Ron Paul: Fed move won't help 99%

Former Rep. Ron Paul said Thursday that the Federal Reserves decision not to cut back on its economic stimulus is an admission that the economy is in bad shape.

He said the fact that the stock market shot up on the news is an example of how the markets are addicted to spending and shows a disconnect from what those struggling economically are experiencing.

[Chairman Ben Bernanke]s literally saying were in bad shape, and yet the markets didnt interpret it that way, because the markets are reflecting just that easy money going into stocks, Paul said on MSNBCs Morning Joe. It doesnt help those 99 percent, or at least the large middle class and the poor, wont help them one bit. I think it was a very, very bad, you know, announcement yesterday that the economy is a lot worse off.

(PHOTOS: Ron Pauls career)

Asked if the economy would be worse if the Fed didnt continue its stimulus, Paul said the Feds policies of printing money have made the situation as bad as it can get.

It cant get worse. To continue to destroy our currency is always bad. Always bad. It always destroys the middle class and the wealthy get wealthier, Paul said.

(WATCH: Ron Paul: Fed move won't help 99%)

Though the former Texas congressman admits going cold turkey off the Fed would be tough for America, its necessary.

There is no easy theres no political answer. Its addiction. The people are addicted to spending. The politicians are addicted. The markets are addicted. And theres no chance that theyre going to wean us off. And this is what Bernanke was saying yesterday, Paul said.

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Ron Paul: Fed move won't help 99%