[KevO]

$this->bbcode_second_pass_quote('', 'N')EW YORK (MarketWatch) -- The Fed flops and Wall Street is worried. But one letter veteran has been here before, not that it makes him any cheerier.

Shultz's latest letter, just in, is absolutely apocalyptical: "A financial tsunami is upon us," he says, caused by lax credit and complications introduced by Wall Street's derivatives craze.

recession, possibly depression; bank failures; exchange controls;
[/b][/i]housing prices down by 50%;[b][i] credit card company failures; money market fund dangers; tripling of U.S. jobless numbers; federal bail-outs

His advice, translated out of his shorthand style: "If you have not already done so, take immediate measures to safeguard your assets against the global derivative crisis ... Most urgent is close out time deposits, buy non-U.S. government bonds."

Schultz says "the second biggest danger is owning U.S. dollars in any form, (it) has crashed and going much lower ... use dollar rallies to exit dollars or sell short ... This is not a time to seek profits, but to protect what U have ... Portfolio diversification is essential in troubled times."

[KevO]

so, should I sell?

[AWPrime]

$this->bbcode_second_pass_quote('KevO', 's')o, should I sell?

[KevO]

$this->bbcode_second_pass_quote('AWPrime', '')$this->bbcode_second_pass_quote('KevO', 's')o, should I sell?

[AWPrime]

$this->bbcode_second_pass_quote('KevO', '')$this->bbcode_second_pass_quote('AWPrime', '')$this->bbcode_second_pass_quote('KevO', 's')o, should I sell?

[JRP3]

$this->bbcode_second_pass_quote('KevO', 's')o, should I sell?

[underdressed]

$this->bbcode_second_pass_quote('KevO', 's')o, should I sell?