Here's where it gets interesting:  Many companies in these countries pay extraordinarily high dividends.  In the current issue of  High Yield International you'll find 16 securities paying more than 14% -- four times the U.S. average, but with none of its problems.

     Things will eventually improve here at home.  But it will be a matter of years, not months.  Why not go where you'll get paid now?

     Right now, Australian stocks are yielding 5.7%.  What's more, Australia is on track to deliver six times U.S. growth this year and next.  Our favorite Australian pick is currently yielding 14.0%.  And your chance of bagging a capital gain is a whole lot better in the growing Australian economy than in our own sickly one.

     Greece, for example, yields 5.4%.  Singapore yields 6.3% ... Sweden, 6.2% ... Holland, 6.3% ... and Taiwan, 7.6%.  And remember, those are just the averages, weighted down by large numbers of stocks that don't yield a cent.

What to Buy Now

     With yields this high you're staring at an income opportunity you may never see again in your lifetime.  Just a few weeks ago, one of Nick's safest holdings, a huge Spanish utility, sported a yield of 9.3%.  Now it's paying 13.1% -- a rise of +41%.

     So what are High Yield International readers buying now? Let's take a look...

    For steady gains, it's hard to go wrong with the #1 wireline phone company in the Czech Republic -- the wealthiest of the former Soviet Bloc countries.  In addition to its core local-phone service, the company provides wireless, Internet-access, and long-distance.  Its revenue is rising steadily and it recently announced it would raise its payout ratio, practically guaranteeing higher dividends ahead.  Trading in both Prague and London, it yields a healthy 11.3%.

     I love this Brazilian telecom with 90% of the fixed-line market in Brazil's most affluent state, Sao Paulo.  Yielding 16.6%, it's an excellent way to play Brazil's economic miracle with little risk.  Its dividend payout has increased steadily over the past several years... and the appreciating Brazilian real has made every dividend check increasingly valuable to U.S. investors.

Closed-end funds selling at huge discounts:

     There is at least one silver lining to the market bloodbath:  closed-end funds are selling at unprecedented discounts to net asset value.  They have literally never been this cheap before.  While discounts of 5%-10% were normal just a few weeks ago, you can get discounts today as high as 25%-30%.

     This fund's team of analysts spans the globe looking for companies of any size whose stocks and preferreds pay high yields.  In an unusual twist, it sells covered call and put options to boost yields.  This strategy, when executed correctly, also lowers volatility.  It must be working, because the share price is steady and the dividend yield is an impressive 16.2%.  It now trades at a discount of 22%, meaning you're only paying 78 cents for each dollar of assets.

     This one invests in toll roads, pipelines, energy, electricity, water, and other steady income generators used by the public every day.  This "toll booth" business model generates recurring revenues that are largely immune to economic turndowns. Yielding 9.9%, the fund has more than two years' worth of distributions stored away in the form of unrealized gains, so your future payments are extremely safe.

    This classic Taiwanese technology stock takes advantage of the nation's engineering prowess to create sophisticated electronic components while manufacturing them in lower-cost mainland China.  It makes semiconductors for flat-panel screens for laptops, mobile phones, digital cameras and car navigation devices.  Income has more than tripled over the past three years, and it's a great play on several long-term trends: rising demand for flat-panel displays, the possibility of closer ties between Taiwan and China and economic growth in Asia as a whole.  Trading at a P/E of just 2.7 -- extremely low for a company expected to grow +20% annually over the next five years -- and yielding 17.9%, this is a bargain that's hard to pass up.

     Fueled by the rapid economic growth of China and India, the Australasian super-region is in a sustained economic boom. This closed-end fund gives you instant exposure to a bevy of the highest-yielding stocks in Australia and Asia.  This bargain yields 13.7% and sells at a 21% discount to its net asset value.

Long-term bets on the global energy squeeze:

     If you like the idea of beating the market before making a penny in capital gains, try Australia's largest natural gas distributor.  Yielding an impressive 14.0%, its revenue has tripled over the past 10 years.  Natural gas is Australia's fastest-growing fuel source so this firm should enjoy rising income for the foreseeable future.  With the currency boost from a rising Australian dollar, this one is almost a lock to deliver double-digit returns over the next couple of years.

     Based in the Marshall Islands, this master limited partnership owns a fleet of tankers that move crude oil around the world.  This is perhaps Asia's best high-income energy play today. Now yielding 19.4%, its dividend has doubled in the past three years -- and it should increase every four or five quarters.  Its ships are new -- which means it will be spending little on maintenance.  The final bonus:  As a limited partnership, most of your distributions are a return of capital, so you pay zero tax on them.

     You'll get the full story on all these income plays, with trading symbols and buy prices, in the free special reports you get when you subscribe to High Yield International.

Don't wave goodbye to your dream stock because it only trades abroad.  This report shows you a cheap and easy way to add the foreign income machines we're finding to your portfolio.

We compare all your options head to head.  And your commission rates range from low to shockingly low.  Take a few minutes today to open an account with one of our customer-friendly favorites and you can be trading on the foreign markets tomorrow.

They're rare, but high-yielding stocks do exist in emerging markets.  We know, because we've found a bevy of them... from Brazil to Hong Kong to Poland to South Africa. For example:

It's hard to go wrong with this #1 wireline phone company in the wealthiest of the former Soviet Bloc countries.  Its revenue is rising steadily and it recently announced it would raise its payout ratio, practically guaranteeing higher dividends.  Trading in both Prague and London, it yields a healthy 10.4%.

This fund's team of analysts spans the globe looking for high-yielding stocks and preferreds.  In an unusual twist, it sells covered call and put options to boost yields.  This strategy must be working, because the share price is steady and the dividend yield is an impressive 16.2%.

Yielding 9.9%, this one invests in toll roads, pipelines, electricity, water, and other steady income generators used by the public every day.  This "toll booth" business model generates recurring revenues that are almost immune to economic turndowns.

This ETF gives you a choice range of emerging market government bonds, including 9.5% bonds from the Philippines and 8.75% bonds from Peru.  Since it invests only in dollar-denominated bonds, it's ideal if you want overseas exposure without worrying about the currency effects.

There  are dozens of mouthwatering yielders down under, but we've settled on five favorites in this report.  Here's a peek at two:

If you like the idea of beating the market before making a penny in capital gains, try Australia's largest natural gas distributor. Yielding an impressive 13.6%, its revenue has tripled over the past 10 years.

New Zealand's biggest farm-supply company is cashing in on rising commodity prices.  Dairy prices doubled in 2007, showering a fortune on New Zealand's dairy farmers.  This firm's steadily rising profits give you an excellent chance of rising dividends. Current yield:  8.6%

Most Asian stocks don't yield much, but the few that do are showering investors with unbelievable dividends.  Like this one that Western investors are missing out on:

This Taiwanese technology stock creates sophisticated flat-panel screens for laptops and cameras while manufacturing them in low-cost mainland China.  It's a great play on rising demand for flat-panel displays, closer ties between Taiwan and China and economic growth in Asia as a whole.  And it's trading at a P/E of just 4.3 -- way too low for a company expected to grow +20% annually and yielding 11.6% to boot.

Latin America's largest economies have become paradigms of stable economic growth -- and its stock markets have surged as a result. But we're still finding cheap stocks with high yields. For example:

This telecom has 90% of the fixed-line market in Brazil's most affluent state.  Yielding 15.2%, its dividend payout has increased steadily over the past several years... and the appreciating Brazilian real has made every dividend check increasingly valuable to U.S. investors.

For every stock here, there are four more around the world.  And plenty of them are throwing off sparkling yields, like these two gems from our new report:

This fund gives you instant exposure to a bevy of the highest-yielding stocks in Australia and Asia.  This bargain yields 13.7% and sells at a 21% discount to its net asset value.

This Canadian income trust produces massive quantities of increasingly valuable oil and natural gas.  And its pipeline business throws off a steady river of cash regardless of oil and gas prices, powering a mouthwatering yield of 13.9%.