Salmond "We can take Scotland in two weeks"

[minestrone]

Will be the lender of last resort though?

[Runs With Scissors]

Irvine Welsh has an interesting take on matters - I wish to associate myself with these remarks....

Labour Pains, Labour of Love |

[Old Greg]

I beg to differ

or a completely free floating independent currency. The last of these possibilities has been all but ruled out – and for fairly obvious reasons. Scotland has a lot of debt, both public and private. As home to the UK’s two largest banks, total debt is off the scale relative to GDP once financial liabilities are also taken into account. It would be impossible for the new currency to stand behind such mountainous foreign currency obligations. And if sterling debt was redenominated in the local currency, it would be tantamount to default, creating a massive financial and economic crisis.

It will have an independent currency, but I agree that it may not be free floating and pegging to sterling is obvious.

Here is the think about borrowing: if you were an international investor, where would you see the risks of Scottish sovereign debt if it was backed by oil reserve collateral? As opposed to rUK sovereign debt?

[Old Greg]

Will be the lender of last resort though?

Very simple. New currency, plus new central bank. Easy.

[minestrone]

oil revenue will be dropping to 2.5 billion by 2020.

That is not enough to cover our 6 billion overspend.

[Batcher]

Why an independent scotland could become the richest country on earth

[Old Greg]

oil revenue will be dropping to 2.5 billion by 2020.

That is not enough to cover our 6 billion overspend.

I expect that's a ridiculous untruth, and I will await Batcher's stupid lie and then pick something in between.

[DodgyAgent]

Irvine Welsh has an interesting take on matters - I wish to associate myself with these remarks....

Labour Pains, Labour of Love |

I got this far and switched off:

I came from a family of trade unionists, and in my youth I was a Labour Party supporter. My political hero was Tony Benn.

[Old Greg]

I got this far and switched off:

I came from a family of trade unionists, and in my youth I was a Labour Party supporter. My political hero was Tony Benn.

Is that when your principles resistor blew?

[minestrone]

Tony Benn was against independence.