Back to the future with Scottish currency

Generali

CLAPTON wrote: »

so
So it's not clear whether we actually NEED a central bank : clearly some of the tasks are could easily be placed elsewhere.

It's late and I'm tired so will cut to the chase.

There is no requirement, IMHO, for a Central Bank and certainly not for a central bank which is part of Government. The BoE has been entirely independent for most of it's history, having only been nationalised in the 1940s after more than 300 years of independence.

The British Economy did very well through much of that period.

mystic_trev

sss555s wrote: »

Reported as spam.

As (I believe);) have been articles stating Scotland adopting the Pound

System

Perhaps Scotland might like to go back on the Gold Standard.

CLAPTON

Clifford_Pope wrote: »

Perhaps Scotland might like to go back on the Gold Standard.

There is no Scottish gold; a rather foolish Scotsman sold it all very cheaply.

magpiecottage

Generali is right.

If Mr Salmond thinks he should make his country independent and have its lender of last resort as the bank of England then perhaps he should also change the "Scot" bit of the place where he lives with "CloudCuckoo".

System

They will clearly adopt the haggis and Irn Bru as their currency.

Generali

Joeskeppi wrote: »

They will clearly adopt the haggis and Irn Bru as their currency.

Maybe it'll be an Irn Standard rather than a Gold Standard.

I have seen serious suggestions that a Scotch Quid could be backed by oil: that the Scottish Reserve or whatever it would be called would hold a certain amount of oil per Quid printed. I don't see the point myself but it's an idea.

I kinda hoped this thread would spark some discussion about different forms money could take in a newly independent country. It's a real shame that the usual Nationalists just got the hump, presumably because I don't buy their line unequivocally.

purch

Generali wrote: »

I kinda hoped this thread would spark some discussion about different forms money could take in a newly independent country. It's a real shame that the usual Nationalists just got the hump, presumably because I don't buy their line unequivocally.

You know it's virtually impossible for any thread on this board to actually be a Debate, rather than two or more Vi's lecturing (hectoring) each other.

Money (Currency) is just a human construct, as is giving value to something like Gold. so the possibilities should be endless.

To start with a blank sheet of paper and actually decide what currency you would want for your state/nation/region should be an exciting prospect, rather than a chance to air your prejudices.

michaels

magpiecottage wrote: »

Generali is right.

If Mr Salmond thinks he should make his country independent and have its lender of last resort as the bank of England then perhaps he should also change the "Scot" bit of the place where he lives with "CloudCuckoo".

Perhaps the rUK should adopt the USD and ask the Fed to be our lender of last resort (oh and at the same time request that the rUK be consulted on US monetary policy), I'm sure they would just agree to that wouldn't they, after all think how much US companies and individuals could save on currency exchange transaction costs......

Out,_Vile_Jelly

These are the kind of debates politicians should be having with the Scottish electorate, without accusations of fear-mongering or bullying.

So far, the response to entirely sensible questions about currency, military, the EU, borders, the BBC etc have been met with "well we'll sort that out afterwards" or "there you go, the nasty English are threatening us again."

I don't know anything about central banks or currency unions; but I expect my elected representatives to, and to answer properly when questioned about them.