Investors are rushing to the U.S. dollar and U.S. stocks. Many European countries are falling back into recession and their markets are going back to 2008 lows. We also are seeing the BRIC countries (Brazil Russia, India and China) all priced for extreme economic slowdowns.

Part of this is the crisis in Europe itself. European banks hold much larger positions in these emerging markets than U.S. banks. With worries over liquidity in Europe, the banks have to sell assets in these overseas investments to bring the money back home and raise capital.

However, what we are seeing is great valuations. Developed markets like Italy and Spain trade at single-digit price-earnings rations (P/Es), or half the valuation of the S&P 500. India, for example, has dropped to 15 times earnings, which is roughly what the U.S. trades at, except India has a long-term economic growth rate of 6 to 8 percent and not 2 to 3 percent.

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When looking at Europe, you have to believe what Sir John Templeton said: buy at maximum pessimism.

Everyone is turning negative on Europe. And while the growth might not be there in the short term, there are great values in a lot of companies in Europe — and especially in the so-called pigs (Portugal, Italy, Greece, Spain). In addition, most of those markets are down 60 to 90 percent from their highs.

In Asia, we still see long-term growth, but again because of a slowdown in India and China, those stocks have retreated. They represent very good value and might even be at better value (lower) by the fall.

As I point out in my book "The Great Super Cycle," India has often seen 30 to 50 percent corrections in its market and these corrections should be viewed as a buying opportunity!

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Because people are worried about these slowdowns, money has flowed into the perceived safety of U.S. stocks and the U.S. dollar.

However, I think that like in 2008-2009 this will reverse itself when policies of loosening in Asia and Europe take hold. Therefore, one should be looking from now to the fall at opportunities in those parts of the world.

About the Author: David Skarica David Skarica is a member of the Moneynews Financial Brain Trust. Click Here to read more of his articles. He also writes the Gold Stock Adviser. Discover more by Clicking Here Now.