Prosperity can return to your personal income by using what some business journalists call “the great new retail invention” that has never truly been tried in the past. Starting Your very Own inkjet and toner printer cartridge business has been made easy, simple and risk free. Take the time to learn how NDITC exclusive teaching guides, workbooks, small business plans can help you create home based or commercial based income, without inkjet and toner franchise fees, and you never need a lawyer.

New Product Distribution Hastens Return of U.S. PROSPERITY

Prosperity is returning to a number of people in the United States and the growing tide of NAND North American Neighborhood Dealerships may just prove the point.

New Deal Ink and Toner Company

We help people start their very own inkjet refill laser toner refill printer cartridge business, all across our country,

without

REFILLING MACHINES

NDITC New Deal Ink and Toner Company U.S.A.

You can register for free at

REGISTER FREE TODAY > http://newdealink.vpweb.com/Register-Free-Today.html

You can also visit other important NDITC New Deal Ink and Toner Links.

http://www.newdealink.com

http://www.newdealink.vpweb.com

Also review this special offer; NDITC Million Dollar Dream Book

http://milliondollardreambook.vpweb.com

Have you been looking for inkjet refill refilling machines? Have you been looking for the number one rated inkjet and laser toner printer cartridge importers, exporters and remanufacturing companies? Have you been searching for the best price for the highest quality inkjet and laser toner printer compatible cartridges? NDITC New Deal Ink and Toner is the leading expert consultants to the inkjet and laser toner printer cartridge business segments.

The Forbidden Ink Book is the exact professional consulting and do it yourself book that you've been looking for to start your own inkjet and toner printer cartridge business.

 

Prosperity can return to your personal income by using what some business journalists call “the great new retail invention” that has never truly been tried in the past.

Starting Your very Own inkjet and toner printer cartridge business has been made easy, simple and risk free.  Take the time to learn how NDITC exclusive teaching guides, workbooks, small business plans can help you create home based or commercial based income, without inkjet and toner franchise fees, and you never need a lawyer.

 

Within the United States the global multi-national giants like HP Hewlett Packard, Canon, Epson, Lexmark (faltering), Dell, Brother, Apple, Kyocera, Minolta, Okidata, Panasonic, Pitney Bowes, Rocoh, Samsung, Sharp, Toshiba, Xerox, Konica, Lanier, Mita, I.B.M., Olivetti, N.C.R., Fujitsu and dozens of others have made major marketing mistakes with their manufacturing base and most importantly with their supply chain partners and cash paying customers.

The NDITC NAND NSRA plans have been described as the Orbital Plan that truly has overcome the market-place curvatures within the global supply chain. Even before all the opportunities were discovered the NDITC plan may become the next big international success story and it all started in a little town called Mechanicsburg Pennsylvania.

In the offing is one of the most unique-one-of-a-kind business plans that will create, most likely, thousands of brand new millionaires in the United States. Thanks to electronic connections through the internet Orbital Ink Orbital Toner can deliver inkjet toner laser toner copier printer and fax cartridges in minutes or just an hour or so without any distribution expenses or even a postage stamp. Orbital Dealerships are planned across the United States starting within a few months placing printer copier and fax cartridges in the hands of customers in Washington D.C., Chicago and other major cities.

Coast to Coast inkjet and laser toner printer cartridges delivered to end user customers has been the dream of major O.E.M.’s Original Equipment Manufacturing Companies like HP Hewlett Packard, Canon, Epson, Lexmark (faltering), Dell, Brother, Apple, Kyocera, Minolta, Okidata, Panasonic, Pitney Bowes, Rocoh, Samsung, Sharp, Toshiba, Xerox, Konica, Lanier, Mita, I.B.M., Olivetti, N.C.R., Fujitsu and dozens of others but even more so by big box retailers within the supply chain like Staples Inc., Wal-Mart, Best Buy, Office Depot, Office Max and even Cartridge World.

Within seconds after reaching Orbital Ink or Orbital Toner the actual inkjet or toner cartridge order is in the physical hands of a delivery person on its way to the paying customer. In fact, testing has indicated that an order can be processed in about 15 seconds and out for delivery in less than five minutes. The Orbital System can within seconds receive the inkjet or toner cartridge order, process the payment and dispatch the delivery in a matter of a few minutes. This coast to coast instant inkjet and toner cartridge system works within major cities and even out in the suburbs. Across the street deliveries or deliveries hundreds of miles away take about the same amount of time per the actual research and development data. The NDITC NAND NSRA business plan model is not strictly experimental at this point because the business model system has been tested and instead of worrying investors they want a fully integrated national system right now. 

 

 

WARNING Copyrighted Text Intellectual Property Rights Held NDITC-NAND New Deal Ink and Toner Company, Mechanicsburg Pennsylvania U.S.A 17055 All Rights Reserved International Copyrights Applied. This text cannot be re-distributed without prior written approval of NDITC Operating Management.  Email NewDealInk@Live.Com Web Location www.NewDealInk.Com 2011

The NDITC New Deal Ink and Toner Company, Mechanicsburg Pennsylvania U.S.A. may be having more fun and prosperity than the people that invented the automobile, the movies, the radio and even the internet.

The original invention of personal inkjet and laser toner printers has added billions of dollars to the U.S. National wealth in the past and the future looks brighter than ever. 

Many prominent economists and business managers are still looking for that “one new invention” that will create a new industry within the United States and create millions of high paying personal income jobs.

During the last few decades American prosperity has grown by leaps and bounds as a result of American inventive genius.  During the last several years each of us understand that the air has been let out of the economy and now we all struggle.  Fortune 500 companies are searching the world for that one big thing that creates prosperity and wealth. 

The inventive genius is not always about creating a new toaster oven, a new high flying airplane or a new safety razor that conquers the consumer markets around the world.  Some of the best ideas literally are created by reworking something already in the market.

The founder of NDITC New Deal Ink and Toner Company is a Fortune 100 Specialist and over the last five or six years he has modified or adjusted the entire inkjet and toner printer cartridge market.

It was clear that billions of profitable dollars were being made by simply selling the inkjet printer cartridges and the laser toner printer cartridges.  Our founders knew exactly what to alter and rework to create the first ever nationwide, privately owned, independently operated profitable chain store operation.

It also seems that NDITC may be one of the key factors in the return of prosperity to thousands of individual business owners in America and also Canada.

A very closely held NDITC NAND research and development project was financed and a careful study of the present-day inventive and industrial activity of such multi-international companies like HP Hewlett Packard, Canon, Epson, Lexmark, Dell, Brother and dozens of others revealed no revolutionary or ideal distribution channels for the manufactured printers and those little money making inkjet and toner printer cartridges known as consumables.

Also revealed were the struggling retail giants like Best Buy, Staples, Office Max, Sears, Office Depot, and even Wal-Mart had no revolutionary development on the horizon to create sales and operating profits concerning inkjet and toner printer cartridges.

No single invention appears likely to bring an end to this depression.  Instead the next few years will see the return of economic prosperity through the appearance and the implementation of thousands of new business models, plans, systems that create profits that contribute to the total volume of business.

NDITC New Deal Ink and Toner Company U.S.A. has completed the comprehensive surveys and market testing that shows beyond any doubt that their NAND North American Neighborhood Dealerships covering thousands of American zip codes, all parts of the country, is a sure money maker.

Several serious attempts have been made by other companies at creating a loose coalition or inkjet printer cartridge refilling businesses but they are overwhelmingly struggling in this new global business environment.

The truth of the matter revealed through data research shows the mom-and-pop inkjet refilling and toner recharging business model neglected several key factors during their planning. 

1.   A simple inkjet refill does not improve the product experience to the consumer and only offers a very small economic incentive to the customer due to high operating costs of the refiller and small net margins.

2.   Often times refilled inkjet cartridges fail the printer test and the first time customer never becomes a returning customer. First time customers never become that returning customer and word of mouth advertising advocate that creates growth and revenue generation.  Simply forcing new ink inside a used and maybe defective cartridge is not now and will not be the magic to create gross sales and net profits for the small inkjet and toner printer cartridge refilling business.

3.   The giant industry is fighting back and intends to crush or exterminate every small mom-and-pop inkjet refilling company around the world. The giant corporations made up HP Hewlett Packard, Canon, Epson, Lexmark, Dell, Brother and their retail supply chain partners Best Buy, Staples, Office Max, Sears, Office Depot, Wal-Mart, Radio Shack, BJ’s Wholesale Club, K-Mart and dozens of others were not going to sit idly by and watch their profitable business disappear from their balance sheets. Many of the national big box retailers generate 25% of their revenue by selling inkjet and toner printer cartridges and every cartridge refilled outside of their network depletes their marketing, drains their advertising budgets and diminishes their gross revenues and thus lessens their net operating profits.

4.   The World Wide Web had radically changed retail markets around the world and spectacularly sparked a wave of inkjet and toner printer cartridge refillers around the world. The ability to connect with consumers and buyers around the world is now affordable and significantly puts pressure on the big box brand names and their operations.

5.   The cost of a low output and unreliable inkjet refilling machine would be anywhere from $1,500 to $5,000 that required cartridge parts, bulk ink and almost constant maintenance and updating to keep up with the giant O.E.M.’s and their retail partners. The low line desk top type inkjet refilling machines offer little hope to their owners as they are not truly adaptable and cannot accommodate the ever changing O.E.M. Original Equipment Manufacturers cartridges.  These rigid little inkjet refilling machines are mostly imported and then assembled inside the United States for marketing and sales to the baffled and mystified small business owners. The machine makers and their half truths cause misfortune to most refill machine owners.

6.   A medium grade inkjet refilling machine cost ranges from $10,000 to $20,000 each and has the same problems as lower line refilling machines. As the machines become more expensive they tend to allow better adaptability for the refilling operations.  Even with the elevated retail price of the machine they still tend to fail the continuously changing inkjet and toner printer cartridge marketplace.

7.   A typical retail ready inkjet refilling machine can cost $40,000 and they require constant maintenance, continuous computer upgrades and there is no local service provider networks. The top line inkjet and toner refilling and recharging equipment intermittently fail the refilling process and require constant and regular maintenance and services.  The continual computer program upgrades required forces the machine owner to constantly pay for upgrades and repairs.

8.   High retail space leasing or rental costs for a main street retail location is recurring monthly and much too high of a price to allow profitability and insurance, employee training and turnover and low quality output plaques the small inkjet and toner refilling recharging business. The continual expenses of leases and rents, property and content insurance, workman’s comprehensive insurance premiums, associate training and turnover, energy expenses, machines, cartridge supplies and parts, test printers, displays and store signs, outside media radio advertising, direct mail advertising and other expensive components such as franchise fees, management fees, advertising fees create negative cash flow very quickly, within months of the grand opening.

9.   Low volume sales continue to plaque the mom-and-pop inkjet laser toner printer cartridge after-market and do not create enough revenue to support the cost structure of the business.  A small business spending thousands of dollars per month to maintain their retail location and systems might only have 4 to 7 inkjet cartridges to refill per operating day. Promoters of franchise units and advocates of inkjet refilling machines and toner recharging machines continue to sell the dream of creating wealth by simply refilling inkjet cartridges.

10.               The real hard facts today is that most inkjet and toner printer cartridge consumers still spend their money at the big box retail stores.  The retailers have fundamentally locked up the inkjet and toner printer cartridge market and are spending millions of dollars each week to and in actual fact lock out the small mom-and-pop inkjet and toner refilling operator. Broadly the O.E.M. giants and their big box giant retailers are winning today but their long term viability is not as healthy-looking watching their reported financial performances.  Many cracks in their supply chain are splintering bib box retailer customers and profits between more and more operators. Even a small town mom-and-pop inkjet refilling operation finishing a couple of dozen cartridges per week causes another hairline fracture in the big box giant retailer plans always lowering their gross profits and net income.

11.               Franchise operators must continue to pay $100,000 to $250,000 franchise fees to start their own inkjet refilling business.  The initial franchise fee is only the beginning as Advertising fees, Maintenance fees, Management fees, Gross Sales Royalty fees and other expenses cause great harm to the small business owner. The franchise dream of paying another company hard earned money, month after month, year after year that permits you or charters your franchise business is a poor deal for the small business owner.  The franchise has no consumer or marketplace authorization to do or say anything, it’s simply their plan that may or may not work.

12.               The small business owner is forced into longer and longer operating hours and at the end of the day is mostly losing money month after month after spending their life savings and borrowing thousands of dollars, mortgaging their homes and other risky financial dealings to try their best to stay in business. The inkjet and toner printer cartridge business can be a real life money maker but it takes a New Deal Ink and Toner Company to create the new formulated business model. 

13.               Major retailers are playing to win and they’ve created what many experts consider a scheme at best or a swindle at worst that they call recycling rewards for customers for bringing their used and empty cartridges to their stores for ultimate destruction. The conspiracy plot is very simple and also very legal, even though unethical.  After the consumer pays the highest retail price the same consumer returns the empty and now used inkjet or toner cartridge.  The big box major retailer gives the consumer, in exchange for the used cartridge, a store credit type reward that has little true purchasing value.  The used cartridge is destroyed and never to be seen again. The consumer is forced to buy another high retail priced cartridge and the cycle begins again.

14.               Major O.E.M. Original Equipment Manufacturing Companies are taking direct and nasty international legal actions against compatible cartridge makers around the world for exclusive right patent infringements and their winning in court.

The NDITC-NAND research and development data clearly shows that the manufacturers are defending their market-share around the world and their giant retail partners are more than willing to help wipe out and devastate the mom-and-pop inkjet and toner printer cartridge refilling market.  At this point in time the O.E.M.’s have caused considerable damage and surely plan to wreck the entire refill industry.

With a true pioneering spirit the Founder of NDITC has created or devised a business model and system that defeats and overcomes every obstacle that has been discovered within the market today.

With practical actions the New Deal Ink and Toner Company (NDITC) (NAND), Mechanicsburg Pennsylvania U.S.A. has already triumphed over these worldwide competitors and success is at hand. 

There is a new era of prosperity within the inkjet and toner printer cartridge market and it was created by our Fortune 100 Specialist Founder and is winning larger portions of the market every day.

Your prosperity depends upon the circulation of money to your business which depends totally on the consumer’s satisfaction and confidence in the quality performance of the inkjet and toner printer cartridges.

Holding down costs and eliminating overhead expenses, employee/associate costs, removing machine and technology requirements combined and blended with Fortune 100 Expert Small Business Planning merge within the NDITC NAND systems and designs.

The largest get together in America starts with New Deal

NDITC New Deal Ink and Toner Company U.S.A. has created the NAND North American Neighborhood Dealership program which allows honest men and women to enter the inkjet and printer cartridge re-manufacturing market with practically no cash or credit investments effectively creating gross profits in effect on day one.

NDITC clients and NAND dealerships are never compelled to buy any machines or pay unreasonable fees as the NDITC-NAND systems and designs are so attractive and valuable the expansion of the NDITC-NAND program has now extended across almost every state in America and reaches into Canada. In fact, the small business inkjet and toner printer cartridge systems are now being held away from the European markets after hundreds of requests for NDITC services because our concentration is to build individual American wealth and prosperity all across our land using the free enterprise capitalistic system.

As the NDITC-NAND network expands the circulation of money to our dealerships, creating profits, efforts and actions are being increased by intensifying national advertising to drive cash business into the dealerships. NDITC-NAND continues to offer a broad range of products and services that allow our NAND independent dealerships to increase their gross and net profits.

By creating a flood of new products within the inkjet and toner printer cartridge market, office supply market, office and organizational services the NDITC-NAND network is efficiently expanding rapidly creating benefits to the NAND network and their customer/consumer base.

Every NDITC-NAND North American Neighborhood Dealership is sovereign and privately owned and operated within very specific zip code marketing areas.  The NAND dealership is self-governing, self-determining and also self-regulating which creates a world of profit opportunities for the small business owner.

NDITC New Deal Ink and Toner Company has found a ready market within the small business community for our business plans and designs because you can operate as an Home Based Business or a Commercial Main Street Business without all the expenses, infrastructure costs, personnel costs and you never need a lawyer or any equipment other than a personal computer.

Liberated Individuals create a Free Market Success Story- Without Machines or Store Front Rents.

NDITC has supported financially the development of the American Re-Manufacturing Factory base to help construct an American Re-Manufacturing Factory Network of inkjet and toner printer cartridge facilities that can bring back to full industrial life any used inkjet and toner printer cartridge. Our NDITC-NAND plan is really the literal opposite plan of the O.E.M. group and their big box retail partners.  We parallel the O.E.M. group and their supply chain retail partners in the market except we rescue and recover the high quality used inkjet cartridges and have them re-manufactured and returned to new condition for a fraction of the O.E.M. retail prices.

The O.E.M. and big box retail partners collect and destroy the used cartridge that can be used again and again using proper and accurate re-manufacturing techniques and systems.  This gold mine is very real in America and hundreds of people contact NDITC every month requesting free registration and further information.

The O.E.M.’s and their giant Retail Partners are spending millions of dollars collecting and destroying the used and empty inkjet and toner printer cartridges.  The NDITC-NAND networks have developed our own systems and process to gather the top rated high quality printer cartridges from around the world.

With enhanced technology and advanced equipment the American Re-Manufacturing Factory Network can now re-produce the exact O.E.M. quality inkjet or toner printer cartridge for a fraction of the original manufacturing price and it’s all completed with American workers inside American factories.

We also have the Supreme Court of the United States of America on the side of NDITC-NAND that has already ruled that once any consumer buys an inkjet or toner printer cartridge it becomes (private property) and the consumer can do anything they want with their property.  This creates far reaching money making honest business opportunity for NDITC-NAND clients and dealerships across North America.

New and improved technology and manufacturing equipment with solid definite improvements in process quality and finished product quality with supply chain enhancements puts the American Re-Manufacturing Factory in first place in a readymade money making marketplace.  

The overall market (consumers) now operate an estimated 225 million printers inside America and the NDITC-NAND manufacturers and marketing plans have stimulated a tremendous demand from the buying public.

The NDITC-NAND New Deal Ink and Toner Company and our North American Neighborhood Dealership programs completed our New Products Conference recently attracting suppliers and American                    Re-Manufacturing Factory Network Providers from around the country.  Representatives from around America have connected electronically and have united together to grow and prosper the inkjet and toner printer cartridge market.

The NDITC-NAND Fortune 100 Management Team has the small business (Home Based or Commercial) solutions and they were reviewed and discussed by experts with invited manufacturers, supply chain partners, technology experts, transportation providers, marketing specialists and skilled sales people from around the United States of America.  The overall response was overwhelming as it clearly celebrated that NDITC New Deal Ink and Toner Company is the leading consulting and management company in the U.S. concerning inkjet and toner printer cartridges.

Inkjet and Toner Printer Cartridge Manufacturing Companies outside of the O.E.M. Original Equipment Manufacturing companies and without any assistance of giant retailers NDITC has moved past the novelty idea to a high value money making small business plans systems and designs.

If you would like more information please feel free to contact http://www.newdealink.com and discover the company that specializes in your small business fortunes, improvements and innovations all across America. Register your home zip code today for free and we’ll send your username and password so you can review our many inkjet and toner printer cartridge money making programs.

WARNING Copyrighted Text Intellectual Property Rights Held NDITC-NAND New Deal Ink and Toner Company, Mechanicsburg Pennsylvania U.S.A 17055 All Rights Reserved International Copyrights Applied. This text cannot be re-distributed without prior written approval of NDITC Operating Management.  Email NewDealInk@Live.Com Web Location www.NewDealInk.Com 2011

The New Deal Ink and Toner Company clients and North American Neighborhood Dealerships enjoy the constant improvements and innovations that our group creates and distributes to the network.

When interviewed recently, the founder of New Deal Ink and Toner Company and creator of the North American Neighborhood Dealership network were asked about the great success within the inkjet and toner printer cartridge business, without machines, without lawyers and without expensive store fronts or franchising fees.

“Our company NDITC has created more innovations, changes, and improvements in the inkjet and toner printer cartridge business in the last couple of years than the whole O.E.M. industry in the last decade.”

“Our company NDITC can source a brand new factory direct inkjet printer cartridge for one dollar.” “This same cartridge sells for $25.00 at Staples, Office Max and Office Depot.” “Our purpose in life is to create a national chain store operation, self-supporting and privately owned to create value for the inkjet and toner cartridge buyer and wealth for the NDITC NAND dealership owner.”

“We’re (NDITC) are reporting record numbers for further information from around the United States which clearly indicates that our North American Neighborhood Dealerships are working and creating profits for their owners. This keen interest has been growing for a couple of years now in connection with our new and improved inkjet and toner printer cartridge small business plans, systems, designs, workbooks, guides and directories.”

“Our New Deal Ink and Toner Company Plan 1302 is offered free to registered people around the country.  It’s always been free of any charges and it gives people with no experience a chance to explore with their own real-life, micro inkjet and toner printer cartridge business, without any fees or charges. The NDITC Plan 1302 is a rehearsal plan so our newest clients can investigate the money making opportunity without any money and you don’t even need a credit card.

“Everybody wants to find out the secrets about our useful products and processes and you should know that they’re reserved for registered clients under our contract terms.”

“Free registration shows no signs of slackening despite this recession we’re in today. We’re helping people get back to work, own their own business and creating their own success stories. We promised to give away 43,000 free plans 1302 to help people get back on their feet. We’re zip code driven so we hold home based zip codes for 15 days for free while people decide if the business is right for them and their families.”

“Business stagnation is killing off the small town inkjet and toner refilling businesses but most striking on our side of the business we’re booming.”

“Thousands of honest men and  women, operating their own small inkjet and toner printer cartridge business, under their own business name, keeping the profits, unnoticed by the big boys, providing useful products and services is lifting our NDITC NAND dealerships toward prosperity every day.”

New Deal Ink and Toner Company (NDITC) has been the fastest growing Inkjet and Toner Printer Cartridge business in North America (America + Canada) for several years. You now have the opportunity to start your very own inkjet and toner printer cartridge small business without refilling machines, no franchise costs and you never need a lot of money or a lawyer.

New Deal Ink and Toner Company (NDITC) has been the fastest growing Inkjet and Toner Printer Cartridge business in North America (America + Canada) for several years. You now have the opportunity to start your very own inkjet and toner printer cartridge small business without refilling machines, no franchise costs and you never need a lot of money or a lawyer.

 

 

Many names are up in the air for this new distribution and fulfillment business model and some of them reveal “Speed Ink” “Speed Toner” and a host of others. Shortly after making a small announcement NDTIC New Deal Ink and Toner Company, NAND North American Neighborhood Dealerships and the NSRA Non-Store Retailers Association has been grabbing up some headlines in trade magazines and internet buzz.

From San Francisco to Detroit and even Battle Creek business owners are writing and asking questions. The company NDITC the founder of “Orbital” “Orbital Ink” “Orbital Toner” expects the construction of a nation-wide inkjet and toner printer copier and fax cartridge operation to take about two years as final checks of the operating systems are taking place now. NDITC plans to reach out first to their standing independently owned dealership network to start the marketing and sales of this remarkable idea. NDITC NAND NSRA has created remarkable business opportunities for hundreds of small business owners within the inkjet and toner cartridge business.

We’re confident that engineers both technical and physical will offer various improvements within the Orbital Distribution Fulfillment business model but how it works has been made clear and any new ideas will just make it better. NDITC does not offer a fully transparent window into their Orbital idea because it could be worth billions of real dollars and will surely be challenged by O.E.M.’s and their supply chain partners.

The owner of NDITC “Gregory Bodenhamer” plans on sweeping up the market after the O.E.M.’s and their foreign manufacturing has destroyed the U.S. manufacturing base using slave-type cheap foreign labor, avoiding environment laws, using child labor, avoiding minimum wages and maximum hours regulations. One of the founding principles of all his business adventures has been people first and profits second and that always includes associates and customers.

Commercial delivery facilities are jammed and are simply too expensive for many small business owners and Orbital will avoid these expenses. The NDITC Orbital system can gather customer information and ordering information just like most internet e-commerce store operations but the system eliminates the time-consuming and profit killing distribution and fulfillment expenses. All the time-consuming distribution, fulfillment and transportation work and expenses are removed and Orbital would never need to buy delivery vans, tractors or trailers and never lease or build giant distribution centers filled full with costly employees.

The NDITC Orbital plan had several objects;

The system had to be practicable.

The system must be able to expand quickly.

The system had to be affordable.

The system had to increase the speed of cartridge deliveries.

The system had to be profitable.

The system had to preserve the quality of the product.

The system had to delight the customer.

All these obvious advantages would create the one-of-a-kind successful business plan “Orbital” that could rock the global markets and provide greater satisfaction to the end user cartridge consumer.

 

 

 

NORTH AMERICAN

NEIGHBORHOOD

DEALERSHIPS

Ask for your Free Dealership Application                                                     New Deal Ink and Toner Company Mechanicsburg Pennsylvania U.S.A.

http://www.newdealink.com/

Email NewDealInk@Live.Com

Send us an email today and request your Free Dealership Information.            Make sure you include your U.S. Mailing Address

We’re very pleased that our exclusive NDITC small business plans are utilized within the marketplace and create profits and prosperity for our clients.  NDITC clients have opened more retail stores, outlets and direct selling operations than Starbucks, McDonalds and Wal-Mart combined within North America.

In conjunction with the world power of the internet NDITC has expanded across North America by helping people, people just like you, start their own inkjet and toner printer cartridge business.

Inkjet and Toner Printer Cartridges remain a fantastic small business opportunity that creates friends and cash profits at the same time.  The NDITC plans and programs are recognized as the proven system that is fully replacing the inkjet refill or toner refilling machines and franchise offers.

You have the opportunity to own your own home based or commercial inkjet and toner printer cartridge small business.

People ask us “How we became so Successful?” within the inkjet and toner printer cartridge business segment.

NO EXPERIENCE REQUIRED

NDITC New Deal Ink & Toner Company is the best way to start your very own inkjet and toner printer cartridge business.  Start your own inkjet refill business, without refilling machines.  Open your own inkjet and toner printer cartridge business without franchise costs or royalty fees.  NDITC will help you start your own inkjet and toner printer cartridge refill refilling business in a matter of days, so start making money from your own inkjet and toner printer cartridge business. You don’t need a refilling machine you need a New Deal Ink Toner Plan. http://www.newdealink.com/

You don’t have to have any experience beyond common sense and you never need any refill machines or other expensive equipment and supplies. Our Learning, Performance and Development Teaching programs teach you everything you need to know to start your own inkjet and toner printer cartridge business.  For the very first time in the marketplace the NDITC Company lets you learn the insider secrets of this multi-billion dollar business from the comfort of your own home or office.

The Forbidden Book Series is the most powerful knowledge based books concerning the inkjet refilling and toner refilling global business markets. The Forbidden Ink Book is now available on making this best seller easily available around the world. This powerful small business planning book is forbidden reading and has been banned because of the hard hitting facts and industry secrets revealed.

Order Your Free Introduction Right Now

You're not going to buy the Forbidden Ink Book on Ebay today but we've been authorized to publish, market and sell it direct. This powerful business book paints the perfect picture and your best method in opening up your very own ink and toner printer copier and fax cartridge business, without lawyers or machines.

This Forbidden Ink Book gives you the insider information you need to become a millionaire in the next year or so. You can purchase factory direct brand name inkjet printer copier fax cartridges for less than $0.50 cents that sell for $25.00 each at big box retail stores today. Learn how to operate your own mail order e-commerce business and start earning cash money in a matter of days. You can learn from experts about the money making mail order business that now reaches around the world by a simple click of a computer button. Your new ink and toner printer cartridge business can start earning cash money in days and you never have to buy any type of ink refill refilling machines. You do not have to purchase or maintain any type of inventory or worry about the high cost of inventory insurance. Your never going to pay rent but the Forbidden Ink Book will show you how to open as many ink and toner cartridge stores that you want, anywhere in the world. New York Times, U.S.A. Today, Wall Street Journal and many others understand that home based small business owners will become the winners inside the new global marketplace. No brick, no mortar, no employees, no cash register, no insurance, no rents, no leases, now lawyers, everything made easy and profitable. Drop Shipping is the way to wealth and you can get started right now. The forbidden ink book allows you direct contact information with the leading inkjet and laser toner printer copier and fax cartridge makers around the world. The inkjet and toner printer cartridge factory is waiting on you and they're offering direct factory wholesale prices. You'll be able to purchase factory wholesale direct from the real life real size ink and toner cartridge factories. You pay only pennies on the dollar and create your own money making machine that requires little cash and its almost effortless taking two to three hours a week. You pay no hidden fees, no franchise fees, no marketing or management fees and you keep all the profits. x . The forbidden ink book shows you how to operate your global ink and toner cartridge business by using the global reach and power of Google and their free blog services. NDITC New Deal Ink and Toner Company The Forbidden Ink Book http://www.newdealink.com http://www.newdealink.vpweb.com http://www.newdealink.info http://www.milliondollardreambook.vpweb.com

Million Dollar Dream Book Company has been authorized to publish and distribute the newest in the NDITC Forbidden Book Series. The Forbidden Ink Book is your inside knowledge base in relationship to the global multi-billion dollar inkjet and laser toner printer cartridge markets. If you would like to review the FREE Introduction to The Forbidden Ink Book simply complete the form and we'll email you the PDF Book The Forbidden Ink Book Introduction, without any obligations to buy anything in the future

 

NDITC Explains Home Based business opportunities Gregory Bodenhamer Mechanicsburg Pa Cooperation is the KEY TO MAKING MONEY Learn More Learn How NDITC Freedom requires individuals to be free to use their own resources in their own way, and modern society requires cooperation among a large number of people. The question is, how can you have cooperation without coercion? If you have a central direction you inevitably have coercion. The only way that has ever been discovered to have a lot of people cooperate together voluntarily is through the free market. And that's why it's so essential to preserving individual freedom.

INTERVIEWER: Why are free markets and freedom inseparable?

MILTON FRIEDMAN: Freedom requires individuals to be free to use their own resources in their own way, and modern society requires cooperation among a large number of people. The question is, how can you have cooperation without coercion? If you have a central direction you inevitably have coercion. The only way that has ever been discovered to have a lot of people cooperate together voluntarily is through the free market. And that's why it's so essential to preserving individual freedom.

 

 

 

 

 

 

 

INTERVIEWER: Marxists say that property is theft. Why, in your view, is private property so central to freedom?

MILTON FRIEDMAN: Because the only way in which you can be free to bring your knowledge to bear in your particular way is by controlling your property. If you don't control your property, if somebody else controls it, they're going to decide what to do with it, and you have no possibility of exercising influence on it.

The interesting thing is that there's a lot of knowledge in this society, but, as Friedrich Hayek emphasized so strongly, that knowledge is divided. I have some knowledge; you have some knowledge; he has some knowledge. How do we bring these scattered bits of knowledge back together? And how do we make it in the self-interest of individuals to use that knowledge efficiently?

The key to that is private property, because if it belongs to me, you know, there's an obvious fact. Nobody spends somebody else's money as carefully as he spends his own. Nobody uses somebody else's resources as carefully as he uses his own.

So if you want efficiency and effectiveness, if you want knowledge to be properly utilized, you have to do it through the means of private property.

Free markets, black markets and the law.

INTERVIEWER: Tell me why you can see the black market as a positive thing?

MILTON FRIEDMAN: Well, the black market was a way of getting around government controls. It was a way of enabling the free market to work. It was a way of opening up, enabling people. You want to trade with me, and the law won't let you. But that trade will be mutually beneficial to both of us. The most important single central fact about a free market is that no exchange takes place unless both parties benefit. The big difference between government coercion and private markets is that government can use coercion to make an exchange in which A benefits and B loses. But in the market, if A and B come to a voluntary agreement, it's because both of them are better off. And that's what the black market does, is to get around these artificial government restrictions.

Now, obviously you'd like a world in which you obey the law. The fact that the black market involves breaking the law is something against it. It's an undesirable feature. But this only exists when there are bad laws. And nobody, nobody believes that obeying every law is an ultimate moral principle. There comes a point, if you look back at the history of law obedience -- think of conscientious objection during wars -- I think you will see that everybody agrees that there is a point at which there is a higher law than the legislative law.

On Friedrich Hayek

INTERVIEWER: Do you remember reading Hayek's Road to Serfdom? Did that have an impact on you?

MILTON FRIEDMAN: Yes, it certainly did have an impact. It was a very clear, definite statement of certain fundamental ideas. It was a passionate plea by a passionate man, and so it was very well written, and for those of us who were concerned about these kinds of issues, I think it had a tremendous impact.

In fact, I've often gone around and asked people what determined their views. I've asked people who were in favor of free markets and free enterprise, who formerly had been of a different view, what caused them to change their mind.

I'm talking particularly not about economists, not about professionals, but generally ordinary people, most of whom had been socialist or in favor of government control at one time and had come over to free markets. And two names have come up over and over again: Hayek on the one hand, The Road to Serfdom from Hayek, and Ayn Rand on the other, Atlas Shrugged and her other books.

INTERVIEWER: You were invited to Friederich Hayek's first Mont Pelerin meeting in 1947. Why?

MILTON FRIEDMAN: Well, I was invited primarily because of my brother-in-law, Aaron Director. He was an economist teaching [at] the University of Chicago, and when Hayek's Road to Serfdom was submitted to American publishers, one publisher after another rejected it. He was finally published by the University of Chicago Press, partly because of Aaron Director's intervention. He wasn't at Chicago at the time, he was in Washington, but he knew the director of the press, and he also was very close to Frank Knight, who was a professor at Chicago. And so Aaron had a considerable role in getting The Road to Serfdom published.

Also, he had studied at the London School of Economics and had met Hayek [there] before. One of the people whom Hayek was in touch with when he was exploring the possibilities of having the Mont Pelerin meeting was there. And so Aaron organized a group from the University of Chicago. There was myself, there was George Stigler, there was Frank Knight, and there was Aaron Director.

INTERVIEWER: What kind of people gathered at Mont Pelerin, and what was the point of the meeting?

MILTON FRIEDMAN: The point of the meeting was very clear. It was Hayek's belief, and the belief of other people who joined him there, that freedom was in serious danger. During the war, every country had relied heavily on government to organize the economy, to shift all production toward armaments and military purposes.

And you came out of the war with the widespread belief that the war had demonstrated that central planning would work. It reinforced the lesson that had earlier been driven home, supposedly, by Russia. The left in particular, or the intellectuals in general in Britain and the United States, in France, wherever, had interpreted Russia as a successful experiment in central planning. And so there were strong movements everywhere. In Britain a socialist [Clement Attlee] had won the election. In France there was indicative planning that was [in] development. And so everywhere, Hayek and others felt that freedom was very much imperiled, that the world was turning toward planning and that somehow we had to develop an intellectual current that would offset that movement. This was the theme of The Road to Serfdom.

Essentially, the Mont Pelerin Society was an attempt to offset The Road to Serfdom, to start a movement, a road to freedom as it were.

Now, who were the people who were there? There were economists, historians, mostly economists and historians, but a few journalists and businessmen, people who, despite the general intellectual current moving towards socialism, had retained the belief in free markets and in political and economic freedom. They were those people whom Hayek happened to know, or whom he had met, whom he had run into in the course of his travels.

INTERVIEWER: Now what was Hayek's role at these meetings and what was he like personally? This must have been the first time you met him.

MILTON FRIEDMAN: No, I had met him before that. I had met him in Chicago when he was in the United States lecturing on The Road to Serfdom. Hayek's role? Number one, he was responsible for the meeting. He organized it. He selected the people who were going to be there.

He helped to line up some of the money that was used to finance it, though a considerable part of that came from a Swiss source. That's why it was held in Switzerland.

So far as his role at the meetings was concerned, he gave a talk at the opening session which set out what he had in mind. Along with several other people, he set up the agenda and presided over some of the sessions, participated in the debates, and was a very effective participant from beginning to end.

INTERVIEWER: Some of those debates became very, very heated. I think [Ludwig] von Mises once stormed out.

MILTON FRIEDMAN: Oh, yes, he did. Yes, in the middle of a debate on the subject of distribution of income, in which you had people who you would hardly call socialist or egalitarian -- people like Lionel Robbins, like George Stigler, like Frank Knight, like myself -- Mises got up and said, "You're all a bunch of socialists," and walked right out of the room. (laughs) But Mises was a person of very strong views and rather intolerant about any differences of opinion.

INTERVIEWER: What was Hayek's personal style? What was he like personally?

MILTON FRIEDMAN Oh, personally Hayek was a lovely man, a pure intellectual. He was seriously interested in the truth and in understanding. He differed very much in this way from Mises. There was none of that same kind of manner. He accepted disagreement and wanted to argue, wanted to reason about it and discuss it. He was a very cultured and delightful companion on any occasion. ... I must say, he undoubtedly was the dominant figure in all of the Mont Pelerin meetings for many, many years.

On John Maynard Keynes

INTERVIEWER: What impact did John Maynard Keynes have on you?

MILTON FRIEDMAN: Well, I read his book, of course, The General Theory of Employment, Interest, and Money, as everybody else did. I may say I had earlier read a good deal of Keynes. In fact, in my opinion, one of the best books he wrote was published in 1924 I believe, A Tract on Monetary Reform, which I think is really, in the long run, fundamentally better than The General Theory, which came much later. And so I was exposed to Keynes as a graduate student, and his General Theory was in the air. Everybody was talking about it. It was part of the general atmosphere.

It was when I went back and looked at some memos that I had written while I was working at the Treasury that I discovered how much more Keynesian I was than I thought. (amused)

So what was his influence on me? It was, as on everybody else, to emphasize fiscal policy as opposed to monetary policy, and in particular to pay relatively little attention to the quantity of money as opposed to the interest rate.

INTERVIEWER: On a personal level, what contact did you have with him?

MILTON FRIEDMAN: With Keynes? The only contact I had with him was to submit an article to the Economic Journal which he was editor of, which he refused and rejected. I had no personal contact with him other than that.

INTERVIEWER: What did the rejection say?

MILTON FRIEDMAN: Well, it was an article which was critical of something that A.C. Pigou, a professor in London and at Cambridge, had written. And Keynes wrote back that he had shown my article to Pigou. Pigou did not agree with the criticism, and so he had decided to reject it. The article was subsequently published by the Quarterly Journal of Economics, and Pigou wrote a rejoinder to it.

INTERVIEWER: When did you begin to break with Keynes and why? What were the first doubts you had?

MILTON FRIEDMAN: Very shortly after the war, when I came to the University of Chicago and started working on money and its relation to the economic cycle. I cannot tell you exactly when, but very shortly thereafter, as I studied the facts, they seemed to me to contradict what Keynesian theory would call for.

INTERVIEWER: What was it that you studied that made you begin to feel that this didn't add up?

MILTON FRIEDMAN: Let me emphasize [that] I think Keynes was a great economist. I think his particular theory in The General Theory of Employment, Interest, and Money is a fascinating theory. It's a right kind of a theory. It's one which says a lot by using only a little. So it's a theory that has great potentiality.

And you know, in all of science, progress comes through people proposing hypotheses which are subject to test and rejected and replaced by better hypotheses. And Keynes's theory, in my opinion, was one of those very productive hypotheses -- a very ingenious one, a very intelligent one. It just turned out to be incompatible with the facts when it was put to the test. So I'm not criticizing Keynes. I am a great admirer of Keynes as an economist, much more than on the political level. On the political level, that's a different question, but as an economist, he was brilliant and one of the great economists.

Now, the crucial issue is, which is more important in determining the short-run course of the economy? What happens to investment on the one hand, or what happens to the quantity of money on the other hand? What happens to fiscal policy on the one hand, or what happens to monetary policy on the other hand?

And the facts that led me to believe that his hypothesis was not correct was that again and again it turned out that what happened to the quantity of money was far more important than what was happening to investments.

The essential difference between the Keynesian theory and the pre-Keynesian, or the monetarist theory, as it was developed, is whether what's important to understanding the short-run movements of the economy is the relation between the flow of investments -- the amount of money being spent on new investments, on the one hand, or the flow of money, the quantity of money in the economy and what's happening to it.

By the quantity of money I just mean the cash that people count, carry around in their pockets and the deposits that they have in banks on which they can write checks. That's the quantity of money. And the quantity of money is controlled by monetary policy.

On the investment side, the flow of investment is controlled by private individuals, but is also affected by fiscal policy, by government taxing and government spending.

The essential Keynesian argument, the basic Keynesian argument, was that the way to affect what happened to the economy as a whole, not to a particular part of it, but to the level of income, of employment and so on, was through fiscal policy, through changing government taxes and spending.

The argument from the monetarists' side was that what was more important was what was happening to the quantity of money, monetary policy on that side. And so, as I examined the facts about these phenomena, it more and more became clear that what was important was the flow of money as compared to the flow of government spending, and when fiscal policy and monetary policy went in the same direction, you couldn't tell which was more important. But if you looked at those periods when fiscal policy went in one direction and monetary policy went in another direction, invariably it was what happened to monetary policy that determined matters.

The public event that changed the opinion of the profession and of people at large was the stagflation of the 1970s, because under the Keynesian view, that was a period in which you had a very expansive fiscal policy, in which you should have had a great expansion in the economy. Instead you had two things at the same time, which under the Keynesian view would have been impossible: You had stagnation in the economy, a high level of unemployment. You had inflation with prices rising rapidly. We had predicted in advance that that would be what happened, and when it happened, it was very effective in leading people to believe that maybe there was something to what before had been regarded as utter nonsense.

INTERVIEWER: Was stagflation the end for Keynesianism?

MILTON FRIEDMAN: Stagflation was the end of naive Keynesianism. Now, obviously the term "Keynesian" can mean anything you want it to mean, and so you have new Keynesianism, but this particular feature was put to an end by the stagflation episode.

INTERVIEWER: Talking about Keynesian policies, John Kenneth Galbraith, when we talked to him a few days ago, said that World War II "affirmed Keynes and his policies." Do you agree?

MILTON FRIEDMAN: No, I don't agree at all. World War II affirmed what everybody knew for a long time. If you print enough money and spend it you can create an appearance of activity and prosperity. That's what it confirmed. It did not confirm his theories about how you preserve full employment over a long time.

The Great Depression

INTERVIEWER: You've written that what really caused the Depression was mistakes by the government. Looking back now, what in your view was the actual cause?

MILTON FRIEDMAN: Well, we have to distinguish between the recession of 1929, the early stages, and the conversion of that recession into a major catastrophe. The recession was an ordinary business cycle. We had repeated recessions over hundreds of years, but what converted [this one] into a major depression was bad monetary policy.

The Federal Reserve system had been established to prevent what actually happened. It was set up to avoid a situation in which you would have to close down banks, in which you would have a banking crisis. And yet, under the Federal Reserve system, you had the worst banking crisis in the history of the United States. There's no other example I can think of, of a government measure which produced so clearly the opposite of the results that were intended.

And what happened is that [the Federal Reserve] followed policies which led to a decline in the quantity of money by a third. For every $100 in paper money, in deposits, in cash, in currency, in existence in 1929, by the time you got to 1933 there was only about $65, $66 left. And that extraordinary collapse in the banking system, with about a third of the banks failing from beginning to end, with millions of people having their savings essentially washed out, that decline was utterly unnecessary.

At all times, the Federal Reserve had the power and the knowledge to have stopped that. And there were people at the time who were all the time urging them to do that. So it was, in my opinion, clearly a mistake of policy that led to the Great Depression.

INTERVIEWER: How did the Depression change your life and your career plans? You started out [with plans] to become an insurance actuary; instead you became an economist.

MILTON FRIEDMAN: Well, I don't think that's very hard to understand. It's 1932. Twenty-five percent of the American working force is unemployed. My major problem with the world is a problem of scarcity in the midst of plenty... of people starving while there are unused resources... people having skills which are not being used.

If you're a 19-year-old college senior, which is going to be more important to you: figuring out what the right prices ought to be for life insurance, or trying to understand how the world got into that kind of a mess?

Why are you not, and why have you never been a communist?

INTERVIEWER: A lot of people in the '30s were drawn to the left. So why are you not and why have you never been a communist?

MILTON FRIEDMAN: (laughs) No, I've not, never been a communist. Never even been a socialist -- [though] it may well be that I harbored socialist thoughts at the time when I was an undergraduate. But undoubtedly [the fact that I'm not a communist] is tied in with the accident that I went to the University of Chicago for graduate study, and at the department of economics at the University of Chicago, they were classical liberal economists.

Classical economics, which begins with Adam Smith, with his book The Wealth of Nations, published in 1776, the same year as the American Revolution and the American Declaration of Independence, emphasizes the individual as the ultimate objective of science. And the question of economic science is how to explain the way in which individuals interact with one another, to use their limited resources to satisfy their alternative ends.

The emphasis is on the fact that there are many objectives that people have. There are limited resources to satisfy them. What's the mechanism whereby you decide which ends are to be satisfied for which people in what way? And the emphasis in the classical liberal economists is on doing that through free markets.

Did you support Franklin Roosevelt's New Deal?

INTERVIEWER: Now, at the time of the Depression, did you personally support New Deal policies?

MILTON FRIEDMAN: You're now talking not about the Depression, but the post-Depression. At least the bottom of the Depression was in 1933.

You have to distinguish between two classes of New Deal policies. One class of New Deal policies was reform: wage and price control, the Blue Eagle, the national industrial recovery movement. I did not support those. The other part of the new deal policy was relief and recovery... providing relief for the unemployed, providing jobs for the unemployed, and motivating the economy to expand... an expansive monetary policy. Those parts of the New Deal I did support.

INTERVIEWER: But why did you support those?

MILTON FRIEDMAN: Because it was a very exceptional circumstance. We'd gotten into an extraordinarily difficult situation, unprecedented in the nation's history. You had millions of people out of work. Something had to be done; it was intolerable. And it was a case in which, unlike most cases, the short run deserved to dominate.

I want to emphasize that you're talking about a long time ago. I was very young and unsophisticated, inexperienced, and I can't swear to you that what I'm saying now is actually what I believed then. I don't have any record of what my specific attitude was toward the New Deal policies. I must confess that probably I was thinking at that time more about my own interests and position than I was about these broader issues. So I think this is somewhat retrospective thinking rather than thinking at the time.

On Richard Nixon

MILTON FRIEDMAN: Nixon was the most socialist of the presidents of the United States in the 20th century.

INTERVIEWER: I've heard Nixon accused of many things, but never [of being] a socialist before.

MILTON FRIEDMAN: Well, his ideas were not socialist -- quite the opposite -- but if you look at what happened during his administration, first of all, the number of pages in the Federal Register, which is full of regulations about business, doubled during his regime. During his regime the EPA, the Environmental Protection Agency, was established and the OSHA, the Occupational Safety and Health Administration, the OECA [the EPA's Office of Enforcement and Compliance Assurance] -- about a dozen, a half dozen alphabetic agencies were established, so that you had the biggest increase in government regulation and control of industry during the Nixon administration that you had in the whole postwar period.

INTERVIEWER: Tell us how Nixon decided to adopt wage and price controls.

MILTON FRIEDMAN: Nixon, as you know, had been in the price control organization during World War II and understood that price controls were a very bad idea, and so he was strongly opposed to price controls. Yet in 1971, August 15, 1971, he adopted wage and price controls. And the reason he did it, in my opinion, was because of something else that was happening, and that had to do with the exchange rate; that had to do with Breton Woods and the agreement to peg the price of gold.

The U.S. had agreed in 1944, at the Breton Woods Conference, on an international financial system under which other countries would link their currencies to the U.S. dollar, and the U.S. would link its currency to gold and keep the price of gold at $35 an ounce. And because of the policies that were followed by the Kennedy and Johnson administrations, it had become very difficult to do that. We had had inflationary policies, which led to a tendency for the gold to flow out, for the price of gold to go above $35 an ounce. And the situation had become very critical in 1971.

Nixon had to do something about that. If he had done nothing but close the gold window, if he had said the U.S. is going off the gold standard and done nothing else, every headline in every newspaper would have been: "That negative Nixon again! Just a negative act."

And so instead he dressed it up by making it part of a general economic policy, a recovery policy in which wage and price controls, which the Democrats had been urging all along, became a major element. And by putting together the combination of closing the gold window and at the same time having wage and price controls, he converted what would have been a negative from a political point of view to a political positive. And that was the political reason for which he did it.

INTERVIEWER: There is a photograph of you and George Schultz with Nixon in the Oval Office. What did you say to him on that occasion? What did you tell him?

MILTON FRIEDMAN: Well, I don't know what occasion that particular one was, but the one that's relevant to your question is the last time I saw Nixon in the Oval Office with George Schultz. What we usually discussed when Nixon wanted to talk was the state of the economy: what monetary policy was doing.

Nixon was a very, very smart person. In fact, he had one of the highest IQs of any public official I've met. The problem with Nixon was not intelligence and not prejudices. The problem with him was that he was willing to sacrifice principles too easily for political advantage.

But at any rate, as I was getting up to leave, President Nixon said to me, "Don't blame George for this silly business of wage and price controls," meaning George Schultz. And I believe I said to him, I think I said to him, "Oh, no, Mr. President. I don't blame George; I blame you! " (laughs)

And that, I think, was the last thing I said to him. Now, the interesting point of that story is that the Nixon tapes are now available, and I have been trying to get that part of the Nixon tapes, but I haven't been able to get them yet. I want to make sure I didn't make this up.

On Ronald Reagan

INTERVIEWER: Tell us briefly how Paul Volcker set out to squeeze inflation out of the economy.

MILTON FRIEDMAN: Well, by the time Paul Volcker came along -- this was in 1968-69 [Volcker was undersecratary in the Treasury Department from 1969-74, president of the New York Federal Reserve Bank from 1975-79, and appointed chairman of the Board of Governors of the Federal Reserve Board from 1979-87.] -- inflation had gotten very high and had gone up close to 20 percent. He was at a meeting of the International Monetary Fund in Yugoslavia in 1979 (q/c date), when the U.S. came under great criticism from the other people there for our inflationary policies. And he came back to the United States and had got the open-market committee to announce that they would change their policy and shift from controlling interest rates to controlling the quantity of money.

Now, this was mostly verbal rhetoric. What he really wanted to do was to have the interest rate go up very high to reflect the amount of inflation, but he could do it better by professing that he wasn't controlling it and that he was controlling the quantity of money, and the right policy at that time was to limit what was happening to the quantity of money, and that meant the interest rate shot way up. This is a complex story.

It isn't all one way, because in early 1980 (q/c date) President Carter introduced controls on installment spending, and that caused a very sharp collapse in the credit market and caused a very sharp downward spiral in the economy. In counter to that, the Federal Reserve increased the money supply very rapidly. In the five months before the 1980 election, the money supply went up more rapidly than in any other five-month period in the postwar era. Immediately after him, Reagan was elected, and the money supply started going down. So that was a very political reaction during that period.

INTERVIEWER: How important was President Reagan's support for Volcker's policies?

MILTON FRIEDMAN: Enormously important. There is no other president in the postwar period who would have stood by without trying to interfere, to intervene with the Federal Reserve.

The situation was this: The only way you could get the inflation down was by having monetary contraction. There was no way you could do that without having a temporary recession. The great error in the earlier period had been that whenever there was a little contraction, there was a tendency to expand the money supply rapidly in order to avoid unemployment. That stop-and-go policy was really what bedeviled the Fed during the '60s and '70s.

That was the situation in 1980, in '81 in particular. After Reagan came into office, the Fed did step on the money supply, did hold down its growth, and that did lead to a recession.

At that point every other president would have immediately come in and tried to get the Federal Reserve to expand. Reagan knew what was happening. He understood very well that the only way he could get inflation down was by accepting a temporary recession, and he supported Volcker and did not try to intervene.

Now, you know, there is a myth that Reagan was somehow simpleminded and didn't understand these things. That's a bunch of nonsense. He understood this issue very well. And I know -- I can speak with, I think, authority on this -- that he realized what he was doing, and he knew very well that he was risking his political standing in order to achieve a basic economic objective. And, as you know, his poll ratings went way down in 1982, and then, when the inflation seemed to be broken enough, the Fed reversed policy, started to expand the money supply, the economy recovered, and along with it, Reagan's poll ratings went back up.

INTERVIEWER: And the economy has been pretty solid ever since. [As of the year 2000.]

MILTON FRIEDMAN: Yes, absolutely. There is no doubt in my mind that that action of Reagan, plus his emphasis on lowering tax rates, plus his emphasis on deregulating... I mentioned that the regulations had doubled, the number of pages in the Federal Register had doubled, during the Nixon regime; they almost halved during the Reagan regime. So those actions of Reagan unleashed the basic constructive forces of the free market and from 1983 on, it's been almost entirely up.

INTERVIEWER: What Reagan was doing was almost exactly mirrored in Britain by what Mrs. Thatcher was doing at about the same time.

MILTON FRIEDMAN: Absolutely.

INTERVIEWER: Were the two influencing to each other, or was it just a case of ideas coming into their own?

MILTON FRIEDMAN: Both of them faced similar situations. And both of them, fortunately, had exposure to similar ideas. They reinforced one another. Each saw the success of the other. I think that the coincidence of Thatcher and Reagan having been in office at the same time was enormously important for the public acceptance, worldwide, of a different approach to economic and monetary policy.

On his role in Chile under Pinochet

INTERVIEWER: Tell us about some of the abuse you had to suffer and the degree to which you were seen as a figure out on the fringes.

MILTON FRIEDMAN: Well, I wouldn't call it abuse, really. (laughs) I enjoyed it. The only thing I would call abuse was in connection with the Chilean episode, when Allende was thrown out in Chile, and a new government came in that was headed by Pinochet.

At that time, for an accidental reason, the only economists in Chile who were not tainted with the connection to Allende were a group that had been trained at the University of Chicago, who got to be known as the Chicago Boys. And at one stage I went down to Chile and spent five days there with another group -- there were three or four of us from Chicago -- giving a series of lectures on the Chilean problem, particularly the problem of inflation and how they should proceed to do something about it.

The communists were determined to overthrow Pinochet. It was very important to them, because Allende's regime, they thought, was going to bring a communist state in through regular political channels, not by revolution. And here Pinochet overthrew that. They were determined to discredit Pinochet. As a result, they were going to discredit anybody who had anything to do with him, and in that connection, I was subject to abuse in the sense that there were large demonstrations against me at the Nobel ceremonies in Stockholm. I remember seeing the same faces in the crowd in a talk in Chicago and a talk in Santiago. And there was no doubt that there was a concerted effort to tar and feather me.

INTERVIEWER: It seems to us that Chile deserves a place in history because it's the first country to put Chicago theory into practice. Do you agree?

MILTON FRIEDMAN: No, no, no. Not at all. After all, Great Britain put Chicago theory in practice in the 19th century. (amused) The United States put the Chicago theory in practice in the 19th and 20th century. I don't believe that's right.

INTERVIEWER: You don't see Chile as a small turning point then?

MILTON FRIEDMAN: It may have been a turning point, but not because it was the first place to put the Chicago theory in practice. It was important on the political side, not so much on the economic side.

Here was the first case in which you had a movement toward communism which was replaced by a movement toward free markets. See, the really extraordinary thing about the Chilean case was that a military government followed the opposite of military policies.

The military is distinguished from the ordinary economy by the fact that it's a top-down organization. The general tells the colonel, the colonel tells the captain, and so on down, whereas a market is a bottom-up organization. The customer goes into the store and tells the retailer what he wants, the retailer sends it back up the line to the manufacturer, and so on. So the basic organizational principles in the military are almost the opposite of the basic organizational principles of a free market and a free society.

And the really remarkable thing about Chile is that the military adopted the free-market arrangements instead of the military arrangements.

INTERVIEWER: When you were down in Chile you spoke to some students in Santiago. Can you tell me about that speech in Santiago?

MILTON FRIEDMAN: Sure. While I was in Santiago, Chile, I gave a talk at the Catholic University of Chile. Now, I should explain that the University of Chicago had had an arrangement for years with the Catholic University of Chile whereby they send students to us and we send people down there to help them reorganize their economics department. And I gave a talk at the Catholic University of Chile under the title "The Fragility of Freedom."

The essence of the talk was that freedom was a very fragile thing and that what destroyed it more than anything else was central control; that in order to maintain freedom, you had to have free markets, and that free markets would work best if you had political freedom. So it was essentially an anti-totalitarian talk. (amused)

INTERVIEWER: So you envisaged, therefore, that the free markets ultimately would undermine Pinochet?

MILTON FRIEDMAN: Oh, absolutely. The emphasis of that talk was that free markets would undermine political centralization and political control.

And incidentally, I should say that I was not in Chile as a guest of the government. I was in Chile as the guest of a private organization.

INTERVIEWER: Do you think the Chile affair damaged your reputation, or more importantly, made it harder for you to get your ideas across?

MILTON FRIEDMAN: That's a very hard thing to say, because I think it had effects in both directions. It got a lot of publicity. It made a lot of people familiar with the views who would not otherwise have been. On the other hand, in terms of the political side of it, as you realize, most of the intellectual community, the intellectual elite, as it were, were on the side of Allende, not on the side of Pinochet. And so in a sense they regarded me as a traitor for having been willing to talk in Chile.

I must say, it's such a wonderful example of a double standard, because I had spent time in Yugoslavia, which was a communist country. I later gave a series of lectures in China. When I came back from communist China, I wrote a letter to the Stanford Daily newspaper in which I said: '"It's curious. I gave exactly the same lectures in China that I gave in Chile.

I have had many demonstrations against me for what I said in Chile. Nobody has made any objections to what I said in China. How come?"

INTERVIEWER: In the end, the Chilean [economy] did quite well, didn't it?

MILTON FRIEDMAN: Oh, very well. Extremely well. The Chilean economy did very well, but more important, in the end the central government, the military junta, was replaced by a democratic society. So the really important thing about the Chilean business is that free markets did work their way in bringing about a free society.

On Politics and the Federal Reserve Bank

FRIEDMAN: I've always thought the independence of the Federal Reserve was not very meaningful. If you look back at the record and ask would you know more, could you predict monetary policy better by knowing the name of the chairman [of the Federal Reserve Bank] or knowing the name of the president under whom he served, there is no doubt you'd do better knowing the name of the president, not the name of the chairman.

There can't be real independence; there shouldn't be real independence. After all, monetary policy is much too important a function to be put, in a democracy, in the hands of unelected representatives. So that I don't believe. I'm not in favor of independence -- on political grounds more than economic grounds.

Where we stand today

INTERVIEWER: From your apartment, you can almost see Silicon Valley. How do you think information technology, the Internet, the new economy, will affect the big issues of economics and politics that you've devoted your life to?

MILTON FRIEDMAN: The most important ways in which I think the Internet will affect the big issue is that it will make it more difficult for government to collect taxes, and I think that's a very important factor. Governments can most effectively collect taxes on things that can't move. That's why property taxes are invariably the first tax. People can move, so it's a little more difficult to collect taxes on them. States within the United States find it more difficult to collect taxes on people, but the United States as a whole can collect taxes on people more easily. Now the Internet, by enabling transactions to be made in cyberspace, not recorded, by enabling them to move so that somebody in Britain can order books from Amazon.com in the United States, somebody in the United States can do a deal India, I think the cyberspace is going to make it very much more difficult for government to collect taxes, and that will have a very important effect on reducing the role that governments can play.

INTERVIEWER: So we're sort of marching forward to a kind of... the ultimate "Hayekian" state, are we?

MILTON FRIEDMAN: I think we are in that respect. Now, of course it has its advantages and disadvantages. It makes it easier for criminals to conduct their affairs. But, you know, you have to distinguish between criminals and criminals. We have as many criminals as we have because we have as many laws to break as we have. You take the situation in the United States. We have two million people in prison, four million people who are under parole or under supervision. Why? Because of our mistaken attempt to control what people put in their bodies. Prohibition of so called drugs, of illegal drugs, is a major reason for all of those prisons. And those are victimless crimes, which should not be crimes.. Now the internet, by enabling transactions to be made in cyberspace, not recorded, by enabling them to move so that somebody in Britain can order books from Amazon.com in the United States, somebody in the United States can do a deal India,—I think the cyberspace is going to make it very much more difficult for Government to collect taxes. And that will have a very important effect on reducing the role that Governments can play.

INTERVIEWER: So we're sort of marching forward to a kind of, the ultimate "Hayekian" state are we?

MILTON FRIEDMAN: I think we are in that respect. Now, of course it has its advantages and disadvantages. It makes it easier for criminals to conduct their affairs, but, you know, you have to distinguish between criminals and criminals. We have as many criminals as we have because we have as many laws to break as we have. You take the situation in the United States. We have two million people in prison, four million people who are under parole or under supervision. Why? Because of our mistaken attempt to control what people put in their bodies. Prohibition of so-called drugs, of illegal drugs, is a major reason for all of those prisons. And those are victimless crimes, which should not be crimes.

INTERVIEWER: More than half a century after that first meeting in Mont Pelerin, who's won the argument, [and] who lost?

MILTON FRIEDMAN: There is no doubt who won the intellectual argument. There is no doubt that the received intellectual opinion of the world today is much less favorable towards central planning and controls than it was in 1947. What's much more dubious is who won the practical argument.

The world is more socialist today than it was in 1947. Government spending in almost every Western country is higher today than it was in 1947, as a fraction of income, not simply in dollars. Government regulation of business is larger. There has not been a great deal of nationalization, socialization in that sense, but government intervention in the economy has undoubtedly gone up.

The only countries where that is not true are the countries which were formerly part of the communist system. You can see that we won the argument in practice as well as on the intellectual level in Poland, in Czechoslovakia, in Hungary, in Russia, and throughout that part of the world. But in the West the practical argument is as yet undecided.

INTERVIEWER: Are you hopeful?

MILTON FRIEDMAN: Oh, yes, I'm very hopeful about it. Don't misunderstand me. At the moment we have not won the argument in practice, but I think in the long run ideas will dominate, and I think we will win the argument in practice as well as on the intellectual level.

INTERVIEWER: Central controls have been discredited, the governments seem to have retreated remarkably, but are we becoming increasingly regulated?

MILTON FRIEDMAN: You have to distinguish different areas. Some kinds of regulations have declined. Regulations of prices, particular regulations of industries as a whole have declined. Other kinds of regulations, particularly regulations on personal behavior, have gone up. It's social control which has been taking the place of narrow economic control.

INTERVIEWER: Do you feel some of those regulations are ultimately a threat to the free market?

MILTON FRIEDMAN: They're not a threat to the free market. They're a threat to human freedom.

INTERVIEWER: At the moment, governments everywhere are retreating from the marketplace, or seem to be. Do you think a pendulum could swing back the other way?

MILTON FRIEDMAN: The pendulum easily can swing back the other way. It can swing back the other way not because anybody wants to do it in a positive sense, but simply because as long as you have governments which control a great deal of power, there always [will be] pressure from special interests to intervene. And once you get something in government, it's very hard to get it out. So I think there is a real danger. I don't think we can regard the war as won by any manner of means. I think it still is true that it takes continued effort to keep a society free. What's the saying? "Eternal vigilance is the price of liberty."