Contra Krugman, episode 202.

Welcome to the podcast that takes apart Paul Kruikman's New York Times column.

Join us as Tom Woods and Bob Murphy teach economics by uncovering and dissecting the arrows of Krookman.

Nobel Prize winner, newspaper columnist, and Destroyer of Nations.

It's time for Contra Krukman.

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Hey everybody, Tom Woods here. Bob Murphy is out of town this week, but I have an outstanding

substitute, and that is David Stockman, a former U.S. Congressman, also director of the Office of

Management and Budget under Ronald Reagan

and author of one of my favorite books of all time, The Great Deformation, The Corruption of Capitalism

in America, just a tremendous book on so many levels. And David is going to be this week's Bob Murphy.

So, David, welcome. I'm very happy to be with you. So remember my role in this is to kick the show off with a summary of the Krugman column we're discussing.

So as a jumping off point today, we're using Krugman's August 15th, 2019 column called From Trump Boom to Trump Gloom.

You can read it. We've linked to it at contra Krugman.com slash 202. I'm going to do a very,

very brief overview of this because we're really just using this as a jumping off point for a

broader discussion. But what Krugman is saying is that although the stock market sometimes gets

things wrong, let's say if you look at how the stock market is doing and you predict where the economy is going on the basis of that,

you're going to be wrong as many times as you're going to be right, he says.

But with the bond market, he says, well, the bond market sort of kind of is the economy, or his words.

And he's trying to explain the inverted yield curve and what it means.

So we're going to get to that in a few minutes.

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