Got Money?

No question of value
excerpt from conversation, Toronto, June 17, 1976

Money

Paper Currency is Cheating A.C. Bhaktivedanta Swami

So to stop this inflation, the government must stop this paper currency. Then the inflation... There will be no more inflation. But that they will not do. They want to cheat people. "In God I trust. Take this paper and you be satisfied that you have got thousand dollars." That's all. This cheating is going on. Why should you pay me paper? Give me real dollar, in gold. That they have none. They haven't got. more

Hari-sauri: How would you control inflation, how would you solve the inflation problem?

Prabhupada: Inflation problem, I suggested, make gold coins as medium of exchange.

Hari-sauri: That means that there'll be the same... it'll have the same value all over the world.

Prabhupada: No question of value. Money has to be paid by real money-gold, silver. No paper.

Hari-sauri: But whether it's gold or paper, isn't it all just representative of...

Prabhupada: No, medium of exchange.

Hari-sauri: Yes.

Prabhupada: If I have to pay you, if you don't accept paper, then I'll have to give you gold or silver, and international exchange is going on. Then there is no inflation, because you'll not accept paper, so what is the use of printing notes? They are printing notes without any gold reserve.

Hari-sauri: Nothing. It's just imaginary wealth.

Prabhupada: That's it. Bank will give you loan, they are eager to give you loan, and you haven't got to pay anything in gold and silver. One check, that's all. And with that check you can purchase lots of commodities and hoard it, and price will be increased. If I have to pay gold for [indistinct], then I have limited source. The price will not increase. This is the only way. Introduce gold only, gold and silver. In the British period in our childhood there was practically no notes. Silver. If I have to take payment from you, one thousand rupees, you will give me so much silver. For counting, counting, I have to see whether it is.... There were some imitation, counterfeit. So each coin you have to see, they were saying like that, that, "For thousand rupees I have to occupy so much space."

Hari-sauri: And weighed so much.

Prabhupada: Yes, and weight was so much. The time was not so bad. If you take some cash, thousand, two thousand rupees with you, you can safely walk on the street. Now if somebody knows that he has got thousand rupees cash with him, maybe he will be killed. The bank, they are so much afraid, they keep police in bank, police guard, always.