Yes. I know the history. And I know a lot of people conspiratorially overstate the cohesion of the BRICs. Nevertheless, despite the group's very random start, they do represent a hodgepodge of countries unhappy with the US-led order or fearful and looking to hedge the possibility of its end. 1/

The countries have little income, are not a meaningful geopolitical bloc. But they do have a shared interest in pursuing things like alternative payment rails and other institutions that might support international trade while circumventing US controls. /fin