Hare Krsna
Please accept my humble obeisance. All glories to Srila Prabhupada
His Divine Grace A. C. Bhaktivedanta Swami Prabhupada
Do not accept paper currency. It must be gold or some metal worth. Just like one dollar, it must be worth one dollar metal. Then the economic problems are solved. But the government wants to cheat, so how can these problems be solved? Because if I pay you one dollar, I must pay you value for one dollar. But the cheating process is going on, "I pay you one dollar, a piece of paper. That's all." So you accept this cheating, and I also cheat. Government allows. So how can the problem be solved? It is cheating. But the government allows it as law. And you accept, I accept. (Morning Walk, 31 December 1973)
To stop inflation, the government must stop paper currency. Then there will be no more inflation. But they will not do that. They want to cheat people. "In God I trust. Take this paper and you be satisfied that you have got a thousand dollars." That's all! This cheating is going on. Why should you pay me paper? Give me a real dollar, in gold. That they haven't got. They will employ laborers and cheat them by paying these papers, and this rascal will think, "I am getting more money." Since the world has taken to this system of paper currency, the situation has degraded. (Morning Walk, 25 May 1974)
The basic principle is falsity because currency notes are issued in value beyond that of the actual reserved gold. This artificial inflation of currency by the authorities encourages prostitution of the state economy. The price of commodities becomes artificially inflated because of bad money, or artificial currency notes. Bad money drives away good money. Instead of paper currency, actual gold coins should be used for exchange, and this will stop prostitution of gold. (Purport to Bhag. 1.17.39)
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