The Federal Reserve will release its next policy statement on Wednesday, and it is broadly expected to announce an addition $10 billion reduction in quantitative easing. But for David Stockman, who memorably served as director of the Office of Management and Budget under President Ronald Reagan, the Fed's reduction in accommodative policies is coming far too late.

"I don't have any expectations at all" for what the Fed is set to announce "because I think the Fed is hopelessly lost and completely incompetent, if you want to put it starkly," as Stockman certainly did on Tuesday's episode of "Futures Now."

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The Fed is "a posse of academic zealots and unreconstructed Keynesians who think debt is the magic elixir, and they won't stop printing money and putting their foot on the floorboard until they really blow something up," Stockman said.