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If this sentence is true, then the world will end in one week.
ie. http://en.wikipedia.org/wiki/Self-reference
It could be possible he told a lie before saying that to proof his nose will grow now.
However putting that aside. Persuming that what he said is indeed a lie. Then his nose of course will grow. However because it then becomes true it will also shrink. Whereby the two processes chancel each other out, making his noselenght stable.