North Korean Analyst Highlights BRICS as a Potential Challenge to US Hegemony, Warning of an Accelerating End to Dollar Dominance

Expert Voices Concerns over BRICS’ Growing Influence and Implications for US Global Hegemony

June 27, 2023

North Korean Analyst Expresses Alarm over BRICS’ Strengthening Position, Signaling Impending Decline of Dollar’s Global Dominance

In a recent analysis, a North Korean financial expert has cautioned about the escalating threat to the US dollar’s long-standing dominance as the world’s primary reserve currency. The analyst specifically points to the emerging power of the BRICS nations (Brazil, Russia, India, China, and South Africa) as a potential challenge to American hegemony in the global economic landscape.

The North Korean expert emphasizes that the BRICS countries have been actively working towards enhancing their economic cooperation and influence, thereby exerting greater pressure on the existing financial order dominated by the United States. As their economies continue to grow at a rapid pace, the analyst argues that these nations are collectively positioning themselves as significant players in reshaping the global monetary system.

While the US dollar has enjoyed unparalleled prominence for decades, acting as a key reserve currency and providing advantages such as reduced transaction costs and increased financial stability, the North Korean analyst warns of a possible shift in the near future. As the BRICS countries strengthen their economic ties and diversify away from the dollar, their combined actions could accelerate the diminishing role of the US currency in international trade and finance.

The expert highlights the increasing significance of BRICS-led initiatives, such as the establishment of the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA), which aim to provide alternative financing options and reduce reliance on traditional Western-dominated financial institutions. By fostering greater financial independence and bolstering their own financial infrastructures, the BRICS nations are positioning themselves to challenge the existing global economic order.

Furthermore, the analyst suggests that the BRICS countries’ efforts to promote trade among themselves using their own national currencies, rather than relying solely on the US dollar, could hasten the process of de-dollarization. As these nations increasingly conduct bilateral trade in their local currencies, the demand for the dollar may gradually decline, further eroding its status as the preeminent global reserve currency.

The North Korean analyst concludes by emphasizing that the accelerating pace of BRICS’ ascent and the growing challenges they pose to US hegemony should not be disregarded. The increasing prominence of the BRICS nations as a collective force and their determined efforts to foster a multipolar financial system have the potential to reshape the global economic landscape, ultimately posing significant implications for the future of the US dollar and the established financial order.