North Korean Analyst Warns of the Dollar's Decline| Says BRICS Poses Challenge to US Hegemony

 A North Korean analyst has warned that the United States' attempts to restrict the use of the dollar, as well as the growing interest of countries in joining the BRICS grouping, are "accelerating" the USD's decline as the world's main currency.

De-Dollarization and the BRICS: North Korean State Media

The Korean Central News Agency (KCNA), North Korea's state media, issued an article headed "Expansion of BRICS is an unavoidable result of the current unfair international economic order" on Sunday. Jong Il Hyon, a DPRK international affairs specialist, wrote the paper.

He added that the fundamental motivator for many countries joining the BRICS bloc is "the current unfair and unreasonable international economic order" centered on the dollar-based international monetary system dominated by the United States.

After amassing massive amounts of money during World War II, the United States established the Bretton Woods system in July 1944, with the dollar serving as the international standard currency. However, he believes that since then, the United States has participated in worldwide exploitation, benefiting from its dominant position in currency minting and using the dollar as a tool to achieve its political purposes.

It is well known that the international monetary system centered on the dollar has become one of the two pillars supporting the United States' global dominance, alongside military methods.

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.

Jong emphasized that as a result, various countries, including the BRICS nations (Brazil, Russia, India, China, and South Africa) and members of the Association of Southeast Asian Nations (ASEAN), have reduced their reliance on the US dollar and increased their use of national currencies for international trade. Notably, the BRICS have proposed a unified currency, which will be debated at the forthcoming presidents' summit. 

According to the North Korean analyst, the growing de-dollarization trend demonstrates that the United States has accelerated international efforts to abandon the dollar, stimulated the creation of a new monetary system, and encouraged numerous countries to join the BRICS. He emphasized that the United States' sanctions and pressure are now backfiring and hurting its own position.

Jong said that the BRICS member states decided at their last foreign ministers' conference to boost the use of national currencies for trade settlement among member states and with allies. The expert added that the BRICS economic bloc is "steadily increasing its political influence in the international arena," and that it is "becoming a challenge to the existing international order and financial system led by the United States and the West." He came to the conclusion:

The unprecedented international steps to limit the use of the dollar, as well as the tendency of many nations to join BRICS, are hastening the end of the dollar as a vital currency and, with it, the end of U.S. hegemony.

Do you agree with the North Korean analyst on the US dollar's dominance and the BRICS' challenges? Please share your thoughts in the comments box below.