Paul's not the only one. Skepticism about the stock market's "artifice" runs deep, and may partially explain why the rally over the past six years has been one of the most maligned in history.
Concerns about the Fed have "created the single biggest opportunity over the past six years," said investor and financial writer Mark Dow in an interview. "Everyone, at every turn, has overstated the damage that would be done by the Fed. Everyone said stimulus wouldn't work," he said.
"And if you had bet on the Fed not causing inflation, if you had bet on the Fed being right about there not being a big spike in interest rates, if you had bet on there not being a 'Lehman Two,' if you had bet that low rates were not going to produce a bubble…that was the trade, and that is the trade still," Dow added.
As one particularly salient example, market strategist Peter Boockvar predicted in September of 2014 that "the two-year bear market for gold is over, and the uptrend is going to resume." He added that "gold is your defense against the policies of the Fed."
Gold was trading at about $1,370 when Boockvar made those remarks; the metal is currently near $1,200. In other words, gold may indeed have served as a defense against the prospect of the Fed causing massive inflation.
Yet with inflation still nowhere to be seen, and the Fed apparently preparing to raise rates, it's proven an expensive insurance policy. (Although, as Paul pointed out on Thursday, gold has served as a far better store of value than the U.S. dollar over the past hundred years.)
Of course, predicting the future for stocks or the economy is what some might call a fool's errand. But one thing remains clear: Those who have followed Paul and enshrined his philosophy into their investment decisions have, at best, missed out a gigantic rally in stocks.
Actually, they may have done worse than that, if they had also followed the libertarian party line on gold and on bonds.
For instance, CNBC once spoke to a skeptical investor, who lamented his decision to short stocks and buy gold in 2013—a year in which the S&P 500 Index rallied nearly 30 percent, while gold did the opposite.
The Fed has not committed any obvious policy errors thus far. But critics of the central bank's "artifice", who deal in the staid worlds of economics and philosophy rather than the flesh-and-blood realm asset allocation, appear to have made a huge one.
--Clarification: An earlier version misidentified the year in which the skeptical investor spoke about missing out on the rally.
—By CNBC's Alex Rosenberg.
Watch "Futures Now" Tuesdays & Thursdays 1 p.m. ET exclusively on FuturesNow.CNBC.com!