76-11-8
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Chile II
TranscriptOn September 11, 1973, President Salvador Allende of Chile was overthrown in a military coup that probably received more worldwide media coverage than any similar event in history. At 1:45 on the afternoon of the 11th -- fifteen minutes after his supporters had surrendered -- he committed suicide with a gun which bore a gold plate in its stock inscribed with the words, "To my good friend Salvador Allende. Fidel Castro". A barrage of propaganda, aided and abetted bythe world Communist press, tried to portray this as a democratically conceived government reflecting the will of the people overthrown by politically ambitious military leaders. Allende's downfall was the direct result of shameful economic mismanagement, deliberate violation of his nation's constitution and laws and terrorist tactics imposed on his people. The chief foreign correspondent of the TIMES, Dave Holden, said -- QUOTE "Unfortunately nobody with even a nodding acquaintance with economics could have classified the management of the Allende government as anything but disastrous". -- UNQUOTE. When Allende took office the government had 343 million dollars in reserves. Three years later Chile's deficit was more than 300 million dollars. The admitted inflation rate was 508 percent, but economists charged that the fi8ures were rigged to hide a real inflation rate of 700 percent. Either figure was a world record for inflation. The government had increased the amount of paper money 670 percent in two years. The consumer price index had gone up 842 percent. Agricultural production was down 22 percent and copper, which makes up 80 percent of Chile's foreign export, was down 25 percent. Allende had assumed control of all the banks, and therefore, of all loans, savings and credit essential to business. Using printing press money, massive spending programs were instituted mainly to benefit the roughly one third of the people who were Allende's constituency. By June of 1973, the government had confiscated 282 large industries which produced more than one half of the country's output. Almost 6000 farms -- 40 percent of the agricultural land -- was seized (much of it at gunpoint) and redistributed, again, to Allende's followers. In the summer of 1973, there were great food shortages and those who couldn't afford to deal in the black market lined up for hours to buy rationed necessities. In May of 1973, Chile's Supreme Court unanimously denounced the Allende Regime for "disruption of the legality of the nation." One month later a second Supreme Court resolution charged the President with illegal and unconstitutional interference in legal affairs that fall within the exclusive competence of the Judicial power. A few weeks later, the leaders of the two houses of Congress appealed to Allende to reestablish legality, "before it is too late". They cited the danger inherent in his, "creation of a parallel army in which numerous foreigners are collaborating". These foreigners were primarily Cuban and they were featherbedded on the pay rolls of the confiscated businesses and industries. By August, the Congress charged the President with widespread violation of human rights and the Bar Association issued a report concluding that only Congress was competent to legislate and determine the extent of Presidential power. Tomorrow I'll try to cover the final days and the specific events leading up to the overthrow. This is Ronald Reagan. Thanks for listening. |
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