Easy monetary policy in the wake of the financial crisis spurred massive inflows to emerging markets.
Now, with developed nations like the U.S. on the brink of slowing down stimulus programs, emerging markets have been getting clobbered.
"I don't think it's really right for [EM leaders] t o just constantly blame the Fed," O'Neill told CNN. " It's up to them to grow the role of their own currencies, and to take more responsibility within the G20 rather than just bitching and moaning about the Fed all the time."
The former Goldman Sachs economist became famous in 2001 when he predicted that Brazil, Russia, India, and China would be major growth drivers in the coming decade.
More From Business Insider
- The Warning Signs Of This Summer's Emerging Market Bloodbath Have Been Flashing For Years
- The Meltdown Of The 4 Worst Emerging-Market Currencies In 2 Charts
- HSBC China PMI Rises To 50.1, In Line With Expectations
- Budget, Tax & Economy