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
SB Canto 1
The personality of Kali asked for something more, and because of his begging, the King gave him permission to live where there is gold because wherever there is gold there is also falsity, intoxication, lust, envy and enmity.
Although Mahārāja Parīkṣit gave Kali permission to live in four places, it was very difficult for him to find the places because during the reign of Mahārāja Parīkṣit there were no such places. Therefore Kali asked the King to give him something practical which could be utilized for his nefarious purposes. Mahārāja Parīkṣit thus gave him permission to live in a place where there is gold, because wherever there is gold there are all the above-mentioned four things, and over and above them there is enmity also. So the personality of Kali became gold-standardized. 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.
|Compiled by||MadhuGopaldas +|
|Completed sections||ALL +|
|Date of first entry||January 2, 0011 JL +|
|Date of last entry||February 21, 0012 JL +|
|Total quotes||1 +|
|Total quotes by section||BG: 0 +, SB: 1 +, CC: 0 +, OB: 0 +, Lec: 0 +, Conv: 0 + and Let: 0 +|