Caracas (Venezuela), Mar. 8 : President Hugo Chavez of Venezuela has urged US President Barack Obama to turn to socialism because capitalism in America has "failed."

"I recommend to Obama -- they''re criticizing him because they say he''s moving towards socialism -- come Obama, ally with us on the path to socialism, it''s the only road," Fox News quoted him as saying on Venezuelan state television.

"Imagine a socialist revolution in the U. S. Nothing is impossible," a Bloomberg report quoted him as saying further. (ANI)