2 years ago
A North Korean expert has cautioned that the actions taken by the U.S. to restrict the usage of the dollar and the increasing involvement of countries to articulation the BRICS bloc are “accelerating” the diminution of the USD arsenic the world’s ascendant currency.
North Korean State Media connected De-Dollarization and the BRICS
North Korea’s authorities media, the Korean Central News Agency (KCNA), published an nonfiction Sunday titled “Expansion of BRICS is an inevitable effect of the contiguous unfair planetary economical order.” The nonfiction is authored by Jong Il Hyon, an planetary affairs expert of the DPRK.
He explained that the superior driving unit down galore countries joining the BRICS bloc is “the contiguous unfair and unreasonable planetary economical order” that centers astir the U.S.-led planetary monetary strategy built upon the dollar.
Jong added that the U.S. established the Bretton Woods strategy successful July 1944 with the dollar arsenic the planetary modular currency aft accumulating a immense magnitude of wealthiness during World War II. However, since then, the U.S. has engaged successful planetary exploitation, reaping advantages from its ascendant presumption successful currency minting and utilizing the dollar arsenic a instrumentality to execute its governmental objectives, helium opined, noting:
It is good known that the planetary monetary strategy based connected dollar has go the 2 pillars backing the U.S. domination implicit the world, on with subject means.
The North Korean expert further elaborate that implicit the span of astir a century, starting from the golden dollar successful the 1940s, followed by the lipid dollar successful the 1970s, and present the indebtedness dollar, “the U.S. has resorted to each means and method to support the supremacy of dollar arsenic the cardinal currency.” He stressed that the U.S. “unhesitatingly committed despicable acts of imposing fiscal sanctions” connected countries that displeased it done the maltreatment of the dollar’s predominant position. He cited the fiscal sanctions imposed connected Russia aft its penetration of Ukraine arsenic an example.
Jong emphasized that this led to a simplification successful reliance connected the U.S. dollar and the accrued adoption of nationalist currencies for planetary commercialized by assorted countries, including the BRICS nations (Brazil, Russia, India, China, and South Africa) and members of the Association of Southeast Asian Nations (ASEAN). Notably, the BRICS has a connection for a communal currency, which is expected to beryllium discussed during the upcoming leaders’ summit.
The North Korean expert added that the increasing de-dollarization inclination demonstrates that the U.S., done its assertive and arbitrary actions successful pursuit of planetary dominance, has expedited planetary efforts to ditch the dollar, stimulated the instauration of a caller monetary system, and encouraged galore countries to articulation the BRICS. He stressed that the sanctions and unit wielded by the U.S. are present backfiring and undermining its ain position.
Jong pointed retired that astatine their caller gathering of overseas ministers, the BRICS subordinate states agreed to promote the usage of nationalist currencies for commercialized colony among subordinate states and with allies. Noting that the BRICS economical bloc is “steadily expanding its governmental power successful the planetary arena,” the expert stated that it is “becoming a situation to the existing planetary bid and fiscal strategy led by the U.S. and the West.” He concluded:
The unprecedented planetary moves to bounds the usage of dollar and the inclination of galore countries to articulation BRICS are accelerating the extremity of dollar arsenic a cardinal currency and the extremity of the U.S. hegemonism pursuant to it.
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