One of Federal Reserve Chairman Ben Bernanke's biggest critics said that he deserves Time magazine's "Person of the Year" award bestowed to him on Wednesday.

Rep. Ron Paul (R-Texas), one of Bernanke's greatest critic, said that the award is fitting because Bernanke is the "most powerful man in the world."

MSNBC's Joe Scarborough said that Paul had admitted off camera that Bernanke deserved the award because of his economic power. Paul replied "He is. He is the most powerful man in the world. I believe a case can be made for that... He controls the supply of money, which is the reserve currency of the world."

The Texas congressman added "He could create a trillion dollars in secret without any monitoring of the Congress...I think he's more powerful than the president."

Paul is an outspoken critic of the Federal Reserve, oftentimes saying it should be disbanded. Paul amendment's requiring an audit of the Fed's monetary activities was included in the financial regulatory overhaul bill passed by the House last week. 

Bernanke was awarded the title on Wednesday morning. A number of other public officials were selected as finalists such as President Barack Obama, House Speaker Nancy Pelosi and Afghanistan commanding Gen. Stanley McChrystal.