I'm not to the point of buying that globalization is going away anytime soon. Political turmoil and possible government restrictions of owning foreign stocks and currency is a distinct possibly down the road. And I would be as much if not more afraid of my own government restricting things, with the current administration at the helm, as any foreign government.

I just know when I switched the bulk of my investment money from US stocks to foreign in the Feb-Mar period my FXI, CHN, VWO and TFC is up on the order of 50% and the small amount of SPY I have from the same period is up about 20%. What cash I am holding is in a money market brokerage account and it is US denominated and will probably stay that way. I normally stay fully invested in stock instruments and usually in individual stocks but my lack of knowledge of foreign stocks led me to ETF's. It would not surprise me if Asia does not create its own bubble to burst in few years but for now it looks like the best prospects for growth. If we quit trashing our currency and giving away the country to save the banking industry (that ought to be flushed down the toilet and given a fresh start with new faces) I will re-invest in the US.

John