These are unsettling times.

The most troubling risk remains Europe's sovereign debt crisis. The debt burdens in Greece, Ireland, Portugal, and Italy are simply too great for their struggling economies. The European Union lalest plan to relieve the financial pressure on Greece without triggering a European-wide bank crisis holds fragile promise. China's government raised its benchmark interest rate for the third time in 2011 on July 6th. The government is trying to cool off inflation without slowing down economic growth too much--always a tough maneuver. Global investors are increasingly nervous about the difficult budget negotiations in Washington and the looming Aug. 2 debt ceiling deadline.

With risk permeating the global economy, a variety of products can help shield your investments. But in this article I argue that most investors shouldn't overlook a cheap and simple solution--cash. Sad to say, it's stil a timely article.

Follow Chris Farrell at @cfarrellecon