The Federal Reserve erred in not starting to cut back its massive bond-buying program this week, and the result is detrimental for America, according to hedge fund giant Stanley Druckenmiller.

Druckenmiller, founder of Duquesne Capital, told CNBC the Fed lost a golden opportunity to take the U.S. economy off of artificial support with the decision to not taper Wednesday.

"This is the biggest redistribution of wealth from the middle class and the poor to the rich ever. Who owns assets – the rich, the billionaires," Druckenmiller explained.

Editor’s Note: Obama’s Budget Takes Aim at Retired Americans

"We're going into extra innings. Maybe the punch bowl was running out and just about dry and two waiters are carrying this new punch in. We're really going to party now."

Druckenmiller noted that big Wall Street traders had been betting on a taper by the Fed of its $85 billion monthly bond purchases that have propped up the financial markets, but made it harder for people on fixed-income investments.

He predicted the Fed's inaction, and its delay in getting America off of the "dope" of quantitative easing (QE), will make it much more difficult for the next Fed chairman to wind down the massive stimulus and reverse ultra-loose monetary policy.

When the Fed's QE finally does end, Druckenmiller expects it will have unintended consequences.

In the meantime, he said, the Fed's delay is "great for gold on an intermediate basis. And it's great for risk assets."

The Fed decided unexpectedly Wednesday to delay winding down its stimulus until it had more evidence of solid economic growth. The result boosted global equity markets, especially emerging markets, as investors dived back into riskier assets.

"People know the Fed at some point has to start a tapering process," Cameron Hinds, a regional chief investment officer for Wells Fargo Private Bank, told Bloomberg. "Longer term, there's also an indication of a little lack of confidence from the Fed in terms of the economic growth."

"To be fair to Bernanke, he set the conditions necessary for tapering and the conditions are not there," said Ross Yarrow, who sells U.S. equities to European investors for Robert W. Baird & Co. in London. That's "not because of any particular deterioration but because, by talking about tapering, he already achieved an adjustment in yields," Yarrow explained.

Editor’s Note: Obama’s Budget Takes Aim at Retired Americans