There are two great dangers when managing your own money and, indeed, the rest of your affairs. The first is reacting too much to recent events. The other is reacting too little.
And when it comes to what’s now happening in this country, the second danger is every bit as risky as the first.
To cut to the chase, it is becoming increasingly clear that Americans should be taking reasonable steps to diversify their investments outside the U.S., including holding assets in currencies other than dollars, and where possible to acquire a second passport.
Yes, I’m serious. Jewish-, Irish- and Italian-Americans, for example, should be checking out whether they qualify automatically for dual citizenship. Others should be looking into their options too. It is always a good thing to be diversified globally and to have the option of leaving the country and living and working elsewhere. But right now it is more important than usual.