On September 12 of this year, international investing legend Jim Rogers came on Breakout and predicted the Federal Reserve would soon "look like fools again" by instituting another round of Quantitative Easing.

One day later the Federal Reserve's new Extreme Stimulus program proved Rogers to be correct. With Bernanke now touring the world, suggesting other countries let their currencies appreciate against what he continues to insist is a strong dollar, Rogers came back to the show to give us his updated thoughts. (Related: Bernanke Speech Is For Everyone Who Has Ever Talked About 'Currency Wars': Weisenthal)

Warming immediately to the task at hand, Rogers says of Bernanke, "He's never been right about anything since he's been in Washington."

Rogers continues: "Mr. Bernanke does not understand anything about currency. He does not understand finance. He does not understand economics. All he understands is money printing; that's the man's whole intellectual career."

How to Become Fed Chair

Rogers isn't uniquely tough on Bernanke but is contemptuous of the Federal Reserve as a whole. The money printing ends in tears, Rogers insists, but neither Bernanke nor his predecessors really "gets it." In part, that's because becoming the Chairman of the Fed isn't about economics as much as it's about having connections and an unwillingness to rock the boat.

"Unfortunately, most of the heads of the Federal Reserve in United States history have not understood what's going on," notes Rogers, picking up steam on the topic. "It's a political appointee, and whoever can brown-nose the best gets the job."

Own Gold, Despite the Speculators and the Dollar

Rogers is and has been long gold for most of the 12 consecutive years of gains posted by the yellow metal. Though understandably delighted to have caught the ride, Rogers is concerned about the growing body of speculators. According to the CFTC, speculators have added bullish bets on gold for seven consecutive weeks, taking the positions to 13-month highs.

Surprisingly, the "Investment Biker" is also long the dollar itself. It's less a bullish statement than a position of professional cynicism. "There's going to be more chaos, more turmoil in the markets. And when that happens, people run to what they think is a safe haven... the US dollar is not a safe haven but, since most people think it is, I own it at the moment."