  The role of chiral (pion) dynamics in nuclear matter is reviewed.
Contributions to the energy per particle from one- and two-pion exchange are
calculated systematically, and it is demonstrated that already at order $k^4_f$
in the Fermi momentum, two-pion exchange produces realistic nuclear binding
together with very reasonable values for the compressibility and the asymmetry
energy. Further implications of these results are discussed.
