The Truth About Fannie and Freddie

I don't think I could be more disillusioned with our government right now. Why is there no national uproar over the fraudulent activities of our central government and the federal reserve? I think since they got away with the Bear Stearns heist they think they can do anything they want. Rather than say the same things others have said I will just quote Tim Knight over at the Slope of Hope, he writes:

"I have to say, I'm both disappointed and angry. The gigantic bailout that the Federal Government is shoving through the system creates a series of winners and losers. Specifically:

Winners

• The CEOs and other executives of FNM and FRE, all of whom pull down seven-figure and eight-figure salaries and have pulled one of the great corporate heists in business history
• The lower-middle class blockheads that gobbled up real estate at sky-high prices, thinking they would be the next Donald Trump, who are going to simply walk away from their "investments"
• The shareholders of FNM and FRE, who have been spared a $0 stock

Losers

• All the citizens of the United States, particularly those who pay taxes
• Honest, hardworking people that got mortgages through honest means, pay their payment promptly each month, and have received no help or favors from anyone (I am pointing not-so-subtly at myself right now.....)

So the honest and hardworking folks are the fools. And the charlatans and crooks are the winners. And the entire country slips that much closer into oblivion with this travesty."

So ignoring the insane and fraudulent activities of the US government for a minute, how do we protect ourselves in this environment? Obviously, you can short stocks but that makes people nervous and you must get the timing right or have nerves of steel. Jim Rogers recommends buying China and agriculture commodities and I like those ideas. It seems like the most straightforward thing to do is to buy things that will benefit from a collapsing US dollar. Generally speaking that means foreign currencies (FXE, FXA, FXY, etc) and commodities (DBC, DBA, USO, GLD, etc). Any other ideas?