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Latin America to withdraw blns in reserves from US banks

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Latin America to withdraw blns in reserves from US banks

Unread postby Cid_Yama » Sat 26 Jan 2008, 18:19:54

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.

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.

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.

http://news.yahoo.com/s/ap/20080126/ap_ ... a_summit_1
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Re: Latin America to withdraw blns in reserves from US banks

Unread postby threadbear » Sat 26 Jan 2008, 19:03:55

That's great. Thanks. Hope they do it. I moved all of my reserves out of there last summer.
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Re: Latin America to withdraw blns in reserves from US banks

Unread postby dissident » Sat 26 Jan 2008, 19:07:24

What a radical socialist idea to have Latin American banks take Latin American money and lend it to Latin Americans and create investment in Latin America instead of the USA.

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Re: Latin America to withdraw blns in reserves from US banks

Unread postby shortonoil » Sat 26 Jan 2008, 23:10:33

Cid_Yama quoted:

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.


If Chavez takes a crap, the media paints it leftist! Love this fair and open press we have, and remember, they hate us for our freedom!
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Re: Latin America to withdraw blns in reserves from US banks

Unread postby Cid_Yama » Sat 26 Jan 2008, 23:38:04

<i>and remember, they hate us for our freedom!</i>

Surely, you must be talking about the Bush Administration. LOL
"For my part, whatever anguish of spirit it may cost, I am willing to know the whole truth; to know the worst and provide for it." - Patrick Henry

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