NEW YORK (

TheStreet

) -- Jim Rogers, renowned global commodities investor and author, says

Ben Bernanke

"is bringing disaster on all of our heads."

In the

Federal Reserve's

last

FOMC

decision, the central bank left key

interest rates

unchanged at 0% to .25%. The Fed pledged to keep rates "exceptionally low" for an "extended period" of time. The dollar index, which tracks the currency in relation to a collection of foreign units, is trading just above its 52 week low of $74.94. With cheap money and no end in sight, analysts fear that unchecked inflation will keep long term pressure on the dollar.

I recently asked Jim Rogers, normally a contrarian investor, what he thought of the steadily weakening dollar.

Will the dollar ever see a bottom?

Jim Rogers

: The dollar is a terribly flawed currency. It's not good news. Now if it rallies I will sell more and if it collapses I will get out in a panic just like everyone else.

Will oil producing countries stop pricing oil in dollars as previously rumored?

Jim Rogers

: It's no question that this will happen down the road. I mean whether this particular rumor has any basis in fact I don't have a clue. I mean I do know, they've all said repeatedly, you have to do something about the dollar. I mean China, Brazil, Russia....everybody is looking for some way to solve this problem of such a flawed currency....down the road oil and everything else is going to be traded in something else

What currency do you like right now?

Jim Rogers

: Yen is my best right now. It's acting the best. I wouldn't buy it at the moment because it is going so up so much, maybe the Swiss franc, Canadian dollar, if I were looking for new currencies today, maybe the Singapore dollar. If you're really clever, you might buy something like the Sri-Lankan currency or some emerging markets currency."

So what should Ben Bernanke do?

Jim Rogers

: Resign. Close the Federal Reserve and then resign.

Raise rates first?

Jim Rogers

: Oh no, resign. Let the market deal with rates. He hasn't done it right.

If it weren't for the Federal Reserve, the market would be setting the rates and then we wouldn't have to deal with this. I mean these are bureaucrats - you think these guys are any smarter than you or me?

American has had three central banks, the first two have disappeared and this one will disappear too, after Greenspan and Bernanke. The market would do a much better job of setting rates than Mr. Bernanke. Certainly Mr. Greenspan and Mr. Bernanke have been dead wrong for 22 years, whatever it's been. Mr. Bernanke is taking on gigantic amounts of debt, huge amounts of debt. They have at least tripled the government's balance sheet, the Federal Reserve's balance sheet in the past two years.

It used to be 800million dollars of government bonds, now its trillions of dollars of garbage.

--

Written by Alix Steel in New York

.

Alix joined TheStreet.com TV in February 2007. Previously, she held positions in film and theater production, management, and legal administration. Alix has a degree in communications and theater from Northwestern University.