Bernanke to speak Monday. But what's the point of listening?


Federal Reserve Chairman Ben Bernanke is set to speak Monday at an Economic Club of New York luncheon. But don't expect him to say anything that will cause the attendees to gag on their frisee. As much as American savers and U.S. trading partners are freaking out about the Incredible Shrinking Dollar, Bernanke isn't going to do anything about it -- apart from talking out of both sides of his mouth.

Morgan Stanley (MS) told clients Friday that the chairman's speech might be the "key in determining the path of the dollar into year-end," with any hawkish hints probably boosting the greenback for a little while. But apart from a mild short-term bump, the dollar has no place to go but down. And that's precisely what Bernanke wants.