The idea is not new.
It boils down to the "Commonwealth" without those annoying African countries.
As such, it comes up everytime someone extols the virtues of rallying around the flag of Empire and marching back to the future.
In the age of ever bigger trade-blocs it might even make sense:
Canada with one foot in NAFTA
Until recently the U.K. with one foot in EU
Aus/NZ with a firm footing in the TPP
A bloc safely anchored in each major trade agreement; looks nice.
Perhaps now is the time to pull the trigger on it. No longer is it a replacement to US dominance, but a way to maneuver with a bit more leverage within a system of regional blocs.
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