No. The main reason why is because it's very difficult to do with the current time-keeping machinery within the kernel. Some people also want the ability to freeze the current time, which is also similarly difficult -- and in some cases harder because then what should CLOCK_MONATONIC give you? There's also the fact that there's currently no interface to set the "clock speed" do any of these things.

Making time go backwards I think would simply be impossible, due to how many things in the kernel that interact with time probably make the (reasonable) assumption that time goes forwards. Also CLOCK_MONATONIC would do the exact opposite in such circumstances.