Suppose the paperclip maximizer doesn't believe in time discounting, and furthermore has been informed by Omega that the universe won't end. The PCM acquires some resources that can be used to either

a) make paperclips or

b) make more efficient ways to make paperclips, e.g., interstellar ships, computronium to design more efficient factories, etc.

Note that option (b) will lead to more paperclips in the long run and since the PCM doesn't discount the future it should always choose (b). But that means it never actually gets around to making any paperclips.