"An independent Scotland could flourish either by using the pound sterling without the permission of the rUK (or by setting up a "ScotPound" pegged to sterling through a currency board, which would achieve a similar end). This 'sterlingization' would emulate a number of Latin American countries that use the US Dollar without an official agreement with the US government. Because Scottish banks would not have access to a currency-printing lender of last resort, they would have to make their own provisions for illiquidity, and would necessarily act more prudently.
"Scotland actually had this system of 'free banking' during the 18th and 19th centuries, during which time its economy boomed relative to England's and its banks were remarkably secure. And Panama, which uses the US Dollar in this way, has the seventh most stable financial system in the world.
"Everyone says Mr Salmond needs a Plan B if the rUK does not agree to a currency union with Scotland. But unilateral adoption should be Plan A, making Scotland's economy more stable and secure. The UK's obstinacy would be Scotland's opportunity."
*Of course there are various other plans beside Plan A. The FM made it clear that a Fiscal Commission has laid out alternatives. The Scottish government, however, agrees with the Fiscal Commission (and the Adam Smith Institute), that a currency sharing option is the best option, not just for Scotland but for the UK as well.
Talk about stating the bleedin' obvious!
ReplyDeleteNice to hear it from one of their right wing mates though, don't you think?
DeleteSo Scotland actually had this system of 'free banking' during the 18th and 19th centuries, during which time its economy boomed relative to England's and its banks were remarkably secure.
ReplyDeleteMakes you wonder how we would have fared if there had never been a union, doesn't it.
Yeah... if only none of it had happened...
Deletetris and the malcontents (who recent polling show are losing have lost the argument for Independence )
ReplyDelete' emulate a number of Latin American countries ' Is this a joke a very bad one
from a fledging Norway to a bankrupt lain America is this serious???
the 18th and 19th century These were good times for the Ordinary Scottish/British people er no !!!
And the corker ......' and would necessarily act more prudently. ' as imagined by the right wing Adam smith institute no social security worker rights etc etc well everything the snp claim as inclusive social polices..
As a demolition job this has just brought the roof down on the snp......
Well, you know Niko, I thought it kinda drove a coach and horses through the right wing agenda of the Tory-led and financed Better Together? NO Thanks campaign. (Oh come on, you're not telling me that Dearest-7-homes-£10,000-a-night-Darling is actually a socialist, are you?)
DeleteBut as you pointed out on a previous post, pet, we tend to see things proving what we want them to prove...
All you need to do Niko, to keep yourself happy that you are doing the right thing, is to remember that people like McJagger, who's got more money than Old Nick and Cilla Black, who is old Nick, and Dan Snow, son-in-law of the Duke of Westminster, the richest Englishman in britain, think we are Better Together (as long as none of them ever have to come here) and that Jackie Baillie thinks that it is right and proper to have food banks...
We'll keep the red flag flying here, as Labour used to sing once upon a time.
Were you hiding in the crypt?
DeleteOh Niko. Do you ever read any intelligent analysis of the polls?
DeleteYou really can't accent what the papers tell you.
How does it go again:
The working class can kiss my arse
I've got a government job at last?
Is that it...
Another triumphant night for Nicola CH. That woman is my hero! (next to Pet, of course!)
Deletetris
ReplyDeleteAs in the polls actually show the separatists are winning .....
If—
IF you can keep your head when all about you
Are losing theirs and blaming it on you,
If you can trust yourself when all men doubt you,
But make allowance for their doubting too;
If you can wait and not be tired by waiting,
Or being lied about, don't deal in lies,
Or being hated, don't give way to hating,
And yet don't look too good, nor talk too wise:
If you can dream - and not make dreams your master;
If you can think - and not make thoughts your aim;
If you can meet with Triumph and Disaster
And treat those two impostors just the same;
If you can bear to hear the truth you've spoken
Twisted by knaves to make a trap for fools,
Or watch the things you gave your life to, broken,
And stoop and build 'em up with worn-out tools:
If you can make one heap of all your winnings
And risk it on one turn of pitch-and-toss,
And lose, and start again at your beginnings
And never breathe a word about your loss;
If you can force your heart and nerve and sinew
To serve your turn long after they are gone,
And so hold on when there is nothing in you
Except the Will which says to them: 'Hold on!'
If you can talk with crowds and keep your virtue,
' Or walk with Kings - nor lose the common touch,
if neither foes nor loving friends can hurt you,
If all men count with you, but none too much;
If you can fill the unforgiving minute
With sixty seconds' worth of distance run,
Yours is the Earth and everything that's in it,
And - which is more - you'll be a Man, my son!
you wanna get control of yerself
Ah we can always count on you for a little culture, whether classical or modern English.
DeleteI never cease to be impressed.
Spook will be proud of you when I tell him.
If you can keep your head whilst all around are losing theirs, then you have thought of someone else to blame.
DeleteEither that or you've bribed the executioner...
DeleteWell said tris, as you say, even tho we all knew this, it is good to have it in black & white by folks with no axe to grind. Thanks
ReplyDeleteWell to be honest,I'd have expected the Adam Smith lot to have been utterly against independence, but even people who are not likely to approve of the left of centre model for an independent country can't be forced to tell lies for Bitter Together M :)
DeleteTris, Very good item - the fact it got up the "ultra intelligent and sophisticated" Nico's nose simply adds o the impact. Truth is, the Unionists are liars and they are going to lose big time on September 18.
ReplyDeleteThe seem to be.
DeleteBut you know, I think they are the weirdest lot.
They seem to think food banks are a mark of mature and good Christian society. I expect they got that from the parable of the loaves and fishes.
Jesus's own little food bank.
Of course typically of Tories (and Jackie Baillie), they seem to conflate goodness and charity with Christianity and Christianity alone. This is rather narrow minded of them, because I'm pretty certian that there is plenty of charity coming form other religions, and none.
Mr Cameron, Mr Blair and Thatcher, the she devil, equated Christianity with blowing the legs off everyone who hadn't got sharp elbows adn couldn't get themselves on no matter how many people they stood on in the process...
(On the Christian theme, I'm confused. Why would the ex Pope warmly welcome Blair into his church, while Desmond Tutu refused to be in the same room as the bastard? Oh wait, I may be beginning to understand. Desmond Tutu is a genuinely good man. Yes thats it.)
Anyway, what with the orange Order and Ukip , Jackie Baillie and Beaker, Camergoon and May, they are a disgusting set of people.
I'm hearing that Beaker made a fool of himself on telly tonight? Anyone confirm?