Ramesvara: There was one question I had, Srila Prabhupada. You have written in the Third Volume of the First Canto [ SB 1.17.39] different instructions for the Age of Kali, how there’ll be compulsory marriage and so on and so on. And you mentioned about the gold standard, that this is very bad, this artificial standard of monetary exchange.

Prabhupada: Oh, yes. It is very bad.

Ramesvara: In the future this is something that we should try to correct.

Prabhupada: You should introduce coin, real money.

Hari-sauri: Real gold coins. No paper.

Prabhupada: 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.

Ramesvara: 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…

Prabhupada: Anything done artificially.

Ramesvara: 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.

Prabhupada: 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. If you introduce real metal coin, then there will be no inflation.

January 21, 1977, Bhuvanesvara, Room Conversation