Dr Doom (no not me), Nouriel Roubini, told CNBC that stocks are likely to continue their aggressive decline and shed another 20 percent in value as the world economy weakens. (In 2006 Roubini predicted the impending housing bust and ensuing financial crisis. His predictions and comments are widely followed in financial circles.) From http://www.cnbc.com/:
"There are some parts of the global economy that are now at the risk of a double-dip recession," said Roubini, head of Roubini Global Economics. "From here on I see things getting worse."
Prices in both stocks and commodities are likely to take a hit, and investors may only be safe in cash and other safe havens.
"Apart from cash I would invest in short-term government bonds of countries that don't have a serious debt problem, countries like Germany and maybe Canada, a few other advanced economies that from a fiscal point of view are sounder than the weaker economies," he said.