Templeton Asset Management’s Mark Mobius says the U.S.’s debt issues have made emerging markets a safer bet than U.S. Treasuries and the dollar, and says he doesn’t think another global recession is coming anytime soon.

“The debt crisis in the U.S. and Western Europe puts emerging markets in a very strong position because their debt to GDP ratios are much lower than the developed countries and their foreign reserves are greater than the developed countries,” Mobius told CNBC, which reports that he’s also bullish on commodities and gold.

Mobius sees positives in the U.S., however. “The consumer is alive and well and kicking both in the U.S. and in emerging markets, so I’m not too frightened [about a global recession],” he said. “The consumer has lots of cash to spend and they want to spend, because they don’t want to hold currencies.”

Mobius says he’s high on emerging market retail stocks, and packaging companies. He also discusses the frontier markets he’s high on.