Scottish independence.

[JBR]

JBR

LPG for f##k sake that has nothing to do with oil and gas producers

Even if the entire rail network( IF ) could run on electric have you never travelled on a motorway as you see the occasional lorry on it

LPG. Isn't that short for Liquid Petroleum Gas? Isn't petroleum refined from crude oil? So why is it nothing to do with oil and gas producers? Not being funny: I admit this is not my subject. Just asking.

Why couldn't the entire rail network run on electricity. When (and if) fossil fuels run out, what else could it run on?

Yes, I do travel on motorways and admit to having seen the occasional lorry.

 

[JBR]

The United Kingdom faces a make-or-break situation tomorrow. Why are you guys arguing over LPG and oil!!!!!

Who's arguing? I'm humouring!

 

[JBR]

I'm honestly sat oan the fence. I can see the arguments for and against and both are quite persuasive. I don't understand the government saying that Scotland couldn't retain the pound sterling though. Jersey and the Channel islands retain the pound sterling as their currency, yet are not part of the United Kingdom, so there's already a precedent set for places that aren't part of the union to have the pound. Westminster is well known for distorting the truth (and telling downright lies)

Yes, the Channel Islands use the pound sterling, but they are therefore tied financially to the Bank of England, as would 'independent' Scotland be.

 

[Norcon]

Norcon .
So basically you cant answer because you made a statement that you havent got a scooby about

It can use whatever currency it wants but it won't be backed by the UK. It can be pounds sterling or Ned McJocks - it'll be issued by your bank against your reserves and subject to market volitility and all the dangers and risks of a small country with little or no international clout. Financial markets will vanish south of the border faster than you can blink.

Basically it'll be worth f**k all no matter what you think.

Or theres always the Scotland as tax haven plan that seems to be Salmonds overall plan.

I like how Salmond has said "the rest of the UK shouldn't be able to have a referendum on currency union",
What a dick. And this is the man who might be leading Scotland in a few days.

 

[Ricardus]

With the polls being so close, there are going to be a lot of unhappy Scots tomorrow one way or another.

 

[Ricardus]

It can use whatever currency it wants but it won't be backed by the UK. It can be pounds sterling or Ned McJocks

I heard they were going to use the Jimmy, with 100 SeeYoos to the Jimmy

This could be the last day I can deliver a one liner like that before it becomes vicious racist bullying.

 

[tony1851]

Norcon .
So basically you cant answer because you made a statement that you havent got a scooby about

You don't understand the basics of economics.

There are 2 ways Scots could use the £: formally (in a currency union with the rest of the UK) or informally (using notes and coins in circulation).

A formal currency union would require the Bank of England to be lender of last resort to Scottish-based banks - RBS, Lloyds etc. In return, the BoE would have to regulate the Scottish banks to ensure they did not go bust. Their lending would be resticted by BoE, and this would impact on Scottish mortgages and lending to Scottish businesses. It would also impact on what the Scottish government could spend. This is not compatible with independence.

If the Scots used the £ informally, who would print the notes and mint the coins? The Scotts could not be allowed to do this otherwise they would - under Salmond - probably print zillions of £20 notes and go on a public spending spree. This would devalue the currency for the rest of the UK. Therefore, being the much bigger nation economically, the right to create credit would have to remain with the rest of the UK only. That would also not be independence for Scotland.

This is no time for Scots to indulge in Braveheart nationalism; hardheaded economic and political reality is needed.

 

[gas112]

Oh i do understand basic economic .

Norcon made a statement saying Scotland wont be allowed to use the pound .


Scotland can use any currency it wants to use .

Whether it financially the right decision is neither here nor there the point is his statement was wrong

 

[tony1851]

Scotland can use any currency it wants to use .

Whether it financially the right decision is neither here nor there the point is his statement was wrong

That's correct - an independent Scotland could use whatever currency it wanted. But if it used the £, it would not then be independent as it's financial regulatory regime would be run from London, not Edinburgh.

 

[gas112]

That was not the statement though so no point harping on about it
Lets just wait and see the U turns after todays yes vote

 

[festive]

with considerable scottish roots i have to say ill be happy to see the Scotland leave our union.

I hope these yes voters get what they want. Then they can stop moaning and blaming our 'biased off centred central goverment' for everything that is currently bad in scotland, of course that will all change soon when they have their own local goverment.

How can a country so fking bitter not even bring themselves to support the English when it comes to the world cup, etc. Fck im glad i didn't inherit this chip, id take out a mortgage to get it removed.

Hopefullly it will also mean Salmond stops poking his snidy comments into everything British, he never has anything positive to say.

Go on, off you go, with your oil fields, you'll all be millionaires soon...its nothing to do with Salmonds determination to go down in history. He certainly went down well at the betting shops.

 

[Ricardus]

If the Scots used the £ informally, who would print the notes and mint the coins? The Scotts could not be allowed to do this otherwise they would - under Salmond - probably print zillions of £20 notes and go on a public spending spree. This would devalue the currency for the rest of the UK.

On a tangent, if any country, started printing money that was identical to that of another country - essentially counterfeit notes - what could be done about it short of international blockade and/or war?

 

[AronSearle]

Jersey and the Channel islands retain the pound sterling as their currency

Small countries, and tax havens. The amount of companies 'located' on their territory is comparativly large against the population. This means the low % tax they charge, still raises comparativly significant revenue against their population.

I don't believe the Barnett gives us any more back than we pay in if the tax figures are to be believed.

20% of the scottish population is employed by the government, so 20% of that tax is basically the UK government taxing itself.

However, this isnt to say that scotland is a financial drag on the UK. It is more appropriate to say that everyone in the UK compares badly to London.

London is a large, open trade, networked business capital. Every country has a capital, and everyone outside of the capital compares poorly on paper. London seems excessive, simply because it is so much more global than most other capital economies.

 

[jeds]

As I said, and has been said by others, Scotland could use the £pound but if it's the same £pound as controlled by the UK then it wouldn't be independent. It could choose another sort of £pound - maybe call it the Scottish £pound - but that would be inaugurating a brand new currency which would not be the same currency as the UK £pound. Ask yourself why Salmond got cornered over this in the first place and suddenly blurted out; 'we could use the pound'. It's because he knew that a brand new currency would be so damaging that Scotland would not recover from it in his political lifetime. Although, actually, his political lifetime would be very short because he knew he would be leading Scotland into a very deep hole.

So Scotland has no choice but to use the UK £pound and have its currency controlled by the UK. Not independent! The only way out of that will be when (if) it rejoins Europe when it will have to adopt the Euro.

On a side note; the people of Scotland say they want to get away from the politicians in Westminster. Well, don't we all. And once every 5 years we get the opportunity to get rid of them. But guess what, when we do get rid of them, we end up with another lot to blame. And so it goes on. So what's the plan in Scotland? A permanent benevolent Nationalist leadership. Of course. So obvious. Why didn't we think of that.

 

[AronSearle]

I disagree.

Scotland could easily come up with their own currency, and it would be valued fairly well in a short period. Assuming salmond doesn’t go all ultra commy and starts nationalising random industries on principle, rather than sense (which is what some of his colleagues want to do). I think in power, they would, I hope, sober up a bit and act sensibly.

The problem is Europe, refusing them entry unless they adopt the Euro, or refusing to clearly state they can stay in under current terms.

Europe is the problem for Scotland, and it's why I hate the project, they make westminster look like competent fluffy bunnies.