Can BRICS replace the U.S. Dollar-Based Global Trading System?

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Listeners of the Omaha Bugle who enjoy working with masonry products will enjoy this learned discussion by Adam and Jeff about the BRICS organization--an international collection of "bad actors" who have tried to set up an alternative banking and trading system. Although founded by Brazil, China, Russia, India and South Africa, BRICS is dominated by China, who wants to supplant the United States as the numero uno actor in the global trading system. More to the point, BRICS wants to replace the U.S. dollar with some sort of alternate currency such as the Chinese renminbi. Jeff points out that China is not exactly known for its transparent financial system or its enthusiasm for intellectual property rights--both of which would be needed to attract a greater share of trade denominated in renminbi. Adam points out that BRICS is far more dependent on trade with the U.S. and the other Western powers than the reverse and may not be a very strong alliance if those markets were to be closed off. Jeff also wonders why many countries would want to join an organization that is geared to benefiting its largest members; they can obtain observer status in BRICS which confers no real benefits but imposes no real burdens. Observer nations also receive nifty BRICS t-shirts and athletic wear.