Latin America leftists slam U.S. on financial crisis

reuters.com ^ | Sep 30, 2008 | Sep 30, 2008

[Tailgunner Joe]

MANAUS, Brazil, Sept 30 (Reuters) - Latin America's leftist leaders on Tuesday accused the United States of "irresponsibility" in its handling of the financial crisis that has pummeled markets and threatens economies around the world.

Venezuelan President Hugo Chavez warned the crisis over credit could slow economic growth across Latin America and took a stab at Washington, predicting that U.S. economic power is in dramatic decline.

"This crash of capitalism and of neoliberalism will be worse than that of 1929," Chavez told reporters at a meeting with the leaders of Brazil, Bolivia, and Ecuador in Brazil's Amazon city of Manaus.

"The world will never be the same after this crisis. A new world has to emerge, and it's a multipolar world," he said. "We are decoupling from the wagon of death."

Many Latin American countries depend heavily on exports of commodities, such as oil, soy, copper and bananas, and falling prices combined with tighter credit are raising fears of a sharp slowdown.

"Financing will become more difficult," Chavez said. "Raw material prices could come down, starting with the price of oil, and including copper, minerals and food stuffs."

Still, much of the region's economies will grow above the global average this year, including Brazil at around 5 percent.

It was ironic that rich countries were in crisis and developing countries were sustaining global growth, said Brazil's President Luiz Inacio Lula da Silva.

"We did our homework and they did not," Lula said during a joint news conference with Chavez.

With world money markets in trouble, policymakers are hoping the U.S. Congress will quickly revive and approve a $700 billion rescue package that would allow the U.S. Treasury to buy up bad debt from struggling banks.

[what's up]

Commies love to watch Wall Street burn.

Always have, always will.

[listenhillary]

I guess we can’t refine that oil of yours Chavez. You know the oil that no one else can refine yet?

[Mikey_1962]

This is not a failure of Capitalism; its is proof that when the free market is dictated to by Government that legislates that you MUST make loans to people who do not qualify because they cannot pay back the loan, the market eventually corrects itself.

[1rudeboy]

Hey hedge, can you straighten Mikey out? He doesn't understand that "free trade" caused the problem. /sarc

[milwguy]

exactly....also if the economy tanks, that oil will be selling for $25 a bbl. Hugo, I got news for ya, if we go down, you go down with us, as does most of the rest of the world’s economies.

[snowsislander]

That's pretty rich considering that the origin of this problem lies in our lefties pushing through the CRA.

[mlocher]

Many Latin American countries depend heavily on exports of commodities, such as oil, soy, copper and bananas, and falling prices combined with tighter credit are raising fears of a sharp slowdown.

Drugs! They forgot to mention drugs!

[Mikey_1962]

Many Latin American countries depend heavily on exports of commodities, such as oil, soy, copper and bananas, and falling prices combined with tighter credit are raising fears of a sharp slowdown. Drugs!

They forgot to mention drugs!

Money from relatives working in the USA is Mexico's #2 source of GDP

[econjack]

Does anyone else find it amusing that Chevez is blaming US financial markets for his problems? After all, if we are such idiots about everything, how come our business affairs upsets his apple cart? Could it be that our markets dominate in world markets? Do you think there’s a reason why that’s true? Let’s face it, bozo, we have the most toys so we set the rules. If you don’t like it, go play in your own finance market and stay out of ours.