Redz Posted September 4, 2014 Share Posted September 4, 2014 There are a couple of individuals on here whose desperation and resentment are underwhelming when posting. They really do need to start believing in the inevitable. Quote Link to comment Share on other sites More sharing options...
Larky Masher Posted September 4, 2014 Share Posted September 4, 2014 What is the point of gaining independence to hand monetary independence back to the BoE? Two divergent economies (we will be booming and the RUK will be tanking) of unequal size shouldn't share the same currency it won't work and can't see why sharing the pound has become a holy grail in this campaign. Quote Link to comment Share on other sites More sharing options...
Flure Posted September 4, 2014 Share Posted September 4, 2014 What is the point of gaining independence to hand monetary independence back to the BoE? Two divergent economies (we will be booming and the RUK will be tanking) of unequal size shouldn't share the same currency it won't work and can't see why sharing the pound has become a holy grail in this campaign. I think it's because the current Scottish Government have adopted the Fiscal Commission's recommendation of the best of five options. Quote Link to comment Share on other sites More sharing options...
Maq Posted September 4, 2014 Share Posted September 4, 2014 What is the point of gaining independence to hand monetary independence back to the BoE? Two divergent economies (we will be booming and the RUK will be tanking) of unequal size shouldn't share the same currency it won't work and can't see why sharing the pound has become a holy grail in this campaign. I reckon they don't plan to keep a currency union long term, but know that folk would never vote for Independence with a new currency One step at a time Independence Negotiation Organisation Period of calm New currency Just my thoughts Quote Link to comment Share on other sites More sharing options...
Flure Posted September 4, 2014 Share Posted September 4, 2014 Renoir! Referendum Negotiations Opportunities Independence Responsibility We get to paint a new Scotland on the canvas of independence! Quote Link to comment Share on other sites More sharing options...
tartandon Posted September 4, 2014 Share Posted September 4, 2014 (edited) there is no way that we would win the referendum if the Yes campaign said that we wouldn't definitely have the pound. There s a reason that the No campaign is using fear as their primary tactic and that is because the vast majority of the electorate aren't engaged enough, or dare I say intelligent enough, to realise that keeping the pound is actually a bad idea. They like the warm fuzzy feeling of still using 'our pound'. The only way to have true independence is to get rid of combined UK currency but there would be zero chance of a Yes majority if this was proposed. Edited September 4, 2014 by tartandon Quote Link to comment Share on other sites More sharing options...
thorbotnic Posted September 4, 2014 Share Posted September 4, 2014 there is no way that we would win the referendum if the Yes campaign said that we wouldn't definitely have the pound. There s a reason that the No campaign is using fear as their primary tactic and that is because the vast majority of the electorate aren't engaged enough, or dare I say intelligent enough, to realise that keeping the pound is actually a bad idea. They like the warm fuzzy feeling of still using 'our pound'. The only way to have true independence is to get rid of combined UK currency but there would be zero chance of a Yes majority if this was proposed. So - its a political calculation on Yes's part. Salmond et al know that the rUK will never go for it... So is plan b sterlingisation? Quote Link to comment Share on other sites More sharing options...
Guest Extreme0 Posted September 4, 2014 Share Posted September 4, 2014 I can tell you one thing. If I were a asshole Tory who wants to keep the union together for personal exploit. It's better to cave in after the Referendum then before. Quote Link to comment Share on other sites More sharing options...
kps022000 Posted September 4, 2014 Share Posted September 4, 2014 I have yet to have an answer to this question but is a rise in interest rates in Scotland's best interest at the moment? We are certainly heading that way to take some heat out of the housing market in South East England. Quote Link to comment Share on other sites More sharing options...
Toepoke Posted September 5, 2014 Share Posted September 5, 2014 Renoir! Referendum Negotiations Opportunities Independence Responsibility We get to paint a new Scotland on the canvas of independence! Chapeau Monsieur! Quote Link to comment Share on other sites More sharing options...
EddardStark Posted September 5, 2014 Share Posted September 5, 2014 (edited) Its a game of bluff. I doubt there will be the poltical will to "punish" Scotland by denying sterling. However the publics attitude will be different. I cant see the rUK public supporting Scotland piggybacking on Sterling. Whether Scotland defaults on its debt is another thing. For them to do this will virtually make the Scottish Govt a pariah . Edited September 5, 2014 by EddardStark Quote Link to comment Share on other sites More sharing options...
EvilScotsman Posted September 5, 2014 Share Posted September 5, 2014 Its a game of bluff. I doubt there will be the poltical will to "punish" Scotland by denying sterling. However the publics attitude will be different. I cant see the rUK public supporting Scotland piggybacking on Sterling. Whether Scotland defaults on its debt is another thing. For them to do this will virtually make the Scottish Govt a pariah . Scotland has no debt. Quote Link to comment Share on other sites More sharing options...
EddardStark Posted September 5, 2014 Share Posted September 5, 2014 (edited) Scotland has no debt. They will post independence. Around £100bn. You can argue around the semantics. Edited September 5, 2014 by EddardStark Quote Link to comment Share on other sites More sharing options...
UPROAR Posted September 5, 2014 Share Posted September 5, 2014 They will post independence. Around £100bn. You can argue around the semantics. it hasn't been much talked about but I think in the event of a currency union we should not accept a population share of the debt. That is not how it was spent, we should accept a share based on the benefit/expenditure in Scotland..... We currently pay £4Bn/yr on interest on UK debt - a a population share and nearly half our annual overspend... Quote Link to comment Share on other sites More sharing options...
EvilScotsman Posted September 5, 2014 Share Posted September 5, 2014 They will post independence. Around £100bn. You can argue around the semantics. Not without a currency union, and your figure is plucked out of Danny Alexander's erse thin air. Quote Link to comment Share on other sites More sharing options...
Wibble Posted September 5, 2014 Share Posted September 5, 2014 YES! Quote Link to comment Share on other sites More sharing options...
thorbotnic Posted September 5, 2014 Share Posted September 5, 2014 Its a game of bluff. I doubt there will be the poltical will to "punish" Scotland by denying sterling. However the publics attitude will be different. I cant see the rUK public supporting Scotland piggybacking on Sterling. Whether Scotland defaults on its debt is another thing. For them to do this will virtually make the Scottish Govt a pariah . I agree with this. This threat is more of a bluff than the supposed 'no currency union' threat from the UK political parties. Quote Link to comment Share on other sites More sharing options...
EvilScotsman Posted September 5, 2014 Share Posted September 5, 2014 I agree with this. This threat is more of a bluff than the supposed 'no currency union' threat from the UK political parties. The Scottish govt would have no debt upon which it can default. Quote Link to comment Share on other sites More sharing options...
thorbotnic Posted September 5, 2014 Share Posted September 5, 2014 The Scottish govt would have no debt upon which it can default. I know that the debt is held by the BoE, and that Scotland will not have legal title to it. It is undeniable that a part of the BoE debt was run up by Scotland as part of the UK. There is no way iScotland won't take on a share, currency union or not. In fact, I think rUK should take significant action (e.g. blocking Scottlish EU membership) if it even looks like it won't take on a proportionate share. Quote Link to comment Share on other sites More sharing options...
Auld_Reekie Posted September 5, 2014 Share Posted September 5, 2014 I know that the debt is held by the BoE, and that Scotland will not have legal title to it. It is undeniable that a part of the BoE debt was run up by Scotland as part of the UK. There is no way iScotland won't take on a share, currency union or not. In fact, I think rUK should take significant action (e.g. blocking Scottlish EU membership) if it even looks like it won't take on a proportionate share. So you think, having lost 10% of it's population, diminished reputation in the eyes of the international community, a hugely unstable economy and spiraling debt, rUK should act like a petulant child in front of the watching world? You really think that would gain them credibility? If this isnt trolling, Im cringing. Badly. Quote Link to comment Share on other sites More sharing options...
biffer Posted September 5, 2014 Share Posted September 5, 2014 There will be some arrangement put in place where Scotland can say it's using Sterling in a formal arrangement with the BoE and Westminster can say it's not a currency union. Weasel words to satisfy both sides. Quote Link to comment Share on other sites More sharing options...
thorbotnic Posted September 5, 2014 Share Posted September 5, 2014 So you think, having lost 10% of it's population, diminished reputation in the eyes of the international community, a hugely unstable economy and spiraling debt, rUK should act like a petulant child in front of the watching world? You really think that would gain them credibility? If this isnt trolling, Im cringing. Badly. It's the nuclear option, I'll grant. But Salmond is threatening the nuclear option re debt. Quote Link to comment Share on other sites More sharing options...
biffer Posted September 5, 2014 Share Posted September 5, 2014 It's the nuclear option, I'll grant. But Salmond is threatening the nuclear option re debt. No one negotiates in public. Set out the two extremes, arrive somewhere in the middle. Quote Link to comment Share on other sites More sharing options...
Auld_Reekie Posted September 5, 2014 Share Posted September 5, 2014 It's the nuclear option, I'll grant. But Salmond is threatening the nuclear option re debt. Scotland not paying it's debt doesn't come close to the economic dangers of rejecting currency union. The nuclear option was the three UK parties coming together and threatening Scotland. No monetary union has a far bigger effect on the Sterling wide economies than Scotland not paying down a small fraction of the UK's debt. Quote Link to comment Share on other sites More sharing options...
thorbotnic Posted September 5, 2014 Share Posted September 5, 2014 Scotland not paying it's debt doesn't come close to the economic dangers of rejecting currency union. The nuclear option was the three UK parties coming together and threatening Scotland. No monetary union has a far bigger effect on the Sterling wide economies than Scotland not paying down a small fraction of the UK's debt. So why make the threat if he doesn't think it'll force the rUK's hand? He knows that, actually, monetary union isn't that important economically - it's a political expediency to win the referendum. Quote Link to comment Share on other sites More sharing options...
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