Venezuelan President Hugo Chavez urged his Latin American allies on Saturday to begin withdrawing billions of dollars in international reserves from U.S. banks, warning of a looming U.S. economic crisis.
Chavez made the suggestion as he hosted a summit aimed at boosting Latin American integration and rolling back U.S. influence.
"We should start to bring our reserves here," Chavez said. "Why does that money have to be in the north? ... You can't put all your eggs in one basket."
Chavez noted that U.S. Secretary of State Condoleezza Rice visited Colombia in recent days, saying "that has to do with this summit."
"The empire doesn't accept alternatives," Chavez told the gathering, attended by the presidents of Bolivia and Nicaragua and Cuban Vice President Carlos Lage.
Chavez warned that U.S. "imperialism is entering into a crisis that can affect all of us" and said Latin America "will save itself alone."
To help pool resources within the region, Chavez and other leaders were setting up a new development bank at the summit of the Bolivarian Alternative for the Nations of Our America, or ALBA.
The left-leaning regional trade alliance first proposed by Chavez is intended to offer an alternative, socialist path to integration while snubbing U.S.-backed free-trade deals.
Nicaraguan President Daniel Ortega joined Chavez in his criticism of U.S.-style capitalism, saying "the dictatorship of global capitalism ... has lost control." Three days earlier, Ortega had shouted "Long live the U.S. government" as he inaugurated an American-financed section of highway in his country.
On Saturday, Chavez welcomed the Caribbean island of Dominica into ALBA, joining Nicaragua, Bolivia and Cuba. Attending as observers were the prime ministers of Antigua and Barbuda and St. Vincent and the Grenadines, along with officials from Ecuador, Honduras, Haiti and St. Kitts and Nevis.
The ALBA Bank is to be started with $1 billion to US$1.5 billion of capital, Venezuelan Finance Minister Rafael
Isea said Friday, according to the state-run Bolivarian News Agency.
Source: AP News
2 comments:
Now this is interesting as it is true. Thanks to Michael Moore's movie we now know Foreign money is holding up the US Economy. If these countries follow the suggestion of Chavez, don't look for that check to be in the mail. This is what happens when you have a President who allows this country to borrow so much money and allow the US to have such a large debt. As the World watches the US election look for more countries and people to see we aren't improving this country at all. Foreign Leaders look to American Leaders they have known as trusted to stick with the US. Look at the field of candidates does anyone of them have foreign relationships. How long will it take a foreign country to get to know and trust the next President. What you the US do if this happen to another country? We we continue to allow our money to be misused by a corrupt Administration? Would we look at who the Americans are electing as the next President and see a unknown face who might not be able to restore the US economy as money is still wasted?
Americans are saying they will save their rebate money, as the White House continues to give Billions to Iraq and Contractors. Let's see if Chavez gets any results for his suggestion.
Yes, Jackie this is interesting. What is more frieghtening is when this current administration is gone what secrets it has kept will be out.
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