Venezuela's Chavez Calls U.S. Financial Crisis 'Failure of Capitalism'

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Venezuelan President Hugo Chavez is calling the U.S. financial crisis a failure of free-market capitalism.

Chavez also says that "the Washington consensus has collapsed" and that economies worldwide could be harmed if it causes drops in the prices of natural resources including oil and other minerals.

Chavez likens the effect internationally to "a hundred hurricanes." But he says Venezuela's economy remains on good footing despite its dependence on U.S. oil sales.

Chavez spoke to reporters Tuesday on arrival in Brazil for a summit with the presidents of Brazil, Bolivia and Ecuador.