Pyongyang, November 2 (KCNA) -- Capitalism is in the grip of the worst crisis, rejected everywhere in the world for its structural contradiction and reactionary nature.

It has found itself in more serious crisis since it sought "globalization" while clamoring about the "end" of socialism.

Many developing countries including those in Africa got mired in socio-political chaos and are in the miserable plight with tens of millions of people losing their lives or seeking refuges.

Financial liberalization pursuant to "globalization" stoked speculation and deepened financial crisis worldwide.

Mexico directly incurred loss of 42 billion U.S. dollars due to the financial crisis in 1995. The financial crisis that hit Asia in 1997 brought down the GDP at least 50 percent in the countries concerned. But the present financial crisis worldwide has caused a loss of trillion U.S. dollars on earth.

The U.S. and other capitalist countries of the West which pushed ahead with "globalization" are now in trouble being caught in its whirlpool.

Capitalism which revived with U.S. imperialism as a core after the Second World War was elated in high spirit since the end of the Cold War. But now it is being shaken to its roots, festering from its center.

The U.S. finds itself in the bottomless abyss of ruin due to the "war on terrorism" which it called the Third World War, just like the past fascist powers who met self-destruction in the disastrous world wars against humanity.

The financial crisis which started in the U.S. is developing into that of the capitalist world as a whole, sharpening class contradiction. The revolutionary advance of the oppressed toiling masses such as "Occupy Wall Street" demo is being intensified on a worldwide scale.

Capitalism in which the minority dominates the majority, exploiting and plundering them is on the verge of judgment by history.

Financial supremacy, the last mainstay of U.S. imperialism, is on the point of collapse.

Various countries are showing the trend of converting their foreign currencies into gold out of concern that U.S. debt snowballing beyond 14 trillion dollars may lead to the possible dollar depreciation.

The era is coming to an end when the minority of capitalist powers have exploited and plundered the majority of countries and peoples at will.

BRICS, grouping Brazil, Russia, India, China and South Africa, are bravely challenging the outdated West-led international economic order with South-South cooperation.

They are using national currencies when settling mutual trade, thereby dealing decisive counteraction to the U.S. dollar supremacy and increasing their political and economic position and the right to speak.

Developing countries including those in Asia and Latin America are suffering less from the current financial crisis than in the 1990s thanks to the multilateral cooperation in reliance upon ASEAN, ALBA and other regional organizations.

Contradiction and antagonism are getting serious among capitalist countries.

"Warfare" between U.S. dollar and euro is surfacing over the U.S. design to get benefit by deliberately reducing the dollar price.

Nexus among capitalist countries has been marred, bringing contradiction to the fore as they have become competitive in their scrambles for strategic resources and markets.