Subject: Re: Krugman: Gaming Out a Sudden Stop
back to the original query :

in general, foreign equities earning mostly in non-dollars would theoretically the most frictionless way to address the concerns.
but you would be fighting a long history of how much the global economy is coupled\owned by america, and thus foreign equity correlated to american equity.

"When U.S. equities experience a major drawdown, American investors tend to withdraw funds from stocks and move them into safer assets. But they typically reduce their exposure to foreign equities as well."
https://www.reuters.com/market...

so, options exist, but in general you have to assume lower than prior historical risks (per your geographic preferences) after a global drawdown results in a much larger than normal margin-of-safety.