And while the Fed sits there in its self-inflicted paralysis, millions of Americans are losing their jobs, their homes and their hopes for the future.

No doubt some of Mr. Bernanke's critics are motivated by sincere intellectual conviction, but the core reason for the attack on the Fed is self-interest, pure and simple.

Back in 2000, Mr. Bernanke accused the Bank of Japan of suffering from "self-induced paralysis"; well, now the Fed is suffering from externally induced paralysis.