• He said, “Whenever the Federal Reserve Board has embarked on periods of monetary tightening, or the opposite, loosening, the consequences on the value of the dollar and the knock-on effects have been dramatic.”

O’Neill is calling on BRICS, a group of five leading emerging economics: Brazil, Russia, India, China, and South Africa, to expand and challenge the dollar’s dominance. 

• China’s recent actions with the yuan are already doing just that — Brazil and China signed an agreement to drop the U.S. dollar and use the yuan. 

Click here to learn more about the U.S. dollar’s loss of status.