A Republican lawmaker in Montana, wary of the lessening value of the U.S. dollar, has asked the state to pay him in gold. Though his request was ultimately denied, O'Neil said last night on On the Record that he's looking to make a point about what is happening to the country's currency amid the $16 trillion national debt.

He argued that the current policies of the Federal Reserve are only going to make the problem worse, devaluing the dollar more and more.

"As long as they continue

spending money that they don't have, borrowing it from China and other places and spending it for things that nothing comes back to us, the dollar's going to devalue. The only way they have to pay the debts is to print more money, and the more money you print, the less it's worth," said O'Neil.

Watch the full interview: