Jim Rogers was on TV last night, talking about the dollar crisis. (Yes, it’s now a full-blow crisis).

Bernanke, he said, is a total fool. I’m sure words like”jackasses,” “dimwits,” “cretins,” “morons,” and “numskulls” were trembling on his tongue, but public decorum prevented them tumbling out.

Seems he once thought Paulson and Bernanke were both reasonably competent. Especially Hank Paulson, being a Goldman CEO an’ all (than which exalted post, dear reader, there is no more exalted post in the USA). Turns out, JR is no more sanguine about it, what with Bernanke trashing the dollar over here, whilst Paulson runs around the globe pretending he wants to prop it up.

And Bernanke, he says, doesn’t even know anything about economics. Asked about the impact of the dying dollar on American consumption, Big Ben does a Marie Antoinette:

“Let them buy Yank.”

“You big lovable lug,” says Rogers (or some such words) — “D’you suppose American manufacturers are just dying to keep the price of American goods sweet ‘n’ low for their dear, dear countrymen, when prices are up elsewhere?”

Well – I got news for Jim. I don’t know about Bernanke, but Hank Paulson is no flunk-out from Econ 101.

The word you are looking for, Mr. Rogers, is KNAVE.

Goldman Sachs alums, bless their sterling little hearts DON’T CARE what happens to the dollar. They care EVEN LESS about the American consumer or the American economy.

If anyone can find any evidence to the contrary, I will be happy to send them an apology. Until that time, I’ll just stick with giving the whole crew of big bankers the bird.

Yes that one – turkey suits them to a tee…

Comment:

Of course, rushing out and selling dollars for euros at what might be the bottom mayn’t be the best idea. If I remember right, Rogers was “bullish” on the dollar (short term, I imagine) earlier this fall, anticipating a spike. Well, the spike isn’t here and the dollar index broke it’s lower channel with no resistance to speak of, falling straight from 78-80 to 75 with a very feeble bounce since then.

There’s not guarantee it won’t go to 60…

So the question again is where do you go?

My plan is to buy real estate in Asia – probably, Malaysia, but it’s not one most people can follow. And I notice that Malaysian real estate is now being priced in euros…

I think the Chinese, Japanese and Saudi currencies look like good buys at the first spike up- or, even now….

I am too nervous to buy gold over $800 frankly (that’s around 79 on the etf), though I think geo-political concerns could well drive it to $1000.