This sell off is as ridiculous as the idea of the dollar as a safe haven. Black gold is probably the best safe haven. I wonder if we will hear anymore calls for oil to be priced in Euros? Which reminds me, I bet there are a lot of Middle Eastern sovereign wealth funds taking it on the chin this week. Will we see $5/gallon oil in a couple of months, to make up those shortfalls?
Earning are important but so is the percetion of the strenghth of your balance sheet. Enron accounting is still alive. There has been too much automatic extension/renewal of debt worlwide. Also there are "piles of toxic debt" disguised as buy/sell transactions using derivatives. Paper money is doomed along with industrial commodities. Gold is now trading as a currency. You can't print gold. Protect yourself from paper money.