Fluctuations of 1/f noise and the low frequency cutoff paradox

Recent experiments on blinking quantum dots and weak turbulence in liquid crystals reveal the fundamental connection between $1/f$ noise and power law intermittency. The non-stationarity of the process implies that the power spectrum is random -- a manifestation of weak ergodicity breaking. Here we obtain the universal distribution of the power spectrum, which can be used to identify intermittency as the source of the noise. We solve an outstanding paradox on the non integrability of $1/f$ noise and the violation of Parseval's theorem. We explain why there is no physical low frequency cutoff and therefore cannot be found in experiments.