Paul Krugman won't defend Ben Bernanke much these days, but he will defend him against the ravings of Jim Rogers, who said at Oxford that the Fed chair doesn't know squat about economics.

I’ve seen Rogers in action; he seemed to me to be confused about issues like the difference between assets and liabilities. And please note that inflationistas like Rogers have been wrong about absolutely everything this cycle (and the last cycle, and the cycle before that).

To be fair, Rogers has nailed the commodity boom. But other than that!