Bad money drives away good money

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Srimad-Bhagavatam

SB Canto 1

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.
SB 1.17.39, Purport:

According to Śrīmad-Bhāgavatam, gold encourages falsity, intoxication, prostitution, envy and enmity. Even a gold-standard exchange and currency is bad. Gold-standard currency is based on falsehood because the currency is not on a par with the reserved gold. 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. Gold ornaments for women may be allowed by control, not by quality, but by quantity. This will discourage lust, envy and enmity. When there is actual gold currency in the form of coins, the influence of gold in producing falsity, prostitution, etc., will automatically cease. There will be no need of an anticorruption ministry for another term of prostitution and falsity of purpose.

Lectures

Srimad-Bhagavatam Lectures

The money which is not being realized, that is bad money. Now you have to push further good money to realize that bad money. So if you have no good money to push, then you cannot get even that bad money.
Lecture on SB 2.9.11 -- Tokyo, April 27, 1972:

A brāhmaṇa means having a piece of thread, that's all." Vipratve sūtra-dhāraṇam. And only two-paisa worth sūtra will... Just like in India: "Oh, I am brāhmaṇa because I have got this thread." That's all. Vipratve sūtra-dhāraṇam. Avṛttyā nyāya-rahitam(?): "If you have no money, then you cannot get justice." If you are poor man, then you will never get justice. You see? First of all, if you want to get some money... Somebody, he is not paying. You have to go to court. So first of all the pleader will charge, "Give me so much money." Then stamp charges, then percentage of stamp charges. Suppose you are claiming $5,000. Then you have to five percent... So so many thousand dollars you have to pay for stamp charges to claim, to push good money after bad money. The money which is not being realized, that is bad money. Now you have to push further good money to realize that bad money. So if you have no good money to push, then you cannot get even that bad money. And that also will be pending for years together. Unless you bribe the clerks and the bench clerk and others, "Please get my case swiftly in..." So he will ask money, bribe.

Gresham's theory: "Bad money drives away good money." As soon as there is bad money, this paper currency, the coin, gold coins and silver coins, they are finished, they are no more.
Lecture on SB 3.26.2 -- Bombay, December 14, 1974:

Now there is need of land for getting food grains. Now there is, they have gotten, what is called? Service, go to the office fifty miles away and you will get your food grains. Formerly this was not possible, therefore one must possess some land to produce food grains. Now, if you can get some money, you can purchase eight rupees kilo food grains. That is... But formerly even that was not possible. And formerly you must have land. Parjanyād anna sambhavaḥ, annād bhavanti bhūtāni (BG 3.14), you have to produce. People are not interested now producing food grains. They, somehow or other, if they can get that paper currency, they can purchase. Therefore everyone has got this printed paper. The value is increasing. Competition. I can pay two rupees kilo. The other says, "No, I can pay three rupees." What is this rupees? This paper. You, somehow or other you gather this paper, and there will be competition and the price will increase. This is the economy. Because they have got false money, therefore there is false increment of price. Bad money. Gresham's theory: "Bad money drives away good money." As soon as there is bad money, this paper currency, the coin, gold coins and silver coins, they are finished, they are no more.

Good money means which is in your hand. That is good money. And if you are simply speculating that "I shall get this money from that person. I shall get this money from...," that is bad money. So there is an English proverb, perhaps you know all, "To push good money after bad money."
Lecture on SB 6.2.1-5 -- Calcutta, January 6, 1971:

In Kali-yuga, if you have no money, then you will not be able to get justice. Anardhyena nyāya-rahitam. As soon as you go to the court, immediately you'll have to appoint a pleader and pay him at least seventy-five rupees and then stamp duty, this and that, so many things—then bribe. Then bribe. You give bribe to this man, you give bribe to that man. Suppose you actually want some money from somebody. He has taken money, he is not paying, or something else. So you have to push good money after bad money. So money which is due from others—he is not paying—that has become a bad money. Good money means which is in your hand. That is good money. And if you are simply speculating that "I shall get this money from that person. I shall get this money from...," that is bad money. So there is an English proverb, perhaps you know all, "To push good money after bad money." So therefore sometimes intelligent persons, they do not go to the court because he knows that money which is not being paid... Before entering into agreement you should be very clever so that your money may not be bad money which you are advancing. But if somehow or other it has become bad money, don't try to put good money. Let that bad money go to hell. So better nowadays not to go to the court as far as possible. But you should deal with people in such a way... Just like I was advising you, just find out a respectable transporter, because the time is very bad. Otherwise it will become a bad money. You go for cheap thing, that "He will carry my goods free," but he will throw it away. Somebody will take away. Then your whole profit is gone. You should be very careful. And if you have to go to court, then it is still more bad. You see?

Arrival Addresses and Talks

It is said, "Bad money drives away good money." If you put bad money, just like nowadays the currency is some paper, paper currency, so drives away good money. Good money means gold coins. They are not to be seen. That's economic law. As soon as you put bad money, the good money will vanish.
Arrival Lecture -- Gainesville, July 29, 1971:

For thousands of years Bhagavad-gītā was being read in foreign countries by big, big scholars, philosophers, but there was not a single devotee of Kṛṣṇa. But we have started this movement, not even five years old, we have got sixty branches, and there are thousands and thousands of devotees. Why? The secret is that we have not cheated people, we have not adulterated. If you put something for sale in the market which is very pure, automatically you'll get many customers. Automatic. Because the thing is pure. If you sell pure milk, just from the farm, there will be many hundreds of customers immediately, and if you sell adulterated, homogenized water mixed milk, the milk will be sold, but not very many customers ordinarily. So anything pure will attract. That is natural. Pure love, pure foodstuff, anything pure. Pure gold. In economics also. It is said, "Bad money drives away good money." If you put bad money, just like nowadays the currency is some paper, paper currency, so drives away good money. Good money means gold coins. They are not to be seen. That's economic law. As soon as you put bad money, the good money will vanish.

So try to present Kṛṣṇa as He is. People will be attracted, because everyone has got Kṛṣṇa's intimate relationship. We are all part and parcel of Kṛṣṇa. Kṛṣṇa says, mamaivāṁso jīva bhūta (BG 15.7), all living entities, not only human being, other than human being, everyone, all living entities. They have got different bodies only, according to their different desires and inclinations.

General Lectures

Suppose you have to claim from somebody, say, some few thousands of rupees, first of all you have to deposit the stamp fee, five percent, and the pleader's fee. So you have to push good money after bad money. So these are the symptoms.
Rotary Club Lecture -- Ahmedabad, December 8, 1972 'The Present Need of Human Society':

So man and woman should be united in marriage relationship simply on sex urge, not on the religious principle. That we have seen. And sūtram, vipratve sūtram eva hi. And if anyone, somehow or other, gathers a sacred thread—not sacred, even not sacred; thread—he becomes a vipra. Liṅgam eva āśrama-khyātāv anyonya āpatti-kāraṇam, avṛttyā nyāya-daurbhalyam. If you go to the court, court of justice, if you have no money, then you cannot get. Suppose you have to claim from somebody, say, some few thousands of rupees, first of all you have to deposit the stamp fee, five percent, and the pleader's fee. So you have to push good money after bad money. So these are the symptoms. There are many symptoms. In this way, the conclusion is... This is the description given by Śukadeva Gosvāmī to Mahārāja Parīkṣit. There are many other symptoms. Our time is short. The king, the government, that is also stated. Government will be simply taxing. And people, being harassed in famine and taxation, they'll give up their hearth and home, will go to the forest and hills. And gradually, time will come when the ages will be reduced so much that a person twenty to thirty years old will be considered as great, grand old man. These are the symptoms of Kali-yuga.

Conversations and Morning Walks

1976 Conversations and Morning Walks

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.
Garden Conversation -- June 28, 1976, New Vrindaban:

Prabhupāda: Dhana-māna. Because they have got money, whatever they think, that's all right. And their gurus also will say, "Yes, it is all right." If the guru says that "It is not all right," then nobody will come to him. He has to say "It is all right," because he's also after money and woman. That's all. He does not come here to teach something. This is going on. Therefore they come in so many numbers. They have now taken a good field. And in America you go, you say any nonsense, and they'll accept. And pay money for that. From the very beginning it is going on. Now, because it is going on like that, we are also counted amongst them. "It is folly to be wise where ignorance is bliss." This is the difficulty. They are also taking this movement, "Oh, these boys are chanting and dancing. This is also another sentiment, another edition of hippie movement." 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.

1977 Conversations and Morning Walks

"To push good money after bad money." The money which is lost, and...
Room Conversation -- January 7, 1977, Bombay:

Prabhupāda: Is that all right? Let us see how worthy sons they are. Everyone knows. They know. That Gauracandra Gosāi, Rādhā-Dāmodara, he knows. And I have got letters and everything... I... If I go to the court... And who is going to the court? I could have gone to the court, long, long ago. I never liked to go to the court. In my business life also, if somebody did not pay, I never go to the court. Bother... "To push good money after bad money." The money which is lost, and... And what about that money order?

When you receive money in the paper it has no value. Bad money. It is bad money. It is not good money.
Room Conversation -- January 21, 1977, Bhuvanesvara:

Prabhupāda: Anyone has got money... It is fact. And what is this nonsense, keeping some paper and thinking he has got money? How cheating it is going on, from government's side. And therefore artificial inflation. You can print, so the price is increased. Because you haven't got to pay him real money, you print and pay him, and he will ask, "Give me this money. Then I'll supply." "All right, take." You print and pay.

Rāmeśvara: It's definitely a means that the government has for controlling. Because they can withdraw money, pull it back out of circulation by increasing the interest the banks give, or they can get more money in...

Prabhupāda: Anything done artificially.

Rāmeśvara: They control the amount of interest on loans. It's all standardized from what they call the Federal Reserve system. This was introduced during the Depression by the bankers.

Prabhupāda: Whatever they do, when you receive money in the paper it has no value. Bad money. It is bad money. It is not good money.

Rāmeśvara: Actually most purchasing in America is done on credit now. Even a step beyond paper money is credit, no money, buying on no money, loans.

Prabhupāda: That is in India also.

Correspondence

1967 Correspondence

It is understood that Mr. Goldsmith says the hope of getting back the money is very slim. Under the circumstances there is no need of pushing good money for the bad. $6000.00 has already become bad money and therefore no more good money should be spent after this. Forget the chapter.
Letter to Brahmananda, Satsvarupa, Rayarama, Gargamuni, Rupanuga, Donald -- San Francisco 28 March, 1967:

I have received your letter of the 24th March 1967 and previous to this I received one copy of the letter addressed to M/s. Willium Alfred White Inc. I have replied Mr. Goldsmith's letter also giving him the whole history of the cheating business. It is understood that Mr. Goldsmith says the hope of getting back the money is very slim. Under the circumstances there is no need of pushing good money for the bad. $6000.00 has already become bad money and therefore no more good money should be spent after this. Forget the chapter. Take it for granted that Krishna has taken away this money from you for your deliberate foolishness. In future be very cautious and abide by the orders of Krishna. If you abide by the orders of Krishna, He can give you thing that you may need. Be cheerful and chant Hare Krishna without any lamentation. As I have told you several times that my Guru maharaj used to say that this world is not a fit place for gentleman.

1971 Correspondence

It is a bad policy to send good money after bad money as in the matter of paying some past debts. That is not good business proposal.
Letter to Karandhara -- Surat 1 January, 1971:

The most important thing is that the money donated by Sai should be kept as I have directed you for some concrete project, specifically the construction of a large center here in India. So you please keep it intact and wait further instructions what to do with the $28,000. Otherwise, it is a bad policy to send good money after bad money as in the matter of paying some past debts. That is not good business proposal. I am sure those debts will be liquidated in due course by other means as I have suggested to you before and you have also indicated that in some time hence the BTG debt will be cleared.

Compiled byVisnu Murti +
Completed sectionsALL +
Date of first entryMay 13, 0010 JL +
Date of last entryMay 13, 0010 JL +
Total quotes11 +
Total quotes by sectionBG: 0 +, SB: 1 +, CC: 0 +, OB: 0 +, Lec: 5 +, Conv: 3 + and Let: 2 +