As the race for the White House heats up, former U.S. Representative Ron Paul says neither Hillary Clinton nor Donald Trump offer what the U.S. economy needs right now.

"I think neither one will restore a great, great economy, because I think there's too many mistakes out there, too much mal-investment, too much debt, too much pain to correct these things," Paul said last week on CNBC's "Futures Now."

The Libertarian firebrand has long predicted a bubble in stocks, and doesn't see Trump or Clinton offering solutions to the issues he feels plague the economy.

"I'm still looking for my third candidate," the former Republican Party presidential candidate said.

"I want just to move in the direction of less spending, less taxes, less regulations, less pruning of money, less power in the financial system, less power from the Federal Reserve and I don't see that candidate that will do that."

He said under the GOP nominee, there seems to be a better chance that taxes will not be raised. Addressing speculation that a Trump presidency may be good for the price of gold he said: "If we can believe what he's saying I think it would be very strong for gold. That's not going to happen."

The fact that gold keeps going up, means the markets aren't anticipating a rate hike from the Federal Reserve in September, he added. The Fed did not raise rates at its meeting on Wednesday, July 27th, but some economists say a September rate hike could be in the cards.

Paul said larger global factors such as an "astounding" amount of corporate debt around the world, is keeping the Fed from giving out a clear message.

"We have a global crisis pending, it's all based on the belief that you can monetize the debt and the can sustain and bail out everybody," he said. "The only option the Federal Reserve ever has for a weak economy is to print more money and lower the interest rate; well that might be a dead end street right now."

A weak economy coupled with conflicts within Democratic and Republican parties may lead to a lower voter turnout in November, Paul said.

At the Democratic convention, many Bernie Sanders supporters expressed their discontent, even after Sanders endorsed Clinton. On the Republican side, many key party leaders have not endorsed Trump.

"People won't win on this, the margin, the undecided, the middle of the roaders, the independents can decide the election but...a bunch will stay at home and I think that's generally the case," he added.