In what the Wall Street Journal called one of the “most scathing” political ads of the year, Texas congressman and GOP presidential contender Ron Paul released a hard-hitting new web video attacking rival Newt Gingrich. The ad, entitled “Newt Gingrich: Serial Hypocrisy,” features multiple clips of the former House Speaker strung together in an attempt to make the Contract with America author appear like a dangerous flip-flopper.

One instance features the now infamous ad in which Gingrich appeared with Rep. Nancy Pelosi to address climate change, while another clip highlighted the occasion when Gingrich called Rep. Pau Ryan’s budget plan “right-wing social engineering.” In an attempt to cast additional doubt on the candidate’s value system, the ad notes that Gingrich was paid at least $1.5 million by Freddie Mac.

The video also features clips of conservative icons like Rush Limbaugh blasting various Gingrich positions.

WSJ adds:

The video will not run on television. But the Paul campaign is promising to send it “to a far-reaching email list of conservative voters nationally, including in key early voting states.”

Jesse Benton, the Paul campaign’s national chairman, said in a statement that the video is meant “to debunk the myth that the Newt we are seeing on the 2012 campaign trail is the conservative he has been touted to be all along.”

Mr. Gingrich’s sudden rise in the polls this month presents a clear threat to other candidates, like Mr. Paul, who are seeking to position themselves as the main alternative to Mr. Romney.

Watch Paul’s new scathing ad below: