In the Jan 2003 issue of Magic, Jim Steinmeyer published his presentation for the Clippo trick.
The idea is he's going to present the Cut and Restored Rope Trick, which he bought from the local magic shop. He opens an envelope and pulls out a piece of rope and... a long, narrow sheet of instructions.
As he reads the instructions, some of them don't seem necessary, so he cuts them out of the middle. But the paper restores itself. The magician doesn't notice, and keeps on cutting instructions out of the paper, which keeps restoring itself.
For years I've been looking for a good effect whose presentation can be built around reading the instructions. This is a terrific example. (So is Simon Aaronson's Side Swiped).
BTW Jim Steinmeyer says that after Kolar invented the basic principle (as Max Maven has indicated), it was Harlan Tarbell who began performing it with columns of newspaper, which is the version popularized by Will DeSiever and marketed as Clippo.
I can't help but wonder if the newspaper version could be combined with the old bit of moving a scissors along a strip of newsprint and cutting where the audience tells you to stop, then revealing that you had predicted this exact spot. Maybe you try to do this trick, but the paper doesn't fall (clippo), then finally you throw away the clippo sheet and bring out another.
The comedy of the first bit would be a nice setup for the real magic of the prediction. And you'd throw away the gaffed clippo sheet, being left with only the ungaffed prediction paper.