North Korea has once again advocated for the establishment of a new global economic order in response to the inequality caused by the dollar-centric international financial currency system.
On the 4th, Rodong Sinmun reported in an article titled “The Collapse of the Old World Order is Accelerating” that over 30 countries have expressed their willingness to join BRICS, an emerging economic bloc led by China and Russia.
The newspaper harshly criticized, “The dollar is a tool for maintaining and solidifying the U.S.-centered international order, and a practical or potential weapon for resolving political and economic tasks reflecting the greed and domination ambitions of the West. By activating an international financial currency system that benefits only themselves, the Western powers are suppressing and hindering the development of the domestic productivity and trade activities of many developing countries.”
It also claimed, “They are trying to economically bankrupt countries and isolate them internationally by imposing sanctions on countries that do not accept their colonial political and economic system or strive for independence. As a result, the aspirations of emerging and developing countries to establish a new world order are becoming stronger.”
The newspaper reported that BRICS is actively promoting a project to use national currencies in mutual trade to counter the dollar-centric system. It plans to present this plan at the BRICS summit in October. It supported the organization saying, “BRICS can put pressure on the sovereignty of the dollar and undermine its supremacy.”
It also claimed, “Although BRICS does not have a single trade currency yet, it is undermining the hegemonic position of the dollar in international trade, which shows that the outdated U.S.-centered world order is collapsing.”
Although this claim criticizes the U.S.-centered international economic system, it is noteworthy in the context of Russian President Vladimir Putin’s suggestion to develop a payment system using the ruble for a “trade and mutual payment system that is not controlled by the West.” This statement was published in an article he contributed to the Rodong Sinmun ahead of the North Korea-Russia summit last month.
On June 27, the newspaper also claimed, “The U.S. dollar domination system is rapidly heading towards collapse,” excluding the U.S. dollar as the key currency and supporting the movement to use national currency and common currency.