According to Paul Krugman, Ben Benanke has become a Brutus, a traitor to the cause because the Fed is beginning to recognize that there is no happy and satisfying end game to its “liquidity” strategy of the past five years. Yes, “Et tu, Bernankus.”

Krugman is correct in recognizing that any Fed strategy that slows the money printing, the purchase of mortgage paper, and the spreading of U.S. dollars around the globe, is going to spook the markets and any other entities that have depended upon this foolishness. Everyone knows that Bernanke has not believed for a second that he was doing anything but postponing the Day of Reckoning.

Unfortunately, faux economists like Paul Krugman just don’t get it. Krugman has told us either that Recovery if Just Around the Corner if the Fed gives us another bout of monetary injections, or he has claimed that the monetary injections have been too little, too late. (I’m sure that he will conjure up the Specter of 1937 and spread the false notion that FDR was just about to launch prosperity when the Fed killed it.) In truth, Bernanke has done nothing but to distort the production structure in this country and to keep real recovery at bay.