Extract of a letter in the Herald today from Eamonn Butler, Director of the Adam Smith Institute:
"I have no wish to argue for or against independence, but as an economist I would like to separate the economic realities of the currency issue from the political bluster that obscures them.
The Chancellor has ruled out a formal currency union, though some say this is just negotiating bluff. Either way, there is nothing to stop Scots continuing to use the pound if they choose. A Westminster government with no jurisdiction over an independent Scotland has no power to stop them.
Several independent countries, including Panama, use the US dollar, without seeking the permission of America's central bank, the Federal Reserve. In the absence of a formal currency union agreement, Panama has no say in the Federal Reserve's monetary policy, which is conducted solely for the benefit of America. [ ... ]
Nevertheless, as a result of using the dollar, Panama - a country comparable in population to Scotland - has one of the world's most stable banking sectors. And the economic interdependence between Scotland and the other countries of the present United Kingdom is so deep that the Bank of England would, in reality, have to take Scotland's welfare into account when setting monetary policy. Not to do so would risk damaging the other UK countries just as much as Scotland.
[ ...] The easiest solution, therefore, would be for Scotland to continue using the pound, with or without a currency union, safe in the knowledge that, as an important part of the sterling economy, the Bank of England would have to take Scotland's interests into full account when setting policy. The currency problem just isn't a problem."
OK another of the NO's claims is shown for the nonsense that it is. What's the phrase Nonsense ON Stilts. As I have said a number of times the currency issue is just not an issue.