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Scottish referendum.

 jivago Photographic is off-line
17 February 2014 14:07
jivago
Photographer
jivago
Location
United Kingdom
Highland
Highlands & Cheshire

Quote from tonycsm
Why should Osborne go into details...he simply said NO currency union......I'm afraid your first minister is deluded if he thinks differently.





Osborne may think that shouting 'Fag - Fag' like he was still at some toffy Public School will bully everyone into coming running. It won't! - He simply cannot say no to a curency union, becuase it is not in his gift to do that.

Sterling is a shared asset - Get over it!

http://www.jivagophoto.com/


Stibnite is off-line
17 February 2014 14:40
Stibnite
Photographer
Stibnite
Location
United Kingdom
Suffolk
Bury St Edmunds

Quote from cziiki
Osborne has no actual say in whether there would be a currency union. He is the chancellor of what will be the previous government repeating a position he is getting from the Treasury with advice from the Band of England and of course with a political eye on the effect of his statement. Negotiations after a Yes vote will decide. That's simple fact. The first pound note was printed in Scotland, and it is a currency of both countries. The physical location of the central bank does not define the ownership of the currency.




What symbol you put on a piece of paper does not define a currency, the weight of the bank and the economy behind it does. The power behind the pound is the Bank of England in the same way the power behind the euro is Germany. Currency union is not about the pound it's about joint economic decisions and policy, that is simply not realistic with an independent Scotland.

I think the people of Southern Europe may now realise there was more to the euro than printing a few notes.
You don't need eyes to see you need vision...........


17 February 2014 14:46
pmeu
Photographer


I'm all for Scotland gaining independence but it is depressing to hear that the potential leaders of Scotland would even want to have a currency union. Spend years and years whining that the powers that be set monetary policy with little regard to Scotland's needs (which I would agree is true) and their solution is to tie themselves into a currency union where their needs and requirements would have absolutely zero sway over policy. Be brave and look to establish your own currency.


Tempus Fugit is off-lineSilver Member
17 February 2014 14:49
pinkbuildingphotography
Photographer
pinkbuildingphotography
Location
United Kingdom
Tayside


Quote from pmeu
I'm all for Scotland gaining independence but it is depressing to hear that the potential leaders of Scotland would even want to have a currency union. Spend years and years whining that the powers that be set monetary policy with little regard to Scotland's needs (which I would agree is true) and their solution is to tie themselves into a currency union where their needs and requirements would have absolutely zero sway over policy. Be brave and look to establish your own currency.




Please remember that there are no leaders in Scotland.  There is one 1st class politician Salmond.

The rest are bloody useless.

He also wants to keep the pound so that when the pinkbuildingphotography is a naughty person hits the fan he can blame London.

He does not want real power. 
Riding on the Gotterdammerung. Down and down she goes. Where she stops no one knows.


Tempus Fugit is off-lineSilver Member
17 February 2014 15:18
pinkbuildingphotography
Photographer
pinkbuildingphotography
Location
United Kingdom
Tayside


There is lots of talk here. However since there no real answer as to what will happen in the event of a yes vote, it is all hypothetical.

Salmond's actions and rhetoric are all excellent for electioneering in Scotland. However they are building irritation in the only place that matter which is London.

As we can hypothesis, here is mine.

I would say that there will be no velvet divorce.

The rest of the UK shall do what they think is best for them and if that pinkbuildingphotography is a naughty person s Scotland over so be it. They just need to look at their own needs and forget about Scotland.

Quite right to. If you say to a partner however unequal pinkbuildingphotography is a naughty person off, then they are well entitled to turn their back on you. England has no need to really care about what the Scots say or do.

I have heard that the figure that it was likely to cost the English to do business in Scotland was to be around £500 million per annum. That is not that much money to a massive economy like England. To put it in context it is ten fighter planes (One Squadron of Typhoons which England will not need as it will not have to defend the north half of the British Isles) or half of a Type 45 Frigate, or 10 days of a Tube Strike in London.

Therefore it really is a joke.

Again England can cope with the loss of the oil and the rest of the issues. It will be painful, expensive and ultimately far better for the English, Welsh & Northern Irish.

Scotland shall go down. Yes faster than Greece.

It will take many decades before Scotland becomes wealthy again if it can due to the lazy benefit addled people that we are now.
Riding on the Gotterdammerung. Down and down she goes. Where she stops no one knows.


Malc is off-lineSilver Member
17 February 2014 15:26
cziiki
Photographer
cziiki
Location
United Kingdom
London
London

Quote from Stibnite


What symbol you put on a piece of paper does not define a currency, the weight of the bank and the economy behind it does. The power behind the pound is the Bank of England in the same way the power behind the euro is Germany. Currency union is not about the pound it's about joint economic decisions and policy, that is simply not realistic with an independent Scotland.



True, and the nationalised (UK) Bank of England is owned by the people of the UK including all its present citizens. The Scots are now and always have been part owners of this institution. If the English state in advance they propose to attempt to withhold these assets (the legality of which has to be tested) then they also clearly retain all the debts of the same institution. This is the simple point Salmond makes.

(Money is as you say not actual notes but is fundamentally debt to central banks (hence the QE of recent years) - as you say propped by perceived trust in the underlying ability of economies that use it to remain viable - unless it's a shared Bitcoin-like currency which depends on trust but is based on mathematically secure shared record keeping rather than a central authority. Hence the possibility of several nations sharing a currency.)


Stibnite is off-line
17 February 2014 16:30
Stibnite
Photographer
Stibnite
Location
United Kingdom
Suffolk
Bury St Edmunds

Quote from cziiki


True, and the nationalised (UK) Bank of England is owned by the people of the UK including all its present citizens. The Scots are now and always have been part owners of this institution. If the English state in advance they propose to attempt to withhold these assets (the legality of which has to be tested) then they also clearly retain all the debts of the same institution. This is the simple point Salmond makes.

(Money is as you say not actual notes but is fundamentally debt to central banks (hence the QE of recent years) - as you say propped by perceived trust in the underlying ability of economies that use it to remain viable - unless it's a shared Bitcoin-like currency which depends on trust but is based on mathematically secure shared record keeping rather than a central authority. Hence the possibility of several nations sharing a currency.)



I don't get the point you are making, to retain use of the pound you would need to have a currency union with joint policy making on the economy yet what is proposed is independence to raise taxes and spend as Scotland please's you can't have it both ways.

I personally have no axe to grind the scots can choose independence if that is what they wish, but to imagine the choice is not going to cost the uk as a whole millions of pounds is naive and dishonest.
You don't need eyes to see you need vision...........


Tony Stephenson is off-line
17 February 2014 16:55
tonycsm
Photographer
tonycsm
Location
United Kingdom
East Yorkshire
Driffield

Quote from jivago
Osborne may think that shouting 'Fag - Fag' like he was still at some toffy Public School will bully everyone into coming running. It won't! - He simply cannot say no to a curency union, becuase it is not in his gift to do that.

Sterling is a shared asset - Get over it!




No, Sterling is the currency of the United Kingdom and the countries which comprise the UK or rUK as may be the case. Once Scotland has left the UK and becomes independent, Scotland will not have the Pound Sterling as it's currency or as a crutch and it doesn't matter how much Snake Oil Salmond or his chums stamp their feet like spoiled brats to the cries of 'bully'.

The clue is in the word 'independent'!

 
www.le-femme.co.uk


click_gotcha is off-line
17 February 2014 16:59
click_gotcha
Photographer
click_gotcha
Location
United Kingdom
Lanarkshire


Quote from tonycsm
No, Sterling is the currency of the United Kingdom and the countries which comprise the UK or rUK as may be the case. Once Scotland has left the UK and becomes independent, Scotland will not have the Pound Sterling as it's currency or as a crutch and it doesn't matter how much Snake Oil Salmond or his chums stamp their feet like spoiled brats to the cries of 'bully'.

The clue is in the word 'independent'!

 



There is a train of thought that Scotand would be better off using the £ but outwith a currency union.   We could also leave the debt behind in such a case.  We can play hard ball to if it comes to it.





RGBphoto is off-lineSilver Member
17 February 2014 17:12
magpie1
Photographer

Location
United Kingdom
Tyne and Wear
Newcastle

This train of thought, sounds like the Flying Scotsman.



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