The repigs like to spend money on wars, not the people. Also, make the aged, sick, and children of widowers, etc., pay for the repig wars. War is not free.
Either way, this fund won't be affected.
If you go to Fidelity's site and access the research this fund link for the FNMIX symbol or even read the prospectus you will find almost all holdings are dollar denominated. So is the ETF EMB. If you diversification away from the US Dollar look to local currency denominated ETFs, such as, EMLC, ELD, ALD etc.
By the way FNMIXs manager has been chosen by Moringstar and Kiplinger as one of their manager of the 2011 year picks.
FNMIX has been a long term core holding of mine. I took some profits recently on the blip over 16.70.
As of May 11, 2012, ran comparative charts for fnmix and two other well-regarded funds,tgeix and Pyemx, and fnmix looks pretty good. Not in the lead for all time horizons, but not bad. Over past two weeks, all of them have suffered some.
This is one of the best funds I have. For me it has been a winner. I have bought on the drops over the years and am up over 90%. I like the fund manager and think it will continue to be a good investment. IMHO -- I think if Obama is gone soon then it will really rock.