This is a version I learned off a live video of John from an aug. 2008 concert.
If you want it to sound exactly like john's version you'll want to finger pick it and 
in the extra notes
(mostly g on the high e string and a high e, f and sometimes d) you'll get where they 
if you listen to it.

 Capo 2nd fret
C
I know a guy that's got a lot to lose.
       F
He's a pretty nice fellow but he's kind of confused.
         C
He's got muscles in his head that ain't never been used.
                           G
Thinks he own half of this town.

C
Starts drinking heavy, gets a big red nose.
F
Beats his old lady with a rubber hose,
        C
then he takes her out to dinner and buys her new clothes.
                        G          C
That's the way that the world goes 'round.

Chorus:-----------------------------------------------------
C
That's the way that the world goes 'round.
       F
You're up one day and the next you're down.
     C
It's half an inch of water and you think you're gonna drown.
                        G          C
That's the way that the world goes 'round.
-------------------------------------------------------------
C
I was sitting in the bathtub counting my toes,
         F
when the radiator broke, water all froze.
      C
I got stuck in the ice without my clothes,
                       G
naked as the eyes of a clown.

C
I was crying ice cubes hoping I'd croak,
         F
when the sun come through the window, the ice all broke.
  C
I stood up and laughed thought it was a joke
                        G          C
That's the way that the world goes 'round.

Repeat Chorus 2x:---------------------------------------------