“Gresham’s Theory: Bad Money drives away good Money”

Protesters in New York City

Prabhupada, June 28, 1976, New Vrindaban: There is a, I think, Gresham’s theory: “Bad money drives away good money.” You know this? This is a economic theory. “Bad money drives away good money.” Because nowadays bad money, that paper money, is going on, that gold coins no more in existence. Formerly we have seen gold coins in our childhood. You have not seen any. We have seen.

Pusta Krsna: Only someone may have one just as a collection. You can’t get them.

Prabhupada: Formerly in the currency, when you go to take some exchange, it was the etiquette of the teller to ask you, “What you want, silver money, gold money or paper money?” It was their duty. If you say “I want gold money,” they will pay in gold money. Not only it is written in the paper, “I promise to pay,” but the promise was kept. If he wants, “Give me payment in gold,” they will pay.

And now, to keep gold, hoarding gold, is illegal. So you cannot ask. This is going on, legalized cheating. You have to accept this paper money. That’s all. Don’t ask for gold. And there is no honesty at all. I can take paper money for my convenience sake, but how you can force me to take paper money? That is not honesty. So dishonesty begins from the government. You cannot keep gold. If you have kept gold, there will be searching, and if it is found that you have gold, you’ll be punished. In India it is now being done. There is no freedom even at your home, in your private life. Formerly, any common man could keep gold according to his desire. There was no such thing. Sometimes he would hide it even within the ground, because there was no bank. At least in India this was the practice. If you have got some gold, you keep it somewhere confidential within the ground so that it may not be stolen. So everyone should have right to keep his money as he likes. Why government should interfere? Therefore you see the Bhagavatam, rajanya-dasyu-dharmah. The government men will be like rogues and thieves. By law they will take away. It is now going on in India. I think here it is also? You cannot keep gold. Why I cannot keep gold? If I have secured gold, I can keep it. I want gold. You write, “I promise to pay,” so there must be gold coins. I must have. So many difficulties will come in the kingdom of maya gradually. It is already come. The eight items… What are those items?

Pusta Krsna: In the Twelfth Canto?

Prabhupada: Duration of life, mercifulness…

Pusta Krsna: Prayenalpayusah sabhya kalav asmin yuge janah mandah sumanda-matayo… [SB 1.1.10].

Prabhupada: No, no, that is not.

Radhavallabha: Symptoms of the age of Kali?

Prabhupada: Yes.

Pusta Krsna: Duration of life is decreased. If one is twenty years old, he will be a grand old man.

Prabhupada: Hm. That is coming.

Pusta Krsna: Bodily strength decreases. Then smrti, intelligence…

Prabhupada: Yes.

Pusta Krsna: Memory is decreasing.

Prabhupada: Daya, dharma, religious principles—everything will be reduced. And the government men, instead of giving you protection, they will act like thieves and rogues. You cannot say anything. Very, very precarious condition, all freedom lost. In Russia, all freedom lost. They have no freedom. The professor giving that testimonial, and “Don’t publish it.” They are appreciating this book, but they cannot say “That is good book.” Just see what kind of freedom is there. A nice book, I appreciate; I cannot give in writing.

Pusta Krsna: The American government would say, “How can you say that there’s no freedom when the First Amendment of the United States Constitution says that there is freedom of religion? One can make any religion he likes and follow.”

Prabhupada: Now they can amend. By simply by writing by the government men, that’s all, it becomes a law. There is no question of its validity, but because it is spoken by government, therefore the… In other words, the government men should be so honest and so elevated that actually their words should be law. But this is democracy. Any nonsense can take vote and go to the government, and then whatever he will say, that will be law. Who cares that he’s a rascal? Somehow or other he has gotten vote and he’s in a position. Who is considering that? And in the Vedic age only the first-class brahmanas and sages, they would… Manu-samhita. That is law, not that any rascal goes into the legislative assembly and passes some law. Of course, whatever government says, that is law, but what is the position of the government now? And similarly everything. A yogi is actually worshipable. But what are these yogis, rascals? So these are asuric. And it is said… What is that?

Pusta Krsna: Dhana-mana-madanvitah.

Prabhupada: Dhana means money. So if you have got money, then everyone will respect you. Personally you may be less than a dog, but because you have got money, people will respect you. Is it not? (laughs) In England I was guest in John Lennon’s house. He has taken a photograph, naked. And he’s a big man. He gives opinion to the newspaper reporter. People go there to take his opinion about some serious subject, and he speaks, and the man is so shameless that he is standing naked, and he’s important man—because he has got money. Especially in the Western countries this is very prominent. If you have got money, then you have got everything. Therefore they are after money only, that “If some way or other, if I get money, then I get everything. I get respect, I get honor. I get everything. Bring money somehow or other.” This is the attempt. Therefore there is so much hard struggle. From early in the morning, four o’clock, they are going to the office to get money. To get more money, more money, that is the Western civilization. Now in India they have also learned. And our philosophy is “Don’t try to get money.” Tasyaiva hetoh prayeteta. “You should simply engage your life for advancing your Krsna consciousness.” So who will hear us? We say, “There is no need of working so hard for money.” Nayam deho deha-bhajam nrloke kastan kaman arhate vid-bhujam ye [Bhag. 5.5.1]. This kind of working hard is done by the hogs and dogs, so why a human being should work so hard simply to get the necessities of life? [break] …and dogs, they are getting necessities of life in that way. [break] This association, this meeting, this talking, is meant for the human body; it is not for the cats and dogs. This is human civilization. Naimisaranya meeting going on, all the big, big learned brahmanas, sages, they are talking how to do welfare activities to the human society. What is this civilization? Simply money, money, money, money, money. And as soon as you get money, then you begin all nonsense, illicit sex, meat-eating, drinking, gambling. What you will do with the money? You do not know how to spend it. Hm. Dhana-mana-madanvitah.