The authors assumptions are based in the wrong idea BRICS could be able to reach an agreement on a currency based on commodities. 

- They simply can't. Such movement would restrict the ability of all members to fund themselves (by printing money). Due political reason, all BRIC members can't afford such move not because of economical reason but because political reasons. They'll be unable buy their congressmen (or equivalent). 

- If they do such move, they simply lack transparency to prove if their assets are real.

No to mention all the distress that already exist between some members such as China and India. It's strategically not interesting for both countries to help each other, especially for India... 

edulopesf

This certainly sounds like a lead up to a Bretton Woods type event. I'm surprised I hadn't heard about this yet.