Seems the Nobel Prize just isn't as prestigious as it once was, back in the days when only the true greats like Yassar Arafat and Al Gore were awarded the medal.
Eh, never mind.
The good part comes around the 1:20 mark.
Andrew Stiles has more over at NRO, including the ThinkProgress version of the video which conveniently edits out the gut-busting laughter at Krugman's expense.
"Why I Love Being a Conservative"
11 hours ago