Scotland

[gozzer]

You can use a foreign currency's currency, John. There are countries with no currency of their own and which are not part of a currency union which just use the USD or EUR. Others have their own currency but peg it to a foreign currency (and match it with foreign reserves). That kind of happens now with Scottish notes, in that the Scottish banks need matching sterling reserves for every note they issue. So they can use the GBP, in the same way that El Salvador uses the US dollar - but in the same way that the US central bank takes no notice of the needs of the El Salvador economy in setting monetary policy, Scotland would be subject to UK monetary policy taking no notice of Scottish needs.

What's the benefit of having a currency that you have no control over? Wouldn't they be at the mercy of how well the 'new UK' is doing, and whether the BoE decide to raise/lower interest rares, devalue if needed, or even try quantitative easing. At what rate would they be able to borrow money, if they don't know what's going to happen to their currency?

 

I notice Salmond is talking about going into the EU in about 18 months, a change from the automatic entry he talked about in the beginning. I trust that guy less than any other politician, except maybe for Thatcher and Blair.

 

John.

Edited September 9, 2014 by gozzer

[chesters1]

I wouldnt trust anything with a pulse least of all something someone votes in to have power over them .crazy idea

[Steve Walker]

What's the benefit of having a currency that you have no control over? Wouldn't they be at the mercy of how well the 'new UK' is doing, and whether the BoE decide to raise/lower interest rares, devalue if needed, or even try quantitative easing. At what rate would they be able to borrow money, if they don't know what's going to happen to their currency?

Exactly. It's not good. Hence why they want a currency union. But that would effectively mean the rUK guaranteeing the Scottish economy (and the Scottish banks) with iScotland too small to reciprocate the favour. I don't want the rUK's economy harmed by monetary policy accommodating the needs of a divergent iScottish economy, and I don't want the iScottish government feeling that it has carte blanche to take whatever economic risks it fancies because ultimately the people over the border will carry the can and bail them out.

[corydoras]

If the vote is yes, i wonder.

 

Will they loose the NHS, the police force, the Army,Navy,Airforce

The pound currency.

 

ALL MONETARY help from Parliament. MMMMM

 

Independance means a stand alone country to me, so i for one would like to see the above taken away from them if the yes vote gets in, if they want indipendance give them it, but take the above away.

 

Hard hat on and runs for cover at this point.

Your having a laugh mate. England will have to pay full market rates for the oil, gas and electrcity we export to England. There is still plenty of Black Gold under the North Sea, and we have not even had much more than a scratch at what is under the West Coast.

[chesters1]

We? You live on the south coast its they!

[corydoras]

We? You live on the south coast its they!

It's a "Royal we". To be honest, I don't know what way I would vote. I've lived down here longer than I have "up-there". Anyway, stop splitting hairs, ye'll still hae tae pay. England in a net importer of gas, oil and electricity. We might be needing some of their water soon too.

Edited September 9, 2014 by corydoras

[chesters1]

With the right incentives i am sure the pipelines could be cut and redirected ,the rigs (or rather the assets) maybe on "scottish" soil but i am not sure the law on where its put ashore is black and white ,if scotland taxes the companies rigs x amount to land the gas i am sure undercutting them will make them think of landing it here ?

 

If they dont sell it to us then thats a loss to them financially we just put on an extra woolie and try not to upset russia ,DOH!

 

Luckily i live where theres lots of methane but unfortunately they prefer to burn it than pipe it ,nice blue flame though passing the landfill sites.

 

Back to town gas?

 

We have only had gas central heating for 15 years our earlier houses had oil or nothing ,kinda got used to it but i wouldnt let a bunch of carrot headed heathens use it as a hostage. ,plenty of wood around here i could sort something out i am sure

 

 

InTeresting hopefully scotland realise pipelines are not soley going into scotland

 

http://www.theodora.com/pipelines/united_kingdom_and_ireland_pipelines.html

Edited September 9, 2014 by chesters1

[corydoras]

The oil comes ashore in Cruden Bay, then it gets piped to Grangemouth. I never said anything about them not selling it to England, just that England will need to pay for it in the event of a "Yes" vote.

[chesters1]

The oil comes ashore in Cruden Bay, then it gets piped to Grangemouth. I never said anything about them not selling it to England, just that England will need to pay for it in the event of a "Yes" vote.

You mean we may pay more ,even in this enlightened age we dont get free oil or gas

[corydoras]

You mean we may pay more ,even in this enlightened age we dont get free oil or gas

So tell me who does England pay for it's North Sea Oil at the moment, who does it pay for the electricity it imports from Scotland?