Ron Paul vs. Paul Krugman

This segment on Bloomberg in which Ron Paul and Paul Krugman air their differences in a 15 minute video clip is an extremely vivid example of liberal and conservative differences on a host of subjects related to the economy and governance.  Krugman is a Keynsian and Paul a von Misean.  Their discussion has been going on since these two schools of economic thought emerged in the aftermath of WWI, now almost 100 years ago.  It's worth noting that Freidrich Hayek,  a student of von Mises',  a contemporary of Keynes, and maybe the best known to Americans of all the Austrians, was actually in the Austrian government when the horrific inflation of the German currency occurred in the aftermath of WWI, the event that led to the destruction of the savings off the German middle class, the rise of the Nazis and the devastation of WWII.  There is an inbred fear of inflation bred into the Austrian School of Economics that seems to lead to an inbred fear of fiat money.  You see this same attitude reflected in Ron Paul's comments.  Krugman dismisses all Paul's fears, including the idea of rejecting central banking and a returning  to the gold standard by saying the worldwide economy and financial scene is so complicated at this point that no one can even accurately describe what money actually is.  How this debate ends up over the next decade or so will determine where  the US and world economy ends up.  It's the issues of big government versus smaller government, individual freedoms versus collective group rights, capitalism versus socialism, and so forth.  It seems pretty clear from the examples of the USSR, Cuba, North Korea, and now much of Europe, that socialism does not work.  The discussion seems to be coming down to what is the proper definition of Capitalism.  Is it closer to the definition of the Austrian School or the version that has evolved since the Hoover-Roosevelt period when Big Government was unleashed in an attempt to eliminate its inherent uncertainties and risks?  In other words how much managing can Capitalism take before it stops functioning as the worldwide engine of prosperity it has been?  Quite a question!