Paul Ryan Slams QE3 as 'Sugar High Economics' at Florida Rally

(TheBlaze/AP) -- Republican Vice Presidential candidate Paul Ryan thinks the Federal Reserve is making a big mistake in its new effort to prop up the economy.

Ryan spoke to a rally along Tampa Bay's shore Saturday, saying the Federal Reserve's plan to spend $40 billion a month to buy mortgage bonds in an effort to keep interest rates low will have a damaging impact on the country.

Labeling the action "insidious," according to CNN, Ryan explained that the new round of quantitative easing will help banks and Wall Street-- but not people.

"One of the most insidious things a government can do to its people is to debase its currency," Ryan explained. "We want honest money; that means we want honest government.  It's one and the same...the secret to prosperity is not more money printing."

Ryan continued to call the policy "sugar high economics" in a speech that, according to the Associated Press, was critical of President Obama's policies.

"We don't need sugar high economics; we don't need synthetic money creation," Ryan told the crowd of about 3,000 people. "We need economic growth. We want wealth creation. We don't want to print money. We want opportunity and growth. And when they do this to our money, it undermines the credibility of our money."

The Wisconsin congressman and top budget writer in the House said Obama did inherit bad situation, but made it worse.

The Obama campaign rejected Ryan's criticisms, however, asserting that the Republican "has no credibility when it comes to helping the middle class."

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