Global markets were down Friday, tracking Wall Street's overnight losses. The dollar continued to fall, on track for the biggest weekly decline since 1985, and oil remained near 4-1/2 year lows.

The prospect of the eventual oversupply of dollars from the Federal Reserve's proposed quantitative easing compelled investors to dump the currency and move into bonds. Experts tell CNBC U.S. Treasurys and inflation hedges are the way to go in 2009.