Scotland's new currency

[scooterscot]

But those cheese eating surrender monkeys hate us as a national passion, they've probably never forgive us for bombing the Vichy navy in WWII

Hate us? I don't think us includes the Scots, or so was my impression.

[AtW]

If an independent Scotland must walked away with 10% UK debt it makes since to me Scotland walks away with 10% of the assets, including the currency.

And 10% of national treasures - like Imhotep's mummy and at least 10% of his loyal servants..

[doodab]

If an independent Scotland must walked away with 10% UK debt it makes since to me Scotland walks away with 10% of the assets, including the currency.

The currency isn't an "asset" that you can divide up though is it. You can have 10% of the BoEs holdings, and we can't stop you using the pound if you want, but there is no way we could let you have input on interest rates and monetary policy, and no way having us do it would be good for Scotland, in fact that's already one of the complaints that has got us here isn't it, and you have more input now than you will post separation.

Ultimately the currency union idea is a losing bet, Salmond is an idiot for thinking we'd go for it and an even bigger idiot for thinking it's a good idea. Look at how the Eurozone has worked out (a few years ago joining the Euro was SNP plan A BTW) and ask yourself if you really want to be on the receiving end of that in ten years time. Cos that's where it will end, you'll give up most of the advantages that independence offers in terms of being able to be a competitive exporter. and end up hamstrung by interest rates and an exchange rate that are inappropriate for your economy.

Also bear in mind that you can't join the EU unless you join the Euro, so you would appear to have an either/or choice there.

Someone needs to go away and put their thinking cap on. They have totally sleepwalked into the current debacle.

[scooterscot]

Currency and EU Membership low Priorities for voters – economy and job prospects key

Perhaps it's time to put this thread to bed and kill it stone dead. I started this thread to speculate what form a new currency might look like. I'm neither here nor there what it'll be. The only folks that seem to care are big business. I'm quite opened to change but I'm not sure the first minster is!

I found the recent independent survey by Tom Hunter suggests many residents of Scotland share that opinion. So perhaps it should not come as a surprise for the No camp if the recent media has the opposite affect of strengthening the no majority.

Entrepreneur and philanthropist, Sir Tom Hunter has published the results from the second phase in his referendum poll, conducted by TNS, through scotlandseptember18.com in his attempt inject momentum, data and evidence into the Scottish Independence debate.

Only 3% and 2% of those polled respectively said EU membership or currency was most important to them in deciding how to vote in the referendum yet our politicians see these issues as priorities.

source

[zoco]

Perhaps it's time to put this thread to bed and kill it stone dead.

Admin - do we have a Praying smiley?

[scooterscot]

The currency isn't an "asset" that you can divide up though is it. You can have 10% of the BoEs holdings, and we can't stop you using the pound if you want, but there is no way we could let you have input on interest rates and monetary policy, and no way having us do it would be good for Scotland, in fact that's already one of the complaints that has got us here isn't it, and you have more input now than you will post separation.

Ultimately the currency union idea is a losing bet, Salmond is an idiot for thinking we'd go for it and an even bigger idiot for thinking it's a good idea. Look at how the Eurozone has worked out (a few years ago joining the Euro was SNP plan A BTW) and ask yourself if you really want to be on the receiving end of that in ten years time. Cos that's where it will end, you'll give up most of the advantages that independence offers in terms of being able to be a competitive exporter. and end up hamstrung by interest rates and an exchange rate that are inappropriate for your economy.

Also bear in mind that you can't join the EU unless you join the Euro, so you would appear to have an either/or choice there.

Someone needs to go away and put their thinking cap on. They have totally sleepwalked into the current debacle.

I earn my living in Euros. I'd actually advocate the euro in Scotland despite the concerns. Introducing a new currency in Scotland would attract higher interest rates from the start. Not so with the Euro. The Euro is only a problem for those countries with woful debts. This would not be Scotland.

Could you imagine 5 million using the euro in the north? Sterling would feel the pressure no end. It certainly would be bluff & bluster to suggest otherwise. I don't think rUK would advocate this shrinking. Although the markets might not care the physiological impact would be significant.

An independent Scotland that used the pound as its base currency without the English government's permission, with banks continuing to issue notes privately and private citizens free to choose any currency they wanted, would probably have a more stable financial system and economy than England itself.

[scooterscot]

Admin - do we have a Praying smiley?

Thank you for that preverbal splash of cold water. What was I thinking.

[doodab]

Perhaps it's time to put this thread to bed and kill it stone dead. I started this thread to speculate what form a new currency might look like. I'm neither here nor there what it'll be. The only folks that seem to care are big business. I'm quite opened to change but I'm not sure the first minster is!

I found the recent independent survey by Tom Hunter suggests many residents of Scotland share that opinion. So perhaps it should not come as a surprise for the No camp if the recent media has the opposite affect of strengthening the no majority.

source

They may well not think it's important but it quite obviously is.

[doodab]

Could you imagine 5 million using the euro in the north? Sterling would feel the pressure no end. It certainly would be bluff & bluster to suggest otherwise. I don't think rUK would advocate this shrinking. Although the markets might not care the physiological impact would be significant.

How would sterling "feel the pressure" exactly? That's total cobblers. We already do far more trade with Eurozone countries than we do with Scotland and no one in their right mind wants to join the Euro.

This is like Salmond's "500 million in transaction costs". That's 500 million extra in business for UK institutions on top of the billions they already make.

I find it interesting that the Yes campaign seems to be working hard to prove how valuable the union actually is. Anyone would think they didn't really want independence.

[scooterscot]

They may well not think it's important but it quite obviously is.

Quality of life would have to be logarithmically so much greater for folks to concern themselves over currency.

When your life expectancy in Greenock is until early 50's you're not thinking what your pension will be paid in cause you'll not live long enough to see it.

When you graduate in engineering, the sciences, a medical Dr, you want to practice in the country you were born in. Not have to move abroad because there are no jobs but only those in the public service. This is your life's work, I don't care about the paper in my pocket.

If you've retired after a life's hard work you want to know you'll have the support and be looked after by nearby family. Again the paper in your pocket or EU membership shall not matter here.

I recall the banter whilst working in the shipyard; I imagine behavioural value shall be of far greater importance and the driver for choice on the day.