If the King of the North / King of the South really applies to our day there is only one possibility.
Russia is the King of the North
No empire North of Russia
It still has nuclear weapons targeted toward the USA. The USA still has Russia in its cross hairs.
They are still rivals. Russia is allies with the nations that Bush calls the axis of evil.
The USA is pushing against Russia in the Caucasus region and promoting color revolutions.
The original deal was that the Soviet Union would allow East & West Germany to re-unite but that NATO would not push into the former sphere of the Soviet Union. The USA has not kept its word. Gorbachev was an idiot for giving so much up without any binding written agreement.
If you have any doubt about the fact that the US and Russia are still pushing each other do a google news search on relations between the countries of Georgia and Russia. Most Americans are oblivious to what is going on there.
According to Daniel Russia finally gets tired of this and attacks the King of the South.
What is puzzling is why the Watchtower can't figure this out.
Maybe it was in the interest of the Watchtower to quit talking about Russia as the King of the North so they could build up membership there. It would have made Russia even angrier if they were bombarded with printed material that identified them as the King of the North that would eventually be destroyed by the invisible hand of Jehovah.