Latin American Allies Attack Food Crisis

President Hugo Chavez joined with his leftist allies on Wednesday to create a $100 million program to fight the rising cost of food for Latin America's poor.

Chavez and leaders from Cuba, Bolivia and Nicaragua also promised joint programs for agricultural development in addition to the new Food Security Fund, though they provided no details on how the programs and fund would work.

"This food crisis is the biggest demonstration of the historic failure of the capitalist model," Chavez told Bolivian President Evo Morales, Nicaraguan President Daniel Ortega and Cuban Vice President Carlos Lage during a summit in Caracas.

Chavez said the countries need to create a distribution network "so we don't fall into the hands of intermediaries and speculators, which stop millions from receiving food."