois 1 short ton unit (stu) = 1% of 1 short ton or 20 pounds, avoirdupois short dry ton (sdt) = excludes excess free moisture 1 troy ounce (tr oz) = 1.09714 avoirdupois ounces or 31.103 grams 1 troy pound = 12 troy ounces

Chuquicamata Chuquicamata, or "Chuqui" as it is more familiarly known, is by excavated volume the biggest open pit copper mine in the world, located in the north of Chile, just outside of Calama, 215 km northeast of Antofagasta and 1,240 km north of the capital, Santiago. The mine is owned and operated by Codelco, a Chilean state enterprise, since the Chilean nationalization of copper in the late 1960s and early 1970s. Its depth of 850 metres (2,790 ft) makes it the second deepest open-pit mine in the world (after Bingham Canyon Mine in Utah, USA).