Jared is ringing the warning bell in a universe that sadly doesn't want to hear it. As a follow-on to his comments, it seems to me that, in times of crisis, money needs to find a safe haven. Here are four that I think will be widely embraced (but likely to be temporary place-holders rather than long-term investments): (i) gold; (ii) high quality (low debt, great cash flow, large reserves) US equities (even if they drop in price) because they will be the first to bounce back; (iii) residential real estate in second and third tier locations with strong, local economies and low debt burdens because (working) people have to live somewhere; and (iv) well-managed insurance companies because risk management never, ever goes away.

I argue for gold rather than Bitcoin because, in tough times, people will want stability over profitability. I happen to think that gold is a lousy investment except when it isn't. (FYI: I am a holder of gold bullion.)