Monkey, in theory, there is no voltage difference between an intact grounded conductor and ground. In the real world, there is the distinct possibility of voltage for various reasons.
Presuming an intact system with no unintentional resistances, for every drop of voltage measured on the hot wire at the load end of a supply circuit, there will be the same amount of voltage rise (relative to ground) on the load end of the grounded conductor.
In other words, for the total circuit voltage drop, half is seen over each wire. If the hot is dropping 2.5v, the neutral is also. With 120v at the source and 115v at the load, the hot would measure 117.5v to ground, and the grounded condictor would measyre 2.5v.
According to your friends theory, it would be perfectly safe to use the grounded conductor as a grounding conductor (and
vice versa), which is clearly not the case. Unintentional resistances or breaks increase the potential (sorry
) danger of his assumption.