In some ways it seems like we just arrived at the Investment U Conference; on the other hand, it feels like we’ve been here for weeks… Because we couldn’t possibly have learned so much in just a few days.

Even with China’s veiled threats to pursue a “new reserve currency” and even with Ben Bernanke dropping cash from helicopters, I still don’t think the dollar is heading much lower. Here’s why…

It’s early in the morning in Delray Beach, Florida, and you know what I did?  I made a cup of Jamaican Blue Mountain coffee (since I’m boycotting any unnecessary spending on pricey take-out coffees) and took a look at one of my favorite currencies in the universe – the U.S. dollar.

Think back hard for a few seconds… to the days when the dollar was the most hated asset in the world. In those days, the dollar was joked about, the euro was rapped about, and everyone came to the conclusion that the buck was history.

Big media has been beating the drum that if Detroit built more fuel-efficient vehicles, buyers would flock back to their showrooms. But there is an inherent lie in this line of thinking. And if investors buy into this lie, they could end up on the wrong side of the trade when it comes to considering the major American auto makers any time in the future.

Job losses spiked in October according to two key employment reports released yesterday (Wednesday).  The rate of unemployment has risen steadily over the past year but job losses expanded in both size and scope in October and will likely continue to accelerate well into 2009, further exacerbating an already potent economic downturn.

The markets are riddled with confusion. And man what a difference a few days makes in the currency markets. So much has been happening, where do I even begin?

As I said yesterday, George Soros – the billionaire investor – who “broke the Bank of England” got his “celebrity status” by betting against the British pound…and now he’s looking to do the same thing by shorting the British pound again.

Another day, another round of bad news from the brokers and the banks.