I wouldn't be losing sleep tonight over the BRICS, but I might five years from now if it expands in the way the Chinese would like it to expand. In the written remarks I submitted to the committee, I raised some of the flags that are out there about the BRICS.
On some of the countries that have joined, I'm not sure we should be worried, to be honest. They're not a club that we would necessarily want to be in.
However, I think we should be concerned that the BRICS are responding to a frustration with the existing global machinery of international governance, and part of that frustration is born out of an unwillingness on the part of key countries. We're not in that group, but there's an unwillingness to allow for greater reform of those institutions. What should we do? We should be pushing for the reform of the World Bank and the IMF and giving a bigger voice to developing countries who might want to jump over to the other side.