The Russian Bears Are Coming

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NEW YORK: The Kremlin is filling up with familiar faces, and Wall Street is nervous. You should be too. "I'd be very wary of doing anything in the stock market this week," says TIME business reporter Bernard Baumohl. "Everyone's very, very nervous about Russia -- expect the markets to stabilize at best, and possibly show a net loss."

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Although the exposure of U.S. investors to the Russian markets is minimal, the country's woes hit Europe hard, and that comes home to America. Not to mention the chilling prospect of the crisis toppling Yeltsin's government and bringing to power a host of ex-Communists with itchy trigger fingers. It's not yet time to vacuum out the ol' fallout shelter -- but if you're looking for some kind of refuge from this economic Chernobyl, Baumohl recommends bonds. "Foreign markets are getting hit hard, and foreign investors are going to look at U.S. Treasury bonds as a safe place."