Jim Rogers, one of the most respected investors of recent decades—and rightly so—thinks Fed Chairman Ben Bernanke is clueless on matters of macroeconomics. But enlightened macroeconomic analysis and succcessful investment evaluation don’t always reside at the same address. “Dr. Bernanke unfortunately does not understand economics, he does not understand currencies, he does not understand finance,” he charged last week in a speech, according to Bloomberg. That’s a powerful criticism and, if true, would be deeply disturbing. Is Rogers right? No, or at least the criticism doesn’t hold up given the framework Rogers set up to deliver his attack.