Leaders of Brazil, Russia, India and China gathered in the Ural Mountains on Tuesday to discuss several issues, among them the possibility of shifting their cash reserves into alternatives to the U.S. dollar. The plan seems to be to invest in IMF bonds rather than treasuries, though we've heard some conflicting views on this.

We've already seen an impact of this. Check out how international purchases of U.S. assets shrank between March and April as China, Japan, Russia and Brazil trimmed their holdings of Treasuries.

Image: Bloomberg News