In this episode Scott welcomes economist John Cochrane who specializes in financial economics and macroeconomics. He's the Rosemary and Jack Anderson senior fellow at Stanford's Hoover Institution. Previously he was a professor of finance at the University of Chicago Booth School of Business, and before that at the University of Chicago Department of Economics. He also writes the very popular Grumpy Economist blog. His most recent book is The Fiscal Theory of the Price Level, arguing that inflation is due to government debt and higher interest rates. They discuss several of today's key and most controversial issues in economic policy which are front and center in the Trump era.