The continuing expansion of the ‘BRICS’ network represents a rejection of US leadership. An alternative international orientation is emerging that is suggesting a world where US leadership may be less central.
BRICS began as an agreement between Brazil, Russia, India, China, and South Africa. Hence, the acronym. It broadly is a loose trading group that has sought to conduct international trade in different currencies. Before very recently well over three quarters of the trade on the globe was conducted in US dollars. Initially thought as being more a dream than reality it had largely been ignored as a possible major change.
The US dollar being the primary trading currency (referred to sometimes as the global reserve currency) was by design. After the Second World War with the US in the primary leadership position in the west, both militarily and economically its currency was seen as stable and the US had by far the largest economic production at the time. For Washington the biggest advantage has been the ability to run up large debt due to the currencies primary position as well as being able to import goods at cheaper prices.
Another side effect was being able to use its central economic power for coercion. Like trying to block transactions using the US currency. Yet, it is now almost certain a decent part of the globe is fighting back against this arrangement.
While BRICS has been in the works for more than ten years, it became a much bigger phenomenon recently. And over the last year almost turning into an unstoppable force.