Paul Krugman: How can someone so smart be so dumb?

Nobel prize winning economist Paul Krugman recently spoke at a conference in Spain (full video) discussing his new book, End This Depression Now!.

The following video clip from the conference captures Professor Pedro Schwartz's well reasoned rebuttal of Krugman's Keynesian prescription for Europe to address the ailment brought on by...Keynesian policy.

Notable quotes from Schwartz's presentation:

"Often Nobel prize winners are tempted to pontificate on matters that are outside the specialty in which they have excelled...the mantle of authority whereby what ever they say - whether sensible or not - is accepted with resignation from some and enthusiasm by others."

"Keynesians got us into this mess and now we have to sacrifice our principals so that they can get us out of this mess."