Lula, Chavez unite to blast US
Source: Press TV, 01-10-2008
The presidents of Brazil and Venezuela have criticized US economic policy after inking an 'amazing' deal to deepen economic ties.
Commenting on the recent economic turmoil caused by US financial instability, the two Presidents launched a ferocious attack on US economic ideologies.
Venezuelan President, Hugo Chavez, called the US financial crisis a failure of free-market capitalism that could cause as much damage as "a hundred hurricanes," driving down prices for oil and other commodities and harming economies worldwide.
On Monday, the Caracas stock market was the only one to gain on Monday amid carnage in world markets - a fact that Chavez attributed to its complete insulation from Wall Street.
Chavez's Brazilian counterpart, Luiz Inacio Lula da Silva, said that the responsibility for the global
financial crisis lies with rich nations who for years have been bullying poor nations.
"We did our homework and they didn't," Lula said.
"Those that spent the last three decades telling us what to do, didn't do what they had to do. The crisis is very serious and so profound that we don't know how big it is."
The statements came after the two leaders outlined joint plans develop iron and steel production and further cooperation in oil refining projects. Agreements were also made in house construction, air transport and agriculture.
According to both presidents, these agreements will enable oil-rich Venezuela to use its resources to invest in industry and agriculture.
"The impact of these agreements in Venezuela is amazing," said Venezuela's revolutionary leader.
The presidents of Brazil and Venezuela have criticized US economic policy after inking an 'amazing' deal to deepen economic ties.
Commenting on the recent economic turmoil caused by US financial instability, the two Presidents launched a ferocious attack on US economic ideologies.
Venezuelan President, Hugo Chavez, called the US financial crisis a failure of free-market capitalism that could cause as much damage as "a hundred hurricanes," driving down prices for oil and other commodities and harming economies worldwide.
On Monday, the Caracas stock market was the only one to gain on Monday amid carnage in world markets - a fact that Chavez attributed to its complete insulation from Wall Street.
Chavez's Brazilian counterpart, Luiz Inacio Lula da Silva, said that the responsibility for the global
financial crisis lies with rich nations who for years have been bullying poor nations.
"We did our homework and they didn't," Lula said.
"Those that spent the last three decades telling us what to do, didn't do what they had to do. The crisis is very serious and so profound that we don't know how big it is."
The statements came after the two leaders outlined joint plans develop iron and steel production and further cooperation in oil refining projects. Agreements were also made in house construction, air transport and agriculture.
According to both presidents, these agreements will enable oil-rich Venezuela to use its resources to invest in industry and agriculture.
"The impact of these agreements in Venezuela is amazing," said Venezuela's revolutionary leader.
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