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Come on you Scots have it or not?


Dave H

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Scotland has always had its own pound just like wales, ireland and england so why all of a sudden are westminster saying we cannot have the pound is ludicrous westminster scaremongering people.

The Scottish banks are allowed to issue their own notes, pursuant to them having equivalent equity for the notes that they issue (see the link in post #4 for how that works).

 

Scottish notes. However, here is a picture of one;

 

bost50.jpg

 

The note is Scottish, issued by the Bank of Scotland, and of course there are others issued by the Royal Bank of Scotland and the Clydesdale Bank.

 

rbs50.jpg

 

clyde20.jpg

 

The notes are issued by various banks, but the key thing they all have in common is the currency - they are all Pounds Sterling. A note is just a promise to pay the bearer an amount in Sterling. In order to issue the notes, the Scottish banks must hold that matching amount of Sterling in either Bank of England notes or in an account with the Bank of England. Essentially, the BoE is in control of the currency. The Bank of England could, if it wished, give the Yorkshire Bank permission to print bank notes under the same condition - that for every £ of Yorkshire notes it issued, it had a £ of Bank of England notes or a £ in an account at the bank. There would be a Yorkshire bank note, but the note would be denominated in pounds sterling. Yorkshire would have its own notes, but not its own currency.

 

After independence, Scotland could issue its own Scottish Pound. It would be denominated in Scottish Pounds, not Pounds Sterling, and backed by the Scottish banks and not by the Bank of England. The Scottish banks could print notes and set interest rates according to the needs of the Scottish economy, and the notes would trade against other currencies at an exchange rate which would depend on factors like the inflation in the Scottish economy, the Scottish interest rate, the Scottish sovereign debt levels, the Scottish balance of payments and the confidence of investors in the Scottish economy.

 

Alternatively, it could continue to use the Pound Sterling. It might even be allowed to continue to issue sterling notes from the Scottish Banks, though that would be quite a peculiar arrangement, and as discussed, it would not be the same as having a Scottish currency. This is not uncommon, lots of countries use the US$ as de facto or even official currency. The problem with using someone else's currency, though, is that they may not take much notice of what your economy needs when they choose how much currency to print, set interest rates, etc. If Scotland chose to use the Pound Sterling outside of a currency union, the Monetary Policy Committee of the Bank of England would not take account of Scottish interests in setting policy.

 

A currency union, in which the pound sterling is managed as some sort of compromise between the requirements of Scotland and the rUK (apart from having been ruled out by the three main UK parties) requires some degree of political and fiscal union. If you want to see what happens when countries with different politics and different economies and - crucially - different needs participate in a currency union, look at the Eurozone. A currency union between the rUK and independent Scotland would not even have as much political union as do two countries in the Eurozone, so there would be an even greater risk of a Greece/Germany type disparity of needs. Essentially, I can see very limited reasons why an independent Scotland would want it (i.e. it might be a more trusted currency than the Scottish Pound) and none at all why the rUK would want it.

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You say Scotland has had it's own pound.

That's design only (pictures).

 

Imagine a Scottish pound, wonder what the rate of exchange might be, 3 to one great English pound ? LOL

 

Says someone who has probably never set foot in scotland and lives at the total other end of the country!

 

Is it design only,?? I must have been using something totally different then the past 40 odd years to buy my goods!!

even the poor english shop keepers took my scottish currency from wiltshire all the way back up to Yorkshire.

With the country in the current state its in the great english pound isnt so great, or maybe I should say the Romanian leu or Polish

złoty, maybe just settle on the Euro! England isnt so great when you really look at things! :bleh: :bleh:

A Scotsman in Yorkshire...http://traditionalfloats.blogspot.co.uk/

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When I lived in Scotland and travelled South my Scottish notes were often refused by all sorts of businesses.

many a row I had about it as well but notes are not legal tender and the businesses were within their rights to refuse them.

Let's agree to respect each others views, no matter how wrong yours may be.

 

 

Never attribute to malice that which can be adequately explained by stupidity

 

 

 

http://www.safetypublishing.co.uk/
http://www.safetypublishing.ie/

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Says someone who has probably never set foot in scotland and lives at the total other end of the country!

 

Is it design only,?? I must have been using something totally different then the past 40 odd years to buy my goods!!

even the poor english shop keepers took my scottish currency from wiltshire all the way back up to Yorkshire.

With the country in the current state its in the great english pound isnt so great, or maybe I should say the Romanian leu or Polish

złoty, maybe just settle on the Euro! England isnt so great when you really look at things! :bleh: :bleh:

Your giving the impression notes are currency ehen infact they are IOU's or in laymans terms "debt" ,dept is shuufled around one dept paying another.

Banks can indeed "print " notes (dept) when you get a mortgage the bank doesnt shuffle off to the vaults and pluck a stack of notes and puts them in your account it merely raises more debt and puts it in your account ,money isnt involved ,scottish or english

Believe NOTHING anyones says or writes unless you witness it yourself and even then your eyes can deceive you

None of this "the enemy of my enemy is my friend" crap it just means i have at least two enemies!

 

There is only one opinion i listen to ,its mine and its ALWAYS right even when its wrong

 

Its far easier to curse the darkness than light one candle

 

Mathew 4:19

Grangers law : anything i say will  turn out the opposite or not happen at all!

Life insurance? you wont enjoy a penny!

"To compel a man to furnish contributions of money for the propagation of opinions which he disbelieves and abhors, is sinful and tyrannical." Thomas Jefferson

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Says someone who has probably never set foot in scotland and lives at the total other end of the country!

 

Is it design only,?? I must have been using something totally different then the past 40 odd years to buy my goods!!

even the poor english shop keepers took my scottish currency from wiltshire all the way back up to Yorkshire.

With the country in the current state its in the great english pound isnt so great, or maybe I should say the Romanian leu or Polish

złoty, maybe just settle on the Euro! England isnt so great when you really look at things! :bleh: :bleh:

With the country in the current state its in the great english pound isnt so great

 

 

Hey check out the current ROE

 

I've been all over the world

 

Lived in Asia, Germany Holland, Belgium

 

USA

 

Spent some time in Scotland, and it was **** !

1509tarpon_75_.gif
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With the country in the current state its in the great english pound isnt so great

 

 

Hey check out the current ROE

 

I've been all over the world

 

Lived in Asia, Germany Holland, Belgium

 

USA

 

Spent some time in Scotland, and it was **** !

Lucky you I've served all over the world living in a lot of places for 2 or 3 years at a time and none were more depressing than Britain, run by idiots & arrogant a hell!

A Scotsman in Yorkshire...http://traditionalfloats.blogspot.co.uk/

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