no. The vapor retarder (paper facing) must be placed on the warm side. It is still colder outside this wall. However this type of insulation placed on the masonry wall is a very bad idea anyway since moisture travels in both directions. And you really do not need insulation on that wall. Insulate with spray foam along the rim joist filling every bay to get a more effective barrier.
Rather than insulate the walls I would insulate between the floor joists with the vapor barrier against the heated space, leave the walls alone just do the floor. Make sure you tighten up the leaks around the rim joist. And make sure you have adequate cross ventilation just like your attic.