Comments on: Scots, independence and the poond http://www.theliberati.net/quaequamblog/2007/04/10/scots-independence-and-the-poond/ “ferocity with a purpose” Sat, 13 Mar 2010 20:30:54 +0000 http://wordpress.org/?v=2.8.4 hourly 1 By: brendan thomas http://www.theliberati.net/quaequamblog/2007/04/10/scots-independence-and-the-poond/comment-page-1/#comment-81448 brendan thomas Tue, 14 Aug 2007 22:19:58 +0000 http://www.theliberati.net/quaequamblog/2007/04/10/scots-independence-and-the-poond/#comment-81448 http://www.neweconomics.org/gen/z_sys_PublicationDetail.aspx?PID=81 ooops. http://www.neweconomics.org/gen/z_sys_PublicationDetail.aspx?PID=81

ooops.

]]> By: brendan thomas http://www.theliberati.net/quaequamblog/2007/04/10/scots-independence-and-the-poond/comment-page-1/#comment-81446 brendan thomas Tue, 14 Aug 2007 22:19:14 +0000 http://www.theliberati.net/quaequamblog/2007/04/10/scots-independence-and-the-poond/#comment-81446 Look at Guernsey as an example. It prints its own money but is still sterling. The ability to generate its own currency provides an income for the government (in the rest of uk 98% of money supply is generated by banks for private profit instead of public good - a collosal burden on the tax payer). This would go some way to make up for the loss of English subsidy. I do not have a complete understanding of this yet, but anyone wanting more detail should start here (download pdf). Look at Guernsey as an example. It prints its own money but is still sterling. The ability to generate its own currency provides an income for the government (in the rest of uk 98% of money supply is generated by banks for private profit instead of public good – a collosal burden on the tax payer). This would go some way to make up for the loss of English subsidy. I do not have a complete understanding of this yet, but anyone wanting more detail should start here (download pdf).

]]> By: Bunc http://www.theliberati.net/quaequamblog/2007/04/10/scots-independence-and-the-poond/comment-page-1/#comment-43586 Bunc Mon, 16 Apr 2007 00:21:00 +0000 http://www.theliberati.net/quaequamblog/2007/04/10/scots-independence-and-the-poond/#comment-43586 It had always seemed to me that one of the "big bad things" for scots nats about the current union was that with the pound Scotlands economy was shackled to interest rates that were set to suite the English economy (south of england in particular). If the pound is retained post-independance as was pointed out above there would be NO influence by Scots on these interest rates. Just what benefit does independence bring then in that respect. The choice for Scotland would be - 1) keep the pound and lose all influence over interest rates or 2) join the euro and lose all influence over .... Hmmmm. Something doesnt make sense here. It had always seemed to me that one of the “big bad things” for scots nats about the current union was that with the pound Scotlands economy was shackled to interest rates that were set to suite the English economy (south of england in particular). If the pound is retained post-independance as was pointed out above there would be NO influence by Scots on these interest rates. Just what benefit does independence bring then in that respect. The choice for Scotland would be – 1) keep the pound and lose all influence over interest rates or 2) join the euro and lose all influence over …. Hmmmm. Something doesnt make sense here.

]]> By: Scottish Roundup » Blog Archive » SBR 28: The campaign heats up http://www.theliberati.net/quaequamblog/2007/04/10/scots-independence-and-the-poond/comment-page-1/#comment-42915 Scottish Roundup » Blog Archive » SBR 28: The campaign heats up Wed, 11 Apr 2007 18:09:27 +0000 http://www.theliberati.net/quaequamblog/2007/04/10/scots-independence-and-the-poond/#comment-42915 [...] while the SNP makes big noises about fiscal policy, what about monetary policy? James Graham wonders what currency an independent Scotland would use. In the comments he goes on to bemoan the lack of [...] [...] while the SNP makes big noises about fiscal policy, what about monetary policy? James Graham wonders what currency an independent Scotland would use. In the comments he goes on to bemoan the lack of [...]

]]> By: James Graham http://www.theliberati.net/quaequamblog/2007/04/10/scots-independence-and-the-poond/comment-page-1/#comment-42881 James Graham Wed, 11 Apr 2007 11:24:52 +0000 http://www.theliberati.net/quaequamblog/2007/04/10/scots-independence-and-the-poond/#comment-42881 I take it then that the third option - an independent currency - isn't considered an option? If by 'doing things democratically' you mean offer the Scots a Hobson's Choice, you are correct. I take it then that the third option – an independent currency – isn’t considered an option? If by ‘doing things democratically’ you mean offer the Scots a Hobson’s Choice, you are correct.

]]> By: Grant Thoms http://www.theliberati.net/quaequamblog/2007/04/10/scots-independence-and-the-poond/comment-page-1/#comment-42878 Grant Thoms Wed, 11 Apr 2007 11:17:57 +0000 http://www.theliberati.net/quaequamblog/2007/04/10/scots-independence-and-the-poond/#comment-42878 Okay, just for clarity the SNP policy is to peg with sterling in the immediate post-independence phase pending an analysis of the Euro's position and a referendum of the people of Scotland as to whether to enter that currency or not... we like to do things democratically in the SNP. Okay, just for clarity the SNP policy is to peg with sterling in the immediate post-independence phase pending an analysis of the Euro’s position and a referendum of the people of Scotland as to whether to enter that currency or not… we like to do things democratically in the SNP.

]]> By: James Graham http://www.theliberati.net/quaequamblog/2007/04/10/scots-independence-and-the-poond/comment-page-1/#comment-42876 James Graham Wed, 11 Apr 2007 10:26:42 +0000 http://www.theliberati.net/quaequamblog/2007/04/10/scots-independence-and-the-poond/#comment-42876 The Irish dependence on Sterling didn't appear to help it very much. The SNP can't have it both ways, citing Ireland as an example of a Celtic Tiger economy while adopting a monetary policy (by default) that, like Ireland, would ensure it remains a basket case for 50 years. The Irish dependence on Sterling didn’t appear to help it very much. The SNP can’t have it both ways, citing Ireland as an example of a Celtic Tiger economy while adopting a monetary policy (by default) that, like Ireland, would ensure it remains a basket case for 50 years.

]]> By: steve roberts http://www.theliberati.net/quaequamblog/2007/04/10/scots-independence-and-the-poond/comment-page-1/#comment-42830 steve roberts Wed, 11 Apr 2007 00:00:34 +0000 http://www.theliberati.net/quaequamblog/2007/04/10/scots-independence-and-the-poond/#comment-42830 The point about the Irish use of sterling post-indepedence (for 50+ years) is that it proves that an independant Scotland would not have to make a hasty decision in terms of which currency to use, there will be time to either adopt the Euro or establish its own currency. The point about the Irish use of sterling post-indepedence (for 50+ years) is that it proves that an independant Scotland would not have to make a hasty decision in terms of which currency to use, there will be time to either adopt the Euro or establish its own currency.

]]> By: James Graham http://www.theliberati.net/quaequamblog/2007/04/10/scots-independence-and-the-poond/comment-page-1/#comment-42769 James Graham Tue, 10 Apr 2007 16:26:09 +0000 http://www.theliberati.net/quaequamblog/2007/04/10/scots-independence-and-the-poond/#comment-42769 I've been flicking through their website, and I can't see any evidence that they have any kind of monetary policy at all - amazing for a party seeking independence. It appears that the only thing they have to say on the subject is that they will keep the pound, but decline to say how. If any of my SNP-supporting fans out there want to point me in the right direction, feel free. I’ve been flicking through their website, and I can’t see any evidence that they have any kind of monetary policy at all – amazing for a party seeking independence. It appears that the only thing they have to say on the subject is that they will keep the pound, but decline to say how.

If any of my SNP-supporting fans out there want to point me in the right direction, feel free.

]]> By: Tristan Mills http://www.theliberati.net/quaequamblog/2007/04/10/scots-independence-and-the-poond/comment-page-1/#comment-42765 Tristan Mills Tue, 10 Apr 2007 16:12:49 +0000 http://www.theliberati.net/quaequamblog/2007/04/10/scots-independence-and-the-poond/#comment-42765 Do they need a central bank? Is it strictly necessary? There are advocates of a gold standard and others who advocate a free market in money. There's nothing which says a central bank must exist. Not that I can see the SNP trying anything so radical. I can't even see them liberalising the economy to the extent it needs it for a prosperous Scotland. Do they need a central bank? Is it strictly necessary?

There are advocates of a gold standard and others who advocate a free market in money. There’s nothing which says a central bank must exist.

Not that I can see the SNP trying anything so radical. I can’t even see them liberalising the economy to the extent it needs it for a prosperous Scotland.

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