Expectations are for courteous questions and familiar answers when Federal Reserve chairman Ben Bernanke sits before the Joint Economic Committee in Congress today. After all, it's not as if the two-term Fed chief doesn't have his story down by now. What that means is that he should be able to reiterate his outlook of cautious confidence and reassure the world that things are improving and that the Fed will be able to extract itself from its easy money stance when the time is right to do so.

Related: QE Tapering Won't Start Until Q4 Says Chandler

But for Fed watcher Chris Whalen, a managing director at Carrington Investment Services, the world would be well served if Bernanke came clean on the short-comings of his global inflation strategy.

"The big lie among all the central bankers is that they can do something to help grow jobs and get the economy back to where it was," Whalen says in the attached video. "Despite everything they've done for the past five years, the pool of credit is shrinking," he says, and in many markets, is actually deflating.

To be fair, Whalen says it's not just Bernanke who is blowing new asset bubbles, he thinks it's a global condition. And nowhere is it more conspicuous than in Japan where he likens the country's new inflation-creation policy by way of a weaker Yen to a ''deliberate act of economic war."

He's been called the golden boy, the best banker in America, the person singly responsible for JP Morgan's (JPM) success, and someone too important to be messed with. But if you ask Chris Whalen if Jamie Dimon, or any bank CEO, should hold both the chairman and CEO titles he'll tell you straight up that it's a terrible mistake.

"The division of jobs is not about efficiency or stock performance. It's about accountability," says Whalen, the managing director at Carrington Investment Services. "There's really no protection for the small shareholder, so you need accountability. You need to have the operator running the business and the board essentially oversees their activities."

While many have argued that the 60% surge in shares of JP Morgan over the past year outweighs the black eye the bank and its leader suffered as a result of $6 billion so-called London Whale trading losses, Whalen is unmoved by that argument.

"Everybody keeps going, 'oh the stock is up, Chris.' It's at book value, guys, and it's probably fairly valued," he says, characterizing Dimon's performance as a having done "a good job but not tremendous."

And even if this vote had passed and the investors decided they wanted to split the two roles, Whalen points out, "the board has no duty to follow the wishes of shareholders" since it is a non-binding referendum. Even so, he predicts there will be change at JP Morgan.