Tuesday, June 27, 2023

"North Korean Analyst Warns of Accelerating End to Dollar Dominance — Says BRICS Poses Challenge to US Hegemony"

 From Bitcoin.com, June 26:

A North Korean analyst has cautioned that the actions taken by the U.S. to restrict the usage of the dollar and the growing interest of countries to join the BRICS bloc are “accelerating” the decline of the USD as the world’s dominant currency.

North Korean State Media on De-Dollarization and the BRICS
North Korea’s state media, the Korean Central News Agency (KCNA), published an article Sunday titled “Expansion of BRICS is an inevitable result of the present unfair international economic order.” The article is authored by Jong Il Hyon, an international affairs analyst of the DPRK.

He explained that the primary driving force behind numerous countries joining the BRICS bloc is “the present unfair and unreasonable international economic order” that centers around the U.S.-led international monetary system built upon the dollar.

Jong added that the U.S. established the Bretton Woods system in July 1944 with the dollar as the international standard currency after accumulating a vast amount of wealth during World War II. However, since then, the U.S. has engaged in global exploitation, reaping advantages from its dominant position in currency minting and utilizing the dollar as a tool to achieve its political objectives, he opined, noting:

It is well known that the international monetary system based on dollar has become 
the two pillars backing the U.S. domination over the world, along with military means.

The North Korean analyst further detailed that over the span of almost a century, starting from the gold dollar in the 1940s, followed by the oil dollar in the 1970s, and now the debt dollar, “the U.S. has resorted to every means and method to maintain the supremacy of dollar as the key currency.” He stressed that the U.S. “unhesitatingly committed despicable acts of imposing financial sanctions” on countries that displeased it through the abuse of the dollar’s predominant position. He cited the financial sanctions imposed on Russia after its invasion of Ukraine as an example....


And in other news from North Korea, via the irreplaceable DPRK News Service: