Since this is in essence a global "race to the bottom" at some point I see this ending with a new world currency. The only thing I can come up with for the existing debt out there would be to cancel it. That just seems too far-fetched to accept right now though. When I consider that possibility the question "why not?" comes to mind.
Commodities and (to a lesser extent) hard currencies and real estate (assuming you use a fixed rate mortgage rather than an ARM).
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/09/19/bcnsaudi119.xml My prior post in this thread is seeming more and more viable. That's unsettling.
This why today was such a great opportunity to go short. The points made by Rogers and Greenspan will start to sink in as people think about the implications of the Fed move beyond the one day surge in equities.