Kuwait, Saudi Arabia and even the mighty Dubai are getting dragged down by the global economic turmoil. “The global financial storm rolled across the Persian Gulf on Sunday,” reports the WSJ, “as Kuwait’s central bank guaranteed bank deposits and cobbled together a hasty bailout for one of the country’s largest banks.”

The crash in stock prices has most investors spooked. But it’s worth keeping you head while others lose theirs, says Strategic Investment editor Dan Amoss. Right now, there are some very healthy resource stocks are shockingly cheap. What Dan calls “screaming bargains.”

The US economy shrank in the third quarter, says Bloomberg, and “a further contraction is likely in the next two quarters…which would make the recession the longest since 1981-82.”

If you need more proof that the US lost the Cold War to Russia and China you need look no further than Venezuela, says emerging markets expert Irwin Greenstein, writing for Contrarian Profit. Hugo Chavez, president of Venezuela, inked two significant energy deals with China and Russia that will divert American oil to our former Cold War adversaries.

Just how much of your money has the government flung at Wall Street? $1,164 billion so far: $700 billion bailout package for Wall Street; $200 billion for Fannie Mae and Freddie Mac; $150 billion in “stimulus”checks; $85 billion for AIG; $29 billion for Bear Stearns.

The lesson to be learned from Wall Street’s hubris, says Eric Fry at Rude Awakening, is that although stocks can be ruined by over zealous management, commodities cannot. Stupidity is not a risk factor in the commodities sector. And this makes them attractive despite their recent selloff.

Crude oil prices are nudging $100 a barrel today. That’s a long way down from oil’s summer high of $147 a barrel.

“It has been a brutal couple of months for commodities investors,” says Dan Amoss in Rude Awakening.

So far this year, 25 airlines have collapsed. Those that have survived have taken on hefty losses. The seven biggest US carriers had combined 2Q losses of almost $6 billion.

Jason Simpkins in Money Morning says the crude-oil sell-off that sparked a stock-market rally over the last four weeks may not last. What Big Media has failed to notice is that OPEC is already gearing up to cut production….

Only crazy people would invest in Russia, right? Wrong, says Smart Commodities UK editor Garry White. Now is a great time to snap up some Russian assets.

Think about it this way: At $100 a barrel, the oil exporting countries are sitting on total proven reserves of about $104,000 billion. This means they are worth $104,000,000,000,000.

If oil continues to slide, keep an eye on Asian stocks and ETFs. They could be a major beneficiary…

How do you follow the money? By tracking investments made by the world’s cash-rich sovereign wealth funds (SWFs). Irwin says Gulf-state SWFs are moving into oil-rich Southeast Asia - tipping off investors to stable, long-term growth opportunities.

Energy expert Kevin Kerr is now calling crude oil at $150, according to a report by MaketWatch. Stansberry Research’s Matt Badiali is not so sure. He says a reduction in demand will bring crude oil prices down…

Banning speculators will bring down crude oil prices says Congress. But they’re missing the point, says Dave Gonigam in The Daily Reckoning. This will not address the imbalance in the oil market… “In ’speculators,’ everyone from members of Congress to the king of Saudi Arabia has found an excuse to ignore the supply-demand imbalance that’s at the heart of $138 oil,” says Dave.