Chávez urges allies to withdraw reserves from US banks, warning of a looming US economic crisis

[NNN0LHI]

http://www.boston.com/news/world/latinamerica/articles/2008/01/27/chvez_urges_allies_to_withdraw_reserves_from_us_banks/

CARACAS - President Hugo Chávez of Venezuela urged his Latin American allies yesterday to begin withdrawing billions of dollars in international reserves from US banks, warning of a looming US economic crisis.

Chávez made the suggestion as he hosted a summit aimed at boosting Latin American integration and rolling back US influence.

"We should start to bring our reserves here," he said. "Why does that money have to be in the north? . . . You can't put all your eggs in one basket."

To help pool resources within the region, Chávez and other leaders launched 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 Chávez is intended to offer an alternative, socialist path to integration while snubbing US-backed free-trade deals.

[dkf]

1. this is just great.

[jimshoes]

2. That doesn't sound good

Why am I hearing rumblings?

[jimshoes]

3. I think bush has broken America

and all that's left is the house of cards to start falling.

[Adsos Letter]

4. Them chickens...they do come home to roost...