Paul Ryan Faces Off Against Bernanke: "There Is Nothing More Insidious That A Country Can Do To Its Citizens Than Debase Its Currency" (Video)

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Video - Bernanke testifies before Paul Ryan and House Budget - Feb. 09, 2011

Bernanke faces off against Paul Ryan

NEW YORK (CNNMoney) -- Facing off against some of his toughest critics on Capitol Hill Wednesday, Federal Reserve Chairman Ben Bernanke told lawmakers they need a "credible program" to reduce the nation's growing deficit.

"Even after economic and financial conditions return to normal, the federal budget will remain on an unsustainable path... unless the Congress enacts significant changes in fiscal programs," Bernanke told the House Committee.

Paul Ryan, a Republican from Wisconsin who heads the committee, has been a vocal opponent of the Fed's recent stimulus policy, which pumps $600 billion into the economy through purchases of long-term Treasuries.

He said he fears the policy, known as quantitative easing, will cause inflation to accelerate rapidly, forming asset bubbles and crushing the dollar.

• "There is nothing more insidious that a country can do to its citizens than debase its currency," Ryan said.

• http://money.cnn.com/2011/02/09/news/economy/bernanke_paul_ryan/

Highlight clip from CNN...

Ryan vs. Bernanke - Inflation Wars