I mostly agree. But the now broader group does also have some shared interests. Yes, they begin from a random investor note about which emerging markets happened to be booming. But that's of only historical interest now. 1/

The emerging group represents a coalition of governments with some degree of dissatisfaction towards what they perceive as an unjust status quo world order, or with some desire to hedge the potential end of that order. 2/

Several members have an interest in evading USG financial chokepoints, and are working to develop alternative rails. If the US mistreats even its allies, an interest in those rails could become more widely shared. /fin