But uncertainty also brings opportunity, and Fitz-Gerald sees tremendous profit potential for those who are willing to remain invested - and who have the courage to make opportune choices. Commodities of all types, so-called "BEE" (Big Emerging Economy) markets and the stocks of companies that derive a major portion of their sales from these fast-growing overseas economies should be on everyone's investment menu.
And don't ignore multinational stocks from your own backyard: While it might surprise many investors to discover this, many U.S.-based companies are major players abroad, Fitz-Gerald says.
"I see the markets generally rising until mid-2011, which is when the reality of stimulus spending, the looming budget battle and fiscal follies set in. I believe that 15% is not out of the question, though not all in a straight line and not all at once," says Fitz-Gerald, a former professional trade advisor and best-selling author who is a regular contributor to Money Morning.
In a wide-ranging interview with Money Morning Executive Editor William Patalon III, Fitz-Gerald assessed the health of the U.S. and global economies, provided his outlook for the U.S. stock market, and for commodity prices, and even offered a fix-it plan that Washington would do well to take note of.