We’re in the Scottish money

We’re in the Scottish money. Or at least we’re going to be if Scotland becomes independent. The Sunday Herald is reporting that the Scottish Government is studying plans for a separate Scottish currency in the event of independence. This immediately removes the Westminster veto threat which blighted the last independence referendum, their insistence that Scotland would not be ‘allowed’ to use the pound sterling, and which reduced the debate to the utterly inane Unionist claim that Scotland would be the only country on the planet which was unable to have any sort of currency at all. Cue the usual sneers about the groat or the bawbee.

The truth is that there’s absolutely nothing to prevent Scotland from using the pound if that what we chose to do. It’s not like after independence the rUK government is going to be able to send squads of SAS to the checkout at Morrisons to demand that we all empty our pockets and turn over illicit sterling. Using a currency unilaterally wouldn’t be the best option for an independent Scotland, but there’s bugger all that Westminster could do to stop us if that’s what we chose to do. That the nonsensical claim that Scotland wouldn’t be ‘allowed’ to use the pound ever gained any traction at all is simply evidence of the fact that the assertions of the Better Together campaign were not subject to proper scrutiny by Scotland’s predominantly Unionist media.

It takes a very small mind, a breathtaking lack of imagination, to believe that somehow Scotland would be uniquely incapable of establishing a currency of its own. The sneers and dismissiveness of those who crack unfunny jokes about the bawbee are a reflection of their own shortcomings, not of Scotland’s.

Even much smaller states with smaller populations and fewer resources are able to start their own currencies. Estonia has a population of just over 1,300,000 and far fewer natural resources and a much weaker economy than Scotland, which was additionally burdened by the immense difficulties and pain of transitioning from the decayed command economy of the Soviet Union to a modern European economy. Yet despite these massive disadvantages and challenges which Scotland doesn’t face, Estonia was able to establish its own currency which it was capable of keeping stable enough for long enough for Estonia to go on and join the Eurozone. Estonia joined the Euro because it chose to sign up to ERMII. Scotland doesn’t have to choose that path. Being forced to adopt the Euro is a Unionist myth just like the myth that Scotland could be prevented from using sterling.

But Scotland won’t be able to do even as well as Estonia, according to the non-functioning neurones of the Unionist hive-mind. A stable Scottish currency wouldn’t be possible. Just, you know, because reasons. For generations Scotland has been told it’s poor, it’s unimportant, it’s incapable, and they’ve internalised that message on a deep level. Then they project their own inadequacies onto Scotland, and demand that the rest of us respect and accept their ‘realism’.

The argument from the indy side was that the pound sterling was an intangible asset of the UK and therefore Scotland had a right to it in the same way that we have a right to our fair share in the tangible assets of the UK on becoming independent. Deny us assets, and Scotland has every right to tell the UK treasury that it can stick its UK national debt up its arse. If Scotland isn’t getting the assets, then we’re not taking on the debt. And let’s not forget that this is debt with the UK treasury’s name on it. Scotland has no legal obligation. No financial institution anywhere in the world possesses an IOU saying “We owe you squillions and squillions. Pinky promise to pay you back. Love, Scotland.” If Westminster wants Scotland to take on a share of the UK national debt, they’re going to have to play nice.

Some have argued that Scotland has a moral obligation to take on a share of the UK debt, and this may very well be true. Scotland, they say, would be hammered by the credit agencies for not acting morally. But show me an international lending bank which operates on the principle of morality and I’ll show you a Disney cartoon full of fluffy talking bunnies. Actually you could equally argue that the reverse was true, that Scotland would be hammered by the credit agencies for taking on debt which was not legally ours. After all, how confident can you be as a lender that you’re going to be repaid if the person you lend to keeps taking on debts that belong to other people?

Unionists denied that the pound was an intangible asset, clearly never having heard of the concept of “brand identity”. When a business changes hands, a portion of the price paid by the new owners is a payment for intangibles like brand identity and customer loyalty. Denying Scotland access to the pound sterling means denying Scotland its share in the brand identity and customer loyalty built up in the stability of the pound sterling, a stability and brand identity to which Scotland has contributed. If Scotland is going to give up its right to use the pound sterling, since Westminster made it perfectly clear last time that they’re not going to tolerate our right to do so, then they’re going to have to pay. The decision to start a new Scottish currency means that in future independence negotiations Holyrood will no longer have to plead with Westminster for cooperation in a currency union, now Westminster will have to plead with Holyrood about how much of Westminster’s debt Scotland is prepared to take on.

Mind you, next time we won’t want to use the pound sterling, on account of the fact that when Brexit bites the rUK pound will be on a par with the ginger bottle. Scotland will be doing itself no favours at all to tie itself to a currency that’s plummeting in value and as hard as wet toilet paper.

The reality, the real reality as opposed to the sneers of diehard Unionist trolls, is that Scotland is perfectly able to establish its own currency, a currency which will be stable and serviceable. Scotland will also take on a share of the UK national debt, although since we’re not going to be using the rUK’s pound sterling an independent Scotland’s share of the UK’s national debt will be reduced accordingly. Scotland is going to establish its own currency, and it’s going to be more stable than sterling. Watch and see. Scotland will be in the Scottish money.

Audio link to this blog, courtesy of @lumi_1984 https://soundcloud.com/occamshaver/in-the-scottish-money-wee-ginger-dug-17th-july-2016

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76 comments on “We’re in the Scottish money

  1. Great post as usual, Paul.

    The arguments against the use of GBP as a future Scottish currency are absurd: Sterling is a global currency, traded openly across the globe, and used by more multiple countries as the basis of their own (even if they have their own ‘coinage’ it’s pegged to GBP).

    On the subject of a uniquely Scottish currency, that would not be new: Scotland had, and retained its own banking and currency until very recently. Scottish notes have always been ‘real money’ – indeed Scottish banking rules made those Scottish notes ‘harder’ than English, since the capital requirements for Scottish banks were always more stringent (until right-wing-led financial deregulation a couple of decades ago).

    An independent Scotland would have a very solid basis upon which to have its own hard currency: oil reserves and a strong export market based on high-value-add products (artisanal foodstuffs, whisky, electronics, renewable energy, and so on). Scotland would has a balance of payments surplus, and our currency would be instrinsically strong.

    England would be in a very different situation: a nation that relies upon imports for basics and that runs a highly negative balance of payments; a nation that is no longer a major financial trading center following the loss of passporting; a nation that has no ‘unique products’ on the world market, and who needs to import 40% of its food annually.

    All of the above doesn’t even consider the improvements in net income by scrapping stupidities like Trident, by engaging Europe as partners not adversaries, and by being the global, friendly, welcoming nation that we are.

    • Les Bremner says:

      This is why Westminster wants, no needs, to keep Scotland. They cannot survive on their own outside Europe. We can.

    • lawcom says:

      No the pound is a dead currency from a long dead empire only used in one country, absolutely pointless, every currency is traded globally lol
      It time for Scotland to use the Euro and give our businesses a level playing field in the single market, wake up

    • Well said, Tony.
      The Yes Movement must do intensive work on the fiction that is GERS now. Darling Brown Rennie, and the Project Fear mob used this lie and fiction as a blunt instrument throughout the campaign, backed up by ‘the respected IFS’, and ‘the independent ‘ OBR, who used GERS fantasy in their calculations and forecasts shamelessly as hard and fast data, which it certainly isn’t.

      The GERS report is a Treasury and ONS piece of fiction and guess work, not as the Dead Tree Scrolls and the compliant BBC State Propaganda Wing oft quoted, ‘the Scottish Government’s OWN figures’, and must be debunked and publicly lampooned now.
      The ‘too wee , too poor’, sneer which is based largely on trumped up Whitehall and Westminster lies can at last be refuted, their credibility exposed in open debate, publicly, with Glenn Campbell, Gordon Brewer, Andrews Marr and Neil, Kirsty Wark, Laura Kuessenburg, Gavin Esler, and the Unionist Branch Office puppets Up Here unable to spout ‘£15 billion deficit’ porpaganda at the drop of a hat.

      If billions in whisky exports are treated as ‘English’ exports, because they depart these shores via Tilbury or Southampton, and other products, from Aberdeen Angus to mussels classed as English Revenue and not Scottish if they leave English ports, and HMRC refuse to identify purely Scottish income tax which should be an overnight batch download from their IT Database, rather than the ‘guesstimate’ which they currently apply to the GERS formula, then we need a major piece of work by Holyrood and the YES Campaign to produce what our SE Neighbour refuses to do, an accurate account of Scottish Government Expenditure and Revenue.
      Post Independence the billions of pounds in ‘savings’ to an independent Scotland’s economy ,simply by not being forced to contribute to purely English infrastructure projects like HS2 , the third Heathrow runway.London’s CrossRail,our Defence expenditure greatly reduced with the formation of a credible but more economic Scottish Defence Force, and so on, and the now extremely strong case that England and Its Territories are leaving the EU, for Scotland NOT to enter a CU with our Southern Neighbour is fast becoming our only option.
      A period of, say five years using the failing pound, then our own currency, the Scotia, gets my vote.

    • Ewen MacPherson says:


      The argument that the rating agencies would “hammer” Scotland for refusing to take on another obligor’s debt has no merit. See link for more detail on how they are likely to look at things:


      Incidentally the final two sentences of your paragraph on debt are an elegant description of what the rating agencies call “moral hazard”.

  2. mogabee says:

    Ooooh, it’s all starting to fall into place. Scots pound rolls nicely off the tongue.🙂

    Cheek of anyone saying we ‘cannae’ when it was a Scot who started the Bank of England!

  3. Willie Hogg says:

    A point to remember is that, as a consequence of quantities easing, the B of E owns about a third of the UK’s debt. It receives one third of the annual interest due and rebates it to the UK Gov. Its owners. If we don’t share in the B of E we need to have our share of the debt reduced by a third, to start with.

  4. Dointhebiz 1 says:

    This is a question I’ve often pondered: IF Scotland decides to accept their portion of the UK’s imposed debt, [I take it that’ll be per capita] would we expect a ‘per capita’ share of UK assets, considering we’ve been paying far more than our fair share over the last three centuries?

  5. Jan Cowan says:

    Thanks again WGD. Another great post to warm the heart.

  6. Onwards says:

    If we are to have a Scottish pound then that is exactly what it should be called.
    Half the silly names came from the Yes side last time.The Merk etc.
    People are used to using pounds.

    I don’t think the argument about having to change money when we cross the border holds much sway. Most people can’t be bothered using sterling Scottish notes in England anyway. It’s just less hassle to pull out English notes from a cash machine, instead of dealing with all the funny looks, rejections from taxi drivers etc

    Sure, if it isn’t tied to sterling at first, then there will be exchange rate differences, but that could well be to our advantage if the UK pound continues to slump, especially when half the British land and sea area and associated resources are no longer under UK control.

  7. Macart says:

    Nice one Paul and couldn’t agree more.🙂

    ‘Course it helps that we already print our own currency. All we truly require is to set up the mechanisms of a central bank. As for debt share, moral or otherwise? Far as I’m concerned, what debt? Last I checked the UK is responsible for the debt of the UK and were good enough to say so during last indyref. Another thing they made crystal clear was NO PRE NEGOTIATION. Indeed offering to take on debt share was a rather kind offer on the part of the SG in exchange for creating a Sterling zone.

    So since they presumably would require the same conditions for any future indyref….

    I mean they were serious about no Sterling zone, right? In which case they clearly wouldn’t be interested in the prior debt share proposal.

    I’m sure they’ll have a dig at any option the SG explore to be fair, but at the end of the day this path really was their choice, not the Scottish Government’s. (shrugs)

    • Dointhebiz 1 says:

      A central bank IS an issue, [although in fairness we could peg the Scots pound onto Sterling] However, with no debt, and starting off with a clean slate, would there actually be a need for a central bank?…. Considering that between 1716 and 1844, Scotland had one of the world’s most stable and robust banking systems with no central bank, no lender of last resort, and no bank bailouts.

      • Macart says:

        Very true, but having your own lender of last resort and overall monetary supervision during times of financial crisis when commercial banks may face insolvency can be handy. That extra layer of management of interest rates, reserves etc could be seen by markets and credit agencies as a prudent stabilizing precaution for a newly independent and debt free Scotland.

        That, though is a decision for far smarter folk than I.🙂

        • Dointhebiz 1 says:

          Appreciate the response Mac :)… Like you, I believe a central bank would be prudent, perhaps we could just ‘adopt’ the Krone and ask Norway [nicely] if they wouldn’t mind being our back-up until we have the necessary funds to create our own CB? Surely with no debt it would only take a few years? Especially after reading this, on page 17:


          • Macart says:

            Clocked it this morning on Rev’s twit feed. Lindsay posted a link. Pretty much what a lot of knowledgeable folk have been saying for some time right enough, but well worth spreading far and wide.

            It certainly appears that black hole some people bang on about is not as deep or black as they may like to think.😉

          • I referred to the fiction that is GERS above , Dointhebiz 1.
            This report which you highlight is also riddled with omissions and guesses.
            UK wide companies who cannot discern which proportion of their revenue is earned or generated in Scotland are merely dismissed and not included. Aye, right.
            The oil and gas exports which are omitted because they are ‘exported’ directly from the North Sea, overseas, omitted; and so on.
            We do not have a scooby how much Scotland is worth, not in a little part because of
            non co-operation from UK companies to supply specifically Scottish revenue data, but also HM Treasury, the OBR, ONS, the IFS, and other SE England based Financial authorities deliberately gumming up the works.
            Scotland, with a population of 5.3 million is a vastly wealthy, resource rich, Northern European country in its own right.
            We shall be welcomed into the EU as the continuer state, and will immediately attract huge interest from companies and finance markets from overseas, especially the near continent.
            Global industries based in soon to be Fortress England will look North to relocate ‘back’ into the EU, a move which can be accompanied with relative ease.
            I would anticipate that an Independent Scotland, a fully fledged member of the EU, will spark a major spurt in inward investment particularly in manufacturing and infrastructure.
            It is not outwith the bounds that many northern English workers and their families will consider fleeing North to escape Isolationist England.
            There’s only so much New Zealand Lamb and Canadian Bacon which Merrie England can absorb.

            • Dointhebiz 1 says:

              Indeed Jack, it is because of those guesstimates of guesstimates [GERS,IFS,OBR,ONS] that the Cuthberts were looking to create a similar set of annual accounts such as the UK’s own ‘pink book’, However – as you rightly say – we have no idea of Scotland’s true worth. And without cooperation from leading industries/companies/banks etc, [more than likely with their head offices based in London] will we EVER know without full independence?

              The problem is, that regardless of how clever or competent a nobel prize winning economist is, they are only as good as whatever figures that they’re supplied with. Oh! IF only we had a ‘real’ economist like Kevin H to talk us through our road to success, with charts in almost EVERY colour?….. [kidding🙂 ]

              • We could play hardball, Dointhebiz 1.
                If Morrison’s report a profit of ,say, £1 billion, we merely apportion a ‘conservative’ 8 or 9% as Scottish Revenue, and so on. The oil and gas, are of course all ours.
                It is a mere flick of the switch for HMRC to download tax returns for every address in Scotland; but they won’t will they?
                Nobody said it was easy.
                However the next time Willie Rennie threatens us with a fictional £15 billion deficit, he should be publicly ridiculed for the Lib Dem liar that he is. Goes with the turf, Lib Dem and lying.
                No more Mr Nice Guy.

    • Osborne: sacked. Balls: kicked out by the electorate: Danny Alexander: kicked out by the electorate.
      Alistair Darling: an unelected Laird working for the Iron Heel Oligarchy.
      Gordon Brown: working for the Iron Heel Oligarchy.
      Miliband, Cameron, Clegg , all gone, history’s failures.
      What Vow? What CU?
      Now is the day and now’s the hour.
      I see Brewer dragged Rifkind on to his Dog Whistle Unionist Propaganda Blog on Sunday. The man who was caught on camera offering his ‘services’ to a fictitious Chinese Company for £10,000 a day because, from his own lips he has plenty of spare time Friday through Monday which he spends ‘reading and walking’ to lobby for a Communist country’s speculators, was beamed live from London and blithely declared that Westminster could/ would block Indyref II, and that the Scottish electorate did not want a second Referendum anyway.
      Mindless Unionist drivel from BBC Scotland as usual.
      What a way to earn a crust. Broadcast shite for a living.

      • Macart says:

        No, I don’t think they will block one and it’d be the biggest ever mistake a PM made (outside of dragging us into an illegal war), if they tried. May strikes me as many things, but dumb isn’t one of them.

        I reckon Riffers may have been sabre rattling.😉

  8. Les Bremner says:

    OK chaps and chapesses, it is Sunday evening so take some time out. If you want to know how Scottish you are, get a box of tissues and laugh at this vernacular dictionary.


  9. […] Wee Ginger Dug We’re in the Scottish money […]

  10. moaningkraut says:

    Excellent post as usual! You don’t even need to look as far to find small countries with their own currencies. Just take the Icelandic Krona. Iceland has a population of just over 300,000. So who’s to say that Scotland couldn’t create their own? Fools who believe that Unionist nonsense.

  11. Dan Huil says:

    Angus Robertson kinda hinted of a Scottish currency last week.

  12. Scots Wa Hey says:

    Uk government legal postion on Scotland ” that Scotland ceased to exist on the signature of the Union there is no doubt, like Wales before it was absorbed by its greater nighbour”
    It ruled that in the event of Indiependance Scotland would be a new nation and entitled to nothing.
    Under international law a new State has no debt.

    Unionists kept this very quiet it all so destroys the No vote was a patriotic vote claim,if you voted No you validated that legal postion. Legally Scots agreed that it’s a region FIFA could use for example.
    They agreed that the country they claim to be proud of is extinct.

    Having a football team rugby team etc does not make us a nation to be sovereign you have to be able to make your own decisions trident EU the perfect example federalism can’t do that only indy

    • Marconatrix says:

      I´m not sure the analogy with Wales really works. Here´s why :

      Wales was conquered piece by piece, initially by marcher lords, a sort of privatised conquest. Then the English kings finished the process off by defeating the last native Welsh rulers, at which point the semi-independent lordships were obsolete and a bit of a pain. So the whole lot were then incorporated into England. Afaik all Welsh legal practice (apart perhaps from a few local customs in particular places) was abolished and English Common Law applied.

      Now this is quite different from the way a unified established Scottish kingdom was joined by mutual agreement (well technically!) to that of England (& Wales) to create Great Britain. It was clearly a union of two distinct parts, and they retained that distinction with separate legal systems, separate established churches, separate systems of local administration etc.

      So if in this case on dissolution Scotland becomes a ¨new state¨ then England also becomes a ¨new state¨ too, and the UK ceases to be, is an ex-state.

      Hard cheese if you´re a UK creditor then🙂

  13. squewedperspective says:

    I read something recently suggesting that a Scots £ would be better to shadow rather than be pegged – to the rUK £. Anyone point me at something showing the difference?

    I dug this up while exploring …

    Cons of a Fixed/Pegged Rate
    Is there any downside to a fixed or pegged currency? Yes. This type of currency regime isn’t all positive. There is a price that governments pay when implementing a fixed or pegged exchange rate in their countries.

    A common element with all fixed or pegged foreign exchange regimes is the need to maintain the fixed exchange rate. This requires large amounts of reserves as the country’s government or central bank is constantly buying or selling the domestic currency. China is a perfect example. Before repealing the fixed rate scheme in 2010, Chinese foreign exchange reserves grew significantly each year in order to maintain the U.S. dollar peg rate. The pace of growth in reserves was so rapid it took China only a couple of years to overshadow Japan’s foreign exchange reserves. As of January 2011, it was announced that Beijing owned $2.8 trillion in reserves – more than double that of Japan at the time. (To learn more, check out How do central banks acquire currency reserves and how much are they required to hold?)

    Read more: The Pros And Cons Of A Pegged Exchange Rate | Investopedia http://www.investopedia.com/articles/forex/08/pegged-vs-floating-currencies.asp#ixzz4Eh3SoLvw
    Follow us: Investopedia on Facebook

  14. davidbsb says:

    This is entirely down to the marketing issue on ID1. Mr Salmond was 100% right last time, and it is to the shame of our media and of those patronising socialists in ermine that it has to come to this.

    As you know, I don’t care what we use as a currency, however we should be wary of some of the downsides specifically for us.

    We export commodities priced in dollars. Our currency could appreciate. In doing so it encourages imports from across the border. It also makes labour cheaper in our neighbour which may not be in our interests. The new Scotland needs to develop a diverse and strong export orientated economy. That maximises our wealth creation, keeps our best people from emigrating and provides the opportunities for all to stay and thrive here. As we do currently export a great deal to England, it is in our short term at least interest to not have a much stronger currency than theirs. And once they lose our “foreign” exports it will tend to push their currency down. The IMF were installed in the UK before the Fortes field saved their bacon.

    The city of London may target our currency for speculation – just because they can. We may have to have higher interest rates than our economy would naturally require. It is arguable that an interest rate policy suited to the needs of the City Of London is really what destroyed the UK manufacturing base in the first place. Contrast with Germany for example, where house speculation is not the primary source of wealth creation. That is a major plus for the Euro – albeit one squandered in the peripheral economies. That boost of finance companies expanding in Edinburgh brings the house price bubble in its wake too.

    We will need to establish a central bank. That has costs.

    I would not be too keen on accepting our “share” of the UK debt so readily. That is all part of the negotiations for independence. We have to look at the assets we’d be getting in return. There is the assumption of pension liabilities for instance. How many of the RAF planes do we get.? A lot of the UK embassies are in prime sites around the globe. Dozens of countries have escaped the empire in the last 70 years. What debt “share” did any of them take?

    We are being forced into the position of establishing a currency. I hope we are intending to play hardball when we regain our independence.

  15. Patience is a Virtue says:

    Well, who would have thought it… the Scots ‘Pound’…(or whatever the preferred choice)…

    …can but hope for the odd unicorn on the notes … and perhaps a gold minted ‘Unicorn’ coin of old with ‘Freedom come all ye’ on the reverse and the Unicorn on the face …for all of us.. to celebrate the occasion.

  16. Patience is a Virtue says:

    In these tempestuous times… now I will believe that there are unicorns.

  17. tintochiel says:

    Great article, Paul, which makes the future very exciting somehow.

    No Sterling shared, no share of ND.

    A Central bank and back to Pound Scots is what I say. Just take a look at our assets.

  18. bedelsten says:

    There probably are, somewhere, Disney cartoons with fluffy talking bunnies. Just sayin🙂 But thanks for the blog, it is something that has been lurking in my mind for a wee while…

    For some, discussions about money and a currency for Scotland does seem to be somewhat emotive and it needn’t be. Many, if not most, people rarely see money, especially not in large quantities, just the result of electronic transactions and it shouldn’t really matter what currency the transaction takes place in provided they get the expected goods or services from the transaction. We go abroad, buy things with credit cards and, along with the cost of whatever was being purchased, we get added the cost of the transaction in a foreign currency, something which would not apply if we were all using the same currency – the obvious benefit of the Euro.

    For national governments, currencies do matter. Having your own currency means you can issue promissory notes / bonds / gilts to finance investment, the bonds being funded through taxation. Having your own currency means you can alter interest rates to suit your financial circumstances. But having your own currency means you may be more susceptible to external pressures than a currency with greater reserves – yes the Euro again.

    Before you all pile in and point out the deficiencies of the Euro, I will agree with you in advance; there are many and until the Euro resolves it internal inconsistencies (a common currency without common financial goals is pushed and squeezed in too many directions) Scotland should refrain.

    Meanwhile, Scotland is a stable democracy with abundant natural resources, especially an overabundant supply of water from above and, if some statistics are to be believed, definitely not too small, not too wee and not too poor to have its own currency. Just sayin🙂

  19. MR J B GARDNER says:

    I have been holidaying or visiting relatives and friends in England for over 60 years and have always changed Scottish banknotes for English ones because of the hassle and phish handed to me from southern shopkeepers.

    So in an Independent Scotland I would continue to exchange Scots Pounds for English Pounds, guess what I probably make on the deal.

    So much for the greatest con ever by the Westminster Liars.

    • If memory serves, Mr Gardner, McCrone pointed out in his now infamous report, that an Independent Scotland’s oil rich Scotpound would soon be worth £1.30 ‘English’.
      With RUK going down the Isolationist route, who’d want to be in a CU with rUK?

  20. mealer says:

    Scots pound it is then.Let the Yoons start talking it down.Talking down Scotland.

  21. Greg says:

    Possibly the single most important aspect of all this doesn’t seem to have been mentioned yet. Namely that this is an incredible and unique opportunity for the Scottish people to completely free themselves from the privately owned International criminal banking racket. ie. those who own and control the Bank of England, the Fed and most other Central banks of the World, and who keep the population and the state in a cycle of ever increasing unpayable debt….

    The key is that the new Scottish Central Bank absolutely MUST be publicly owned and not in the hands of the usual predators… One such highly successful example of a publicly owned bank is the Bank of North Dakota…. the result, after many years being that this small state has a budget surplus running into the billions when most other US states are on the verge of bankruptcy

    The Public Bank concept is all explained here in this fascinating and “everyone must read” article; http://www.globalresearch.ca/a-public-bank-option-for-scotland/5402542

    …and as championed by these guys:


    (also check out their 3 part video series about the great opportunity Scotland now has in terms of currency)

    By the way – thanks WGD and regular commenters… another great article in a seemingly constant stream of consistently thought provoking and entertaining posts and comments. Been watching from the shadows for a long time… first time I’ve commented on an Indy website (or any website for that matter!)

  22. smiling vulture says:

    Scottish Currency

    We can’t be wishy washy,Let Unionists attack,It’s a clear position

  23. Sue Varley says:

    Just wondering – do we have to wait for independence before we can start our own currency or can we do while pushing towards the next referendum, so it would be in place already? I’m assuming we would have to wait, but haven’t seen this question considered anywhere yet.

    • I imagine this Scots Pound is very quietly getting set up behind the scenes, along with the other things we’ll need for indy – welfare infrastructure, taxation etc. I was involved very early doors, and very briefly, with the project board implementing the changes to ILF when England were closing the fund but Scotland were going to be keeping & funding it. There will be many pockets of this type of activity going on in ScotGov and administration as we speak.

      Currency was a weakness in indyref 2014 for YES, but only because BetterTogether and HM Govt lied about it and people believed them. Plan B has become Plan A now and very gently the idea is seeping into our consciousness…..well played First Minister 😏

      Oh, and the debt ? Their debt ? I’m not minded to take on any of it be honest, but I’d certainly not be in a rush to make any offers. If I was Nicola (Jeezo, that’s just so not gonna happen) I’d be starting at “Nane at a’ – your move” then giving the chief WM negotiator that look. You know the one ? Aye, that’s the one 😆

  24. margaret graham says:

    Hi Paul,
    I’ve been asked to contact you, having met you at The Adam Smith on Friday. What a good night it was and obviously now we’re all keen to get going again for if/ when a referendum is called.
    Forward is a wee community hub in Stenhousemuir. We are all volunteers ,( mainly SNP members) but are trying to appeal to No voters as well Yessers. With that in mind, we’ve had different events , different speakers ( Billy Kay – T Sheridan ) come along to try and broaden the appeal to people who are interested in Independence but are not necessarily into party politics.
    Having thoroughly enjoyed Friday ( who knew about the stamps! ) we wondered if you would be interested in coming along to Forward , for a similar event? We’re also in the process of trying to contact Yes2 so perhaps a similar format would suit ?
    If it something you would be interested in , please let me know and I’d put you in touch with another Margaret who could arrange a date, time etc,
    Thanking you ( and Ginger)
    Margaret Graham
    Sent from my iPad

  25. BampotsUtd.wordpress.com says:

    Reblogged this on Bampots Utd.

  26. How much of this national debt is due to the actions of Scotland?

    Pretty much hee haw.

    Tell them to stick their debt.

    • Tony L says:

      And that is indeed the issue. In an ideal world we would be able to identify the last time the UK was debt free and work forward from there. But that isn’t going to happen.

      It can’t be impossible, though, as I recall the Fraser of Allander Institute (no friend to Independence they) who calculated a few years ago that since O&G was discovered an Independent Scotland would have been £68 bn (I think that was the figure) in SURPLUS!

      Hard negotiating coming up, and I for one don’t want a future iS to accept ONE PENNY of the Uk’s debt.

  27. AAD says:

    During the independence campaign I noticed a wee shop in Argyle Street under the Central Station Bridge. It had a notice in the window that said “We accept Euros”. I wondered at the time if it had got its independence and joined the EU in its own right. Or had one wee shop decided it could use whatever currency it damn well liked?

  28. maldwyn says:

    Almost all Central Banks are owned, or influenced by the Rothchilds dynasty! (I found this out on JacO’thenorth blog Chilcot thread), worth a read!!!

    • Marconatrix says:

      Thanks for that link, Macart, a very thorough and interesting analysis.

      It goes a long way towards interpreting and explaining the Brexit vote South of the Border. But what of Scotland? How is it that things went so differently up here? I mean if the Welsh valleys turned to UKIP and Brexit, why not their equivalent ex-mining and heavy industrial areas in Scotland?

      • Macart says:

        I suspect because a larger majority are only too well aware of the true source of the woes of the poor and the working class and its not and never was immigration. Nothing complicated and just that simple.

        The only people ultimately responsible for poor economic performance and manipulating poverty as a growth industry are those who control the economy… our own system of central government.

  29. Greg says:

    Thanks for the welcome from the crowd!

    @maldwyn ~ you are spot on there… I found this out a long time a go, and so if you’re wondering who runs the World…. follow the money as they say.

    If you pay attention you can see that after every war where the West imposes regime change on a country, one of the first things they will do is to install a new Central Bank, and guess who owns it?

    That is why I can’t stress enough that Scotland must make it’s Central Bank publicly owned… otherwise independence will literally be thrown away forever before we’ve even had a sniff of it. For this reason I was horrified to hear of the plans to continue being controlled by the BoE at the time of the last indyref. Independent currency and CB is a hugely more promising iprospect f it’s done properly.

    IMHO a Publicly Owned Central Bank should be the first thing inked onto the constitution, and should be defended ferociously thereafter to make sure it stays that way.

    There’s plenty solid evidence that shows that publicly owned Central Banks maintain a surplus whereas I think we all know what privately owned Central bank systems such as the BoE or the Fed produce for a nation…

  30. Greg says:

    This short 4 minute video lays out what I think could well be the way forward for Scotland in terms of managing it’s currency and controlling it’s own Central Bank…

    The title is; “Positive Money – Could These 3 Simple Changes to Banking Fix the Economy?”

    As the scenario in the video is framed in a UK context, the answer to that question is, “not a hope in hell”… but for a dynamic small newly independent country of 5 and a half million, the answer could easily be, “Hell, Yes!”

  31. Dan Huil says:

    According to the bbc the number of Scottish jobs dependent on Trident is rising by 3000 every hour. Total currently stands at 1,224,000

  32. Sandra Bothwell says:

    Money Money Money – interesting subject

    Positive Money – I believe this to be very similar to the concept of Bradbury Pound = debt free /interest free money

    Don’t know about you – but getting your head round how money works is really difficult

    from what I can read it works like this

    government get less money in than they spend = overspend

    they borrow from banking system

    banking system creates the money (they have the ability to print it – but a lot of it is just electronic)

    they then charge interest on this money – which we have to pay

    I believe the concept of Bradbury pound was the ability for the government to print it’s own money and hense not pay interest on it – which as you can imagine saves a lot of money on interest

    I believe this doesn’t mean the original debt just disappeared – but that as the monies which are easier to repay get payed back the government takes it out of circulation (this is the bit that I am not clear on)

    Also every single scottish note in existence is backed by an english note held by the bank of england – research titan notes – so in a way scottish money is one of the few remaining gold standard currencies (ie it actually has something real that it can be exchanged for – although might give the banks a fright if we swap them all in at once)

    Now if a central banks job is to provide liquidity (ie not to bail out banks)

    As far as I am aware liquidity is ultra- low interest money for short term bridging loans –

    Kind of like when 100 people deposit 10 quid in a bank – the bank then use that 1000 to provide a loan to someone (interest = their profit) but then 5 people go to bank and withdraw their 10 quid out – the bank doesn’t have their money because it’s tied up in the loan – central bank gives them a cheap loan of 500 quid and the bank pays it back after loan is part repaid

    believe that is what is meant by liquidity and lender of last resort – although I would love someone who understands better to correct me if I am wrong?

    Could scotland realise the monies behind it’s scottish notes to provide the beginnings of that liquidity fund? – I believe it would mean turning currency into a fiat currency

    I believe it stands at As at 29 February 2016, the three authorised banks in Scotland had a total of around £4,462 million of NIC (notes in circulation)

    which is about 4 billion


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