[Posted December 9, 2007]

Getting Value for Your Money

A.C. Bhaktivedanta Swami

In the best of times, designed to cheat; in the worst of times, worthless

Dollar Daze Oct 19, 2007 - MIKE HEWITT

America's Forgotten War Against the Central Banks

Many prominent Americans such as Benjamin Franklin, Thomas Jefferson, and Andrew Jackson have argued and fought against the central banking polices used throughout Europe.

A note issued by a central bank, such as the Federal Reserve Note, is bank currency. These notes are given to the government in exchange for an interest-bearing government bond. The primary means to pay for the interest on these bonds is to borrow more bank notes, thus beginning a vicious cycle that ultimately ends with the complete destruction of the currency and bankruptcy of the nation. History is replete with such occurrences.

...How do We Get Out of this Mess?

The current monetary system uses questionable practices on both moral and legal grounds. Monetary inflation erodes the wealth of citizens. Fractional reserve banking enable banks to fraudulently lend out more than they have. Debt is incurred every time new money is created. This debt must is [sic] inherited by future generations.

Below are three measures that would establish an honest monetary system.... go to story

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Bad Money

Dollar at Zero Value Hansadutta das

Paper currency is false money. The paper actually has no value; it is only a promissory note. The government hoards gold and issues paper money, but it issues more paper money in value than the stock of gold in reserve. In this way, the government creates inflation. The paper money is systematically devaluated, because it does not represent the actual gold in reserve. It is of inflated, or exaggerated value. Thus the whole system of government is gradually destroyed, and the economic system deteriorates. Bad money drives away good money.

Paper money should be discontinued. People should use real gold coins, and the government should allow them to purchase pure gold for jewelry to a limited extent. In this way the situation will be stabilized. more

Realizing exchange value

excerpt from lecture on Srimad-Bhagavatam 5.5.3, Vrindaban, October 25, 1976

In the Kali-yuga [the present age] people cannot undergo very severe austerities. That is impossible for them, becausemandah sumanda-matayo manda-bhagya hy upadrutah [Srimad-Bhagavatam 1.1.10]. They are already very much suppressed and suffering because they are all unfortunate, manda-bhagya. Mostly people, they have no provision for eating either today or tomorrow. Manda-bhagya. There is no sufficient grains. Formerly even in the villages you would see that a common man has very good stock of foodgrains and cows, dhanvena dhanavan, gavaya dhanavan. Formerly the standard of richness was considered how many morai—the bank... what is called? Where grain is stocked? Silo. So in India it is called morai, grain stock. And how many cows one has got in stock. Then he is rich man. Nowadays how much paper money he has got. Actually it has no value. Suppose you have got some papers. Each paper it is written there "one thousand dollars." But if there is no grain, what this one-thousand-dollars paper will do? It actually so happened in the last war in Germany. Their money was thrown in the street. Nobody cared to take it, because it has no exchange. So long the paper money you can exchange, there is value. Otherwise it is paper only. But if you have got actual commodity—grains and cows—then you can eat in any circumstances. Never mind war is going on; you don't care. You get sufficient food. What you will do with the paper money? So this paper currency is useless. If the things are going on nicely it has value, but in times of crisis it has no value.

Sri Guru and Gauranga