“In a way, I think they’re still in QEbecause [Fed Chairman Ben Bernanke] guaranteed interest rates were going to stay about zero percent for the next couple years,” he said.

And if tax rates don’t go down and spending cut, he added, all the quantitative easings in the world won’t solve our problems and “will eventually destroy our currency.”

The Fedon Wednesday left interest rates unchanged, cut its growth forecasts and said it expects the unemployment rate to remain largely the same. It also left the door open to taking further actions to aid the economy in the future.

But according to Paul, Bernanke is doing exactly the opposite of what he should be doing.

“For him to do what I want him to do, he would have to admit his whole career was misdirected,” Paul said. Bernanke would have to admit his theories were wrong and that "all this QE stuff doesn't work."