http://www.economicpolicyjournal.com/2012/03/former-treasury-secretary-disses-dollar.html

Former Treasury Secretary Robert Rubin, who has written of the growing government debt problems at the state and federal level, is now warning about the dollar, itself.

Rubin, who as Treasury secretary in the 1990s promoted a stronger dollar, said he has too much of his personal investments in the currency.

In a speech at the TradeTech conference in New York yesterday, he said he a “disproportionate amount” of his assets are in cash and he “should be more allocated away from the dollar,” reports Bloomberg.

This is big. Rubin may be the ultimate insider. In addition to being Treasury Secretary in President Bill Clinton’s administration, he has held senior positions at Goldman Sachs and Citigroup. He is now co-chairman of the Council on Foreign Relations. Many of those in the Obama administration are Rubin-sponsored insiders.

If he is dissing the dollar, it suggests he sees the trouble developing and may not have confidence in Ben Bernanke's ability to resolve the crisis.

Indeed, in his speech, he also said:

QE1 was a necessity, QE2 I sort of wondered about. QE3 would accomplish very little. Not only would it expand the money supply, it would undermine confidence that the Fed would ultimately monetize our debt.

My overall conclusion is we should all hope for the best. It is absolutely prudent to prepare for the worst.