Best paraphrase:
Krugman: You want to go back decades ago in time.
Ron Paul: You want to go back a thousand years, two thousand years, to Roman and Greek times!
It’s interesting to see that Krugman understood exactly what Paul was saying and attempted to deny his support for the Emperor Diocletian’s policies, although Diocletian-style inflation precisely what he’s advocating. And if we’re not sure where the line between money and non-money is, how on Earth can we expect to correctly manage the economy through the use of precise interest rates?