Scotch Independence - the countdown

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Should Scotland be an Independent Country?

  • Yes

  • No

Results are only viewable after voting.
They've got to flex their diddies because of China and their own big pacific tilt so defense isn't going to be trimmed.

All they do is take in more immigrants and their growth continues.
 
Of all the issues raised during the independence debate, the one regarding currency is the most contentious. And yet it shouldn't be.

Given that a currency union is very much in the interests of the rest of the UK, and as a result many people closely associated with the UK Government have hinted an agreement is inevitable, people still need to know what would happen if no agreement is reached.

What will not happen is that we would need to resort to bartering. Any country can use any tradable currency it likes - all that is needed is that buyer and seller both agree to use it. Indeed, Ireland used Sterling for years without a currency union.

So what is the worst that could happen if no currency union is agreed? We would have no influence over the setting of interest rates. However, that is no different from at present. The Governor of the Bank of England said recently that interest rates may soon need to rise to curtail the London house price boom - despite there being no such boom in Scotland. Clearly we have no influence.

We're told that Government borrowing would be more difficult. However, according to the Financial Times on 9th August, if the rest of the UK were to walk away from a currency union, this would mean the remaining UK would be the only 'continuing state' meaning it would have sole liability for the UK's debt. Further, the FT states that under these circumstances, "Scottish refusal to take on UK debt would not actually constitute default". A debt free country which hasn't defaulted would have no problem in the bond markets. One credit rating agency, Standard & Poor's has already said it would give Scotland a AAA rating.

So Plan B is actually starting to look better for Scotland and worse for the rest of the UK than Plan A. No wonder an agreement looks likely.

With the freedom to make our own decisions, we could at some point decide to introduce our own currency, as Denmark has happily done for many years. Or we could do both, as Luxembourg did before the Euro, accepting Belgian Francs as well as its own.

In truth, there are many options, all with advantages and disadvantages, none as scary as some would have us believe and most allowing us more influence than we have at present. Most important though is not the currency we use but the underlying strength of the Scottish economy, and that, according to the Financial Times, is stronger than that of France.
 
Tina's Prolapsed Anus said:
The difference between Norway and the UK.



They set up an oil fund. Our government (whether Tory or Labour) didn't. An independent Scotland will set up an oil fund.
Click to expand...

You hope, but if AldoTheIncontinent has his way, the oil will be going on his buroo money.

I keep posting this stat and no **** seems to comment on it:mad:. Every Krone Norway generates from its Oil gets invested abroad! And every Krone generated from the interest of that Oil fund gets invested abroad apart from 4%.

So the oil that they found basically benefits no one in Norway until it runs out. <laugh>
 
Tina's Prolapsed Anus said:
Of all the issues raised during the independence debate, the one regarding currency is the most contentious. And yet it shouldn't be.

Given that a currency union is very much in the interests of the rest of the UK, and as a result many people closely associated with the UK Government have hinted an agreement is inevitable, people still need to know what would happen if no agreement is reached.

What will not happen is that we would need to resort to bartering. Any country can use any tradable currency it likes - all that is needed is that buyer and seller both agree to use it. Indeed, Ireland used Sterling for years without a currency union.

So what is the worst that could happen if no currency union is agreed? We would have no influence over the setting of interest rates. However, that is no different from at present. The Governor of the Bank of England said recently that interest rates may soon need to rise to curtail the London house price boom - despite there being no such boom in Scotland. Clearly we have no influence.

We're told that Government borrowing would be more difficult. However, according to the Financial Times on 9th August, if the rest of the UK were to walk away from a currency union, this would mean the remaining UK would be the only 'continuing state' meaning it would have sole liability for the UK's debt. Further, the FT states that under these circumstances, "Scottish refusal to take on UK debt would not actually constitute default". A debt free country which hasn't defaulted would have no problem in the bond markets. One credit rating agency, Standard & Poor's has already said it would give Scotland a AAA rating.

So Plan B is actually starting to look better for Scotland and worse for the rest of the UK than Plan A. No wonder an agreement looks likely.

With the freedom to make our own decisions, we could at some point decide to introduce our own currency, as Denmark has happily done for many years. Or we could do both, as Luxembourg did before the Euro, accepting Belgian Francs as well as its own.

In truth, there are many options, all with advantages and disadvantages, none as scary as some would have us believe and most allowing us more influence than we have at present. Most important though is not the currency we use but the underlying strength of the Scottish economy, and that, according to the Financial Times, is stronger than that of France.
Click to expand...

:emoticon-0113-sleep
 
CITIZEN SNIPS said:
You hope, but if AldoTheIncontinent has his way, the oil will be going on his buroo money.

I keep posting this stat and no **** seems to comment on it:mad:. Every Krone Norway generates from its Oil gets invested abroad! And every Krone generated from the interest of that Oil fund gets invested abroad apart from 4%.

So the oil that they found basically benefits no one in Norway until it runs out. <laugh>
Click to expand...

Absolutely spot on as usual.
 
Tina's Prolapsed Anus said:
Of all the issues raised during the independence debate, the one regarding currency is the most contentious. And yet it shouldn't be.

Given that a currency union is very much in the interests of the rest of the UK, and as a result many people closely associated with the UK Government have hinted an agreement is inevitable, people still need to know what would happen if no agreement is reached.

What will not happen is that we would need to resort to bartering. Any country can use any tradable currency it likes - all that is needed is that buyer and seller both agree to use it. Indeed, Ireland used Sterling for years without a currency union.

So what is the worst that could happen if no currency union is agreed? We would have no influence over the setting of interest rates. However, that is no different from at present. The Governor of the Bank of England said recently that interest rates may soon need to rise to curtail the London house price boom - despite there being no such boom in Scotland. Clearly we have no influence.

We're told that Government borrowing would be more difficult. However, according to the Financial Times on 9th August, if the rest of the UK were to walk away from a currency union, this would mean the remaining UK would be the only 'continuing state' meaning it would have sole liability for the UK's debt. Further, the FT states that under these circumstances, "Scottish refusal to take on UK debt would not actually constitute default". A debt free country which hasn't defaulted would have no problem in the bond markets. One credit rating agency, Standard & Poor's has already said it would give Scotland a AAA rating.

So Plan B is actually starting to look better for Scotland and worse for the rest of the UK than Plan A. No wonder an agreement looks likely.

With the freedom to make our own decisions, we could at some point decide to introduce our own currency, as Denmark has happily done for many years. Or we could do both, as Luxembourg did before the Euro, accepting Belgian Francs as well as its own.

In truth, there are many options, all with advantages and disadvantages, none as scary as some would have us believe and most allowing us more influence than we have at present. Most important though is not the currency we use but the underlying strength of the Scottish economy, and that, according to the Financial Times, is stronger than that of France.
Click to expand...

The scariest thing for this Bear is 2 years in uncharted no man's land, no investment and in desperation, Jock is gaped by Nigel.
 
CITIZEN SNIPS said:
You hope, but if AldoTheIncontinent has his way, the oil will be going on his buroo money.

I keep posting this stat and no **** seems to comment on it:mad:. Every Krone Norway generates from its Oil gets invested abroad! And every Krone generated from the interest of that Oil fund gets invested abroad apart from 4%.

So the oil that they found basically benefits no one in Norway until it runs out.
Click to expand...

That's only partly true - the Income Tax, VAT etc from all the oil workers gets pumped into the system. The Norwegian Sovereign fund was an investor in the last company I worked for - the cheeky bastards invested in us, but made us illegal in their country.
 
CITIZEN SNIPS said:
The scariest thing for this Bear is 2 years in uncharted no man's land, no investment and in desperation, Jock is gaped by Nigel.
Click to expand...

You ever see the scene from Lord of War when Nicholas Cage's character is screaming at the TV in joy, as the Soviet Union is collapsing? - he basically knows that in the chaos there's a **** load of money to be made. I think you should have that kinda attitude - stop being a pussy.
 
MalteseMick said:
You ever see the scene from Lord of War when Nicholas Cage's character is screaming at the TV in joy, as the Soviet Union is collapsing? - he basically knows that in the chaos there's a **** load of money to be made. I think you should have that kinda attitude - stop being a pussy.
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I'm not Jewish enough <wah>
 
CITIZEN SNIPS said:
You hope, but if AldoTheIncontinent has his way, the oil will be going on his buroo money.

I keep posting this stat and no **** seems to comment on it:mad:. Every Krone Norway generates from its Oil gets invested abroad! And every Krone generated from the interest of that Oil fund gets invested abroad apart from 4%.

So the oil that they found basically benefits no one in Norway until it runs out. <laugh>
Click to expand...

yeah but norway norway food banks hong kong norway
 
CITIZEN SNIPS said:
The scariest thing for this Bear is 2 years in uncharted no man's land, no investment and in desperation, Jock is gaped by Nigel.
Click to expand...

We're a modern country, not some ****ed up African nation with tonnes of resources being fought over by tribes while BP go in and steal it all. I'm sure we'll survive.
 
CITIZEN SNIPS said:
You hope, but if AldoTheIncontinent has his way, the oil will be going on his buroo money.

I keep posting this stat and no **** seems to comment on it:mad:. Every Krone Norway generates from its Oil gets invested abroad! And every Krone generated from the interest of that Oil fund gets invested abroad apart from 4%.

So the oil that they found basically benefits no one in Norway until it runs out. <laugh>
Click to expand...

By **** Del you fair like to prattle some pish. The oil Norway found benefits no one in Norway !

Where the **** do you get this sort of pish ?
 
Tina's Prolapsed Anus said:
We're a modern country, not some ****ed up African nation with tonnes of resources being fought over by tribes while BP go in and steal it all. I'm sure we'll survive.
Click to expand...

We may, but small companies might not <wah>

Seriously though, and I'm not scaremongering, but I've have various conversations with rich folk saying that there is a ****load of cash waiting to be invested in Scotland but not until the referendum... so I'm thinking if it goes Yes, these rich types might prolong the 'wait and see' approach.
 
InnocentAldo said:
By **** Del you fair like to prattle some pish. The oil Norway found benefits no one in Norway !

Where the **** do you get this sort of pish ?
Click to expand...

I get it from this guy called Ian Ternet.

Norwegians indirectly benefit. What I'm getting at is you want to spend oil on your buroo money whereas the Norwegians invest it all abroad. Norway could actually turn the liquidity of the oil fund into Krone's and make everyone in Norway a millionaire (in Krone's) but they don't.

Let me know if you need help with any of the big words.

http://www.cnbc.com/id/101321953#.
 
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