Friedman speaks about the effect of the new world monetary structure, where a commodity backs no currency. He recites the history of currencies, both commodity-based and fiat, in various countries, noting the dollar went off the gold standard first in 1914 though only formalized in 1971. He then looks at Fisher's thesis that currencies always return to a commodity base after experimenting with paper money. Friedman disagrees with Fisher. He explains that inflation is used to decrease the national debt's percentage of GDP. However, he says countries generally take actions to bring down inflation once it becomes prominent because inflation is politically unpopular. Friedman ends for calling for an institutional and constitutional rule for monetary policy in America, but asks to not be misunderstood as calling for a return to the gold standard.

Additional topics covered during the question-and-answer session include wave analysis, the trade and budget deficits, how to balance a budget, the International Monetary Fund especially its activities after the breakdown of Bretton Woods as a world central bank, Argentina, OPEC, corporate taxes, Fed rate non-predictions, and Friedman's distaste for a political appointment.

Friedman's biography includes: Professor of economics, University of Chicago, 1946-77; recipient, Nobel Prize in economics, 1976; senior research fellow, Hoover Institution, 1977-2006.