We're not alone here. Denmark recently proposed a new fiscal stimulus package after its economy dropped 0.5% in the first quarter. The European Central Bank is expected to halt its rate-hiking campaign and possibly extend and widen its direct bond purchases. Other central banks, including the Bank of Japan, the Bank of England and the Swiss National Bank, are also engaging in or considering additional policy easing.

So, what are investors to do?

Image: Bond vs. Stocks

Just looking at the numbers makes a compelling case for investing for greed instead of fear. Start with investing in stocks versus Treasurys.

Corporate bond yields are at lows not seen since the early 1970s. U.S. Treasury yields, after accounting for inflation, are in negative territory. And we've reached a point where rich world governments carry more debt than nonbank companies -- yet government debt is paying some of the lowest yields in history. That doesn't seem like a good deal to me.

According to Garthwaite's calculations, using conservative below-consensus earnings estimates, the return "premium" offered to stock market investors is 7.4% per year. Moreover, long-term valuation measures suggest stocks should return 5.7% after inflation. Compare that with a -1.6% return, after inflation, for 10-year Treasurys.

The return differential will only grow as inflation and GDP growth accelerate. And if the opposite happens, and a "Beyond Thunderdome" scenario looks more and more likely, don't forget that sovereign debt defaults will also become increasingly likely and the United States would see additional credit-rating downgrades. Either way, Treasury bonds will suffer.

The point of all this is that while the situation is scary, at some point it stops being profitable to be so fearful. While I can't call the exact bottom (though I have a hunch the Aug. 9 low will hold) the evidence suggests we're near it. And that means that instead of huddling together and worrying about survival like frightened prey, it's time to look around, scanning the environment for opportunity -- like predators.

Next week, I will have a list of specific picks and plays for investors. But as a preview, I recommend a focus on noncyclical, high-dividend stocks with exposure to emerging-market growth. Telekomunikasi Indonesia (TLK, news) is a perfect example. Shares are breaking up and out of a multimonth range and offer a 4.2% dividend yield.

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In the months to come, safety won't be found in paper assets issued by Washington or in precious metals. It will be found in companies like TLK that thrive on serving the basic needs of the developing world far from our shores and our problems.

At the time of publication, Anthony Mirhaydari did not own or control shares of any company mentioned in this column. He has recommended TLK to his newsletter subscribers.

Be sure to check out Anthony's new money management service, Mirhaydari Capital Management, and his investment newsletter, the Edge. A free, two-week trial subscription to the newsletter has been extended to MSN Money readers. Click here to sign up. Mirhaydari can be contacted at anthony@edgeletter.com and followed on Twitter at @EdgeLetter. You can view his current stock picks here. Feel free to comment below.