Friedman argues that the dumping of cheap Japanese chips on the United States' market is not a bad thing. He argues it's better to buy below-market than sell below-market.

He responds to frequent critiques in his speech. He notes that the practice has been a complaint for a very long time, using the practices of Rockefeller in Standard Oil as an example, going as far as to say the United States is the most frequent dumper of goods. He says foreign aid to buy American goods is dumping. He acknowledges that it is only possible to sell below-market for an extended time if a third party with deep pockets is willing to subsidize it.

Moving on, Friedman reviews critiques that America is now the largest debtor nation. He uses Federal Reserve figures to show that America is not a debtor nation. Moreover, he says that even if America is a debtor nation, he says this is not necessarily a bad thing; that it means America is a more attractive place to invest than elsewhere. However, he does say that borrowing to consume, as the federal government has, is a very bad thing. He says one of the reason foreigners invest in America is because of American protectionist policies prohibit their products from coming in.

Friedman uses this to segue into analyzing if America is an island of free trade, which he concludes it is not. He cites tariffs and the prices of commodities. In the question-and-answer session, he goes on to say there has never been an industry in America that has ever been saved by protection, with the only possible exemption being the single company of Harley-Davidson.

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.