North Korean Analyst Warns of Accelerating End to Dollar Dominance
A North Korean analyst have call for the attention of the action taken by the U.S to put a limit on the usage of the dollar and the fast growing interest of countries joining the BRICS bloc are quite accelerating the decline of the U.S dollar as the world dominant currency.
An article was published on Sunday by the North Korea state media, the Korean Central News Agency with the title Expansion of BRICS which is said to be an inevitable result of the current unfair international economic order. Jong ll Hyon an international affairs analyst was actually the author behind the article that was published on sunday.
Jong ll Hyon however explained that the driving force behind the numerous countries joining the BRICS bloc is said to be the "present unfair international economic order which centers the U.S monetary system that is built on the dollar.
The international affairs analyst still went further to add that the U.S. established the Bretton Woods system in the year 1944 in the month of July, with the dollar showcasing as the international standard currency after accumulating a very large amount of wealth during World War II.
This have then made the U.S engage in numerous and global exploitation, securing it dominance in utilizing the dollar as a tool to fulfill and achieve political objective which was explained by Jong.
He still went further to explain that almost a century, beginning from the gold dollars in the 1940s, the oil dollars in the 1970s and currently the debt dollars has turn every method to maintain the supremacy of the dollar as the key currency.
Jong ll Hyon said that the U.S. committed an unacceptable acts of imposing financial sanctions on countries that displeased it through the abuse of the dollar’s predominant position which wasn't appropriate.
Jong still went on to explain that this led to a reduction in reliance on the U.S. dollar increasing adoption of national currencies for international trade by various countries, where the BRICS nations were included as well and as we know this consist countries of (Brazil, Russia, India, China, and South Africa).
Jong ll Hyon still went ahead to point out that at their recent meeting of foreign ministers. The BRICS member agreed to encourage the usage of national currencies for trade settlement among member states with full cooperation.
Putting this in mind that the BRICS economic bloc is steadily increasing it political influence in the international arena, the affairs analyst stated that it is becoming more of a challenge to the current international order and financial system led by the U.S.
Jong didn't say much after that as he rounded up his speech. I believe he has his own opinion on what he knows or believe and as we all may know freedom of speech is allowed so we are probably free to share our own opinion.
