On Sunday, the Korean Central News Agency (KCNA), North Korea’s official news agency, released an article that suggested that the expansion of Brazil, Russia, India, and China (BRICS) resulted from the unfair international economic order.
DPRK international affairs expert Jong Il Hyon wrote the piece.
According to Jong, unfair international economic order based on the U.S. dollar is a major motivating factor for many nations to join the BRICS group.
After amassing enormous riches during World War II, the United States formed the Bretton Woods system in July 1944 with the dollar as the international standard currency, as stated by Jong.
It is common knowledge that the United States maintains its global dominance thanks in large part to the might of its military and the stability provided by the dollar-based international monetary system.
Since then, however, the United States has pursued an agenda of global exploitation, benefiting from its monopoly on money minting and employing the dollar to further its political goals.
From the gold dollar of the 1940s, through the oil dollar of the 1970s, and finally to the debt dollar of today, the North Korean expert explained that the United States has pulled out all means to maintain the dollar as the key currency. He emphasized that the U.S. commits despicable actions, like financial sanctions on nations that exploit the dollar’s hegemonic status.
For example, he pointed to the economic penalties placed on Russia following its invasion of Ukraine.
Several countries, including the BRICS nations (Brazil, Russia, India, China, and South Africa) and members of the Association of Southeast Asian Nations (ASEAN), have begun using their currencies in international trade.
The forthcoming BRICS leaders’ conference will likely focus on the group’s proposal for a unified currency.
In conclusion, Jong said that the unprecedented worldwide efforts to restrict the dollar’s use and the trend of many nations to join BRICS are hastening the dollar’s demise as a vital currency and the end of U.S. hegemonism.