David Einhorn is one of the brighter minds in the hedge fund field - and unlike Mr. Rajaratnam at Galleon, seems to actually do his own homework. Below is the full text of his speech at the Value Investing Congress today - I was eagerly waiting to see what he had to say. (hat tip to Zerohedge)

Regular FMMF readers will see Einhorn and a certain blog writer agree on many things. He talks about short termism - we've been discussing kick the can as American policy since day 1 of the blog. As we mentioned just weeks ago, we're not buying gold (silver) for inflation protection but to protect ourselves from the destructive behavior of the world's central bankers - most notably, America's.

Of course, gold should do very well if there is a sovereign debt default or currency crisis.

When I watch Chairman Bernanke, Secretary Geithner and Mr. Summers on TV, read speeches written by the Fed Governors, observe the “stimulus” black hole, and think about our short-termism and lack of fiscal discipline and political will, my instinct is to want to short the dollar.....

... I conclude that picking one these currencies is like choosing my favorite dental procedure. And I decide holding gold is better than holding cash, especially now, where both earn no yield.

The banks had the US taxpayer (via Federal Reserve) to bail them out... but who bails out the Federal Reserve? We'll send a query to Zimbabwe to find out.

It's relatively lengthy but how can you resist a speech where (as we often do) he quotes Colonel Jessup: You Can't Handle the Truth! Good bed time reading. As always click full screen for an easier read:

Einhorn Vic 2009 Speech