BRICS expansion brings end to era of dollar dominance, US hegemony

Emmanuel Thomas I Sunday, June 25, 2023

 

TOKYO – The expansion of BRICS, which many countries are willing to join, brings the end of the dollar’s dominance as the world’s main currency and, consequently, the era of US hegemony, the Korean Central News Agency said in an article.

The agency pointed out that since the establishment of the Bretton Woods system, the US has “committed worldwide plunder in the way of gaining benefits from mintage based on the predominant position of dollar and has used dollar as a means for realizing its political purpose.”

“It is well known that the international monetary system based on dollar has become the two pillars backing the US domination over the world, along with military means,” Jong Il Hyon, a North Korean international affairs analyst, pointed out.

In his opinion, for nearly a century, “the US has resorted to every means and method to maintain the supremacy of dollar as the key currency”, in particular committing such “despicable acts” as imposing sanctions on countries that the US doesn’t like.

The North Korean journalist points out that a typical example of such a policy was the economic sanctions against Russia in connection with the situation in Ukraine, but this policy of “US-made axe called sanctions and pressure is cutting down the US foot.”

“Russia has considerably reduced the dependence on dollar by introducing national currency instead of dollar in trade with other countries, including China and India, and the BRICS member states have put spurs to the development of new international currency that will replace US dollar in mutual trade,” Jong Il Hyon pointed out.

“The reality goes to prove that it is the high-handed and arbitrary practices of the US trying to maintain its world supremacy that accelerated the world moves for boycotting dollar, spurred the establishment of a new monetary system and encouraged many countries to accede to BRICS,” the journalist said.

“The unprecedented international moves to limit the use of dollar and the tendency of many countries to join BRICS are accelerating the end of dollar as a key currency and the end of the US hegemonism pursuant to it,” Jong Il Hyon concluded.

South Africa took over the chairmanship of BRICS on January 1, 2023. Russia will assume the presidency of the organization in 2024. Algeria, Argentina and Iran have already applied to join the group, with Saudi Arabia, Turkey and Egypt also expressing interest in joining it. According to Kremlin aide Yury Ushakov, BRICS is flooded with applications from other countries that want to participate in joint work, but the issue needs to be seriously worked out.

Russian Deputy Foreign Minister Sergey Ryabkov told TASS that the number of countries wishing to join BRICS is growing and has already reached almost two dozen./TASS