Go long Gold with stocks like GLD or more securely with a VIA MAT vault and private, tradable, liquid market through BullionVault. Higher priced GoldMoney is an alternative. With BullionVaut you can buy and sell gold in London, Zurich and New York.
Go long other precious/industrial metals: Silver (SLV, Goldmoney, and soon BullionVault), Platinum (PHPT), Palladium (PHPD), Copper (COPA), Steel
Go long the mineral slime Crude Oil (CRUD) and oil services companies particularly non-American companies. American Oil companies make huge profits and will make even more in the near future, but they could easily become subject to Windfall Profits Taxes under an Obama Administration. PetroChina (PTR) Petrobras (PZE) etc.
Go long Agricultural Commodities: Wheat (WEAT), corn, rice, cotton etc.
Go long Dividend Paying Value stocks in non-American companies, especially in the Developing World, that have strong balance sheets and are essential for civilisation. This includes mining companies, utility companies, etc. Later I will provide some specific recommendations.
America is a sinking ship. The Titanic really was struck on September 11, 2001 when the wars began, and the Federal Reserve began lowering interest rates, effectively rolling the Dot Com bubble into the Financial and Housing Bubbles which have just collapsed. Perversely we are now in the strange situation where investors are investing more in the unsinkable Titanic empire because they think it is more stable than any alternatives. As a result, the final bubble which has yet to burst is the United States Dollar bubble. The profligate borrowing, consumption, and deficit spending by the American Government and American Consumer has limits. When those limits are finally reached and the World decides to stop throwing good money after bad in lending to the United States, there will likely be a hyper-inflationary spiral, exchange controls, potential rationing of goods, and socialisation of most remaining wealth in the United States through taxation and inflation. No indication from the political leaders entering power suggests otherwise.
Now is a phase of the financial market in which traditionally safe strategies such as going long AAA bonds, going long Blue Chip companies, holding cash in a bank, or holding cash in a mattress do not make sense as a means to preserve let alone appreciate wealth. Given the artificially low interest rates, and regular "liquidity injections" on the order on trillions of dollars, there is naught but destruction of the value of the dollar in the post. In this scenario, if one has good credit and can borrow at a low interest rate - borrowing to invest in commodities and non-US assets could be a brilliant leveraged play for those with some risk tolerance. It is in effect a short sale of the US Dollar.
Currencies such as the Yen and CHF are probably safer plays than most others, but they are still fiat currencies exposed to political risk of inflation and devaluation.
Lastly, listen to Peter Schiff (Video, Radio Show) and Jim Rodgers (Video) and make up your own mind. Also read through the many pieces I have shared through Google Reader on the topics of the Federal Reserve Bank and the Financial Markets.
Warning: All trading and "investing" is gambling and involves exposure to losses in real wealth.