If you really believe the dollar will fall to zero, then I think the only sensible investments are a large ranch in the middle of nowhere, guns, and a large pack of guard dogs. Really…if dollar ever goes to “zero”, your “investment strategy” really is not going to matter much…

If you think the dollar is going to keep losing value (not to zero, but maybe another 50% decline relative to euro, etc.), then invest in companies with earnings in currencies other than dollars, and yes the gold stuff and black stuff are nice too.

I use Vanguard international index funds for my overseas exposure (and I’ve had about 40% of my tiny but growing portfolio overseas since the mid 90’s). Emerging markets actually look extremely frothy to me right now. I don’t know about p/e ratios, but just looking at the share prices, it looks like nasdaq circa ’99.

Interestingly, looking at share prices, the vanguard small cap value index is down 5% for the year, while emerging markets index is up about 40%. If there were a further dramatic dollar decline, I suppose domestic small cap value stocks are exactly the last thing you would want to own (other than a long term bond). So, maybe the market is sharing your perspective…..