Bill Shirl Write a comment... Let you into a wee secret guys. The £ is a fiat currency. It is not backed up by anything, but traders confidence to use it as a unit of currency. When Scotland votes yes, it will immediately come under pressure, and lose value. Because it will no longer have the Assets of Scotland backing it up. Even if they were serious which is idiotic, because they would devalue it even further by impose a brand new transaction cost on their businesses, around £600 million.. Would you do that to your savings? Anyway its a total red herring, because for up to 2 years we would be legally in the UK until the negotiations were settled, and of course using the £ , Scotland will begin with a surplus, and here is why. The bank of England is not literally, the bank of England. Its the bank of the UK, and as the UK, is in fact the union of the kingdom of England, and wales. Together with the kingdom of Scotland. Then You should be seeing, that being owned by the UK, and Scotland being the kingdom to which you joined to form the UK. Then around 10% off the assets, including the assets of the central bank, belong to her.The UK debt is held legally, by the Bank of England. So we have a real situation where the owners of the central bank are splitting, and all owners have a share in the bank, Ergo, the £, IS their mutual currency. For every Scottish pound printed, an English one IS deposited in the Bank of England. DO you see the situation? The Politicians of the rUK being the major share holders of the bank have said that they will not continue the currency union. if they mean this then they must take proper account of Scotlands share. Their legal options are, Stick to their guns, and Force Scotland to create its own currency, and its own central bank, but this would leave them with a foreign country (he he, That would be Us) owning around 10% of their central bank. That gives us a nice tidy asset to back our own currency up with. A nice new Scottish £, backed up by our 10% ownership of steering.... Lovely we take our share of the debt, and repay into the bank, and so stiffening our own holdings in the Bank, Again.... Lovely Orrrr, they could do the smart thing and maintain the currency union so as not to undermine the sterling area. We trade away, and lay the foundations for our eventual currency, whilst repaying our share of the debt, as above lovely Orrr, last but not least they say You want out your getting nothing , and so Scotland cedes its share in the bank, in return for the totality of its share of the debt. Debt for equity. This leaves them with a resource rich, 1st world trading rival next door. With the massive advantage of no debt,,,, again,,,, lovely. It is the rUK that has the currency problem, not us. no matter what your politicians tell you. if Scotland leaves sterling, and sets up its own currency. That currency will be real, not Fiat, Backed by real assets. Your £ however, with all that debt, and your governments right wing hack, and slash agenda of austerity. Will be well up that old familiar creek minus a propulsion system. It is here that I predict you will reform your political system, Then hand in hand in rebuilding Britain will be us. Geographically aside, We are all family. We are going because if we stay the Westminster elite will asset strip Scotland to save their own are.The UK is broken guys, The only way to fix it is to vote Yes. This is the real currency debate. Im sure you can understand now why the better together side are lying. 7 September at 03:00 · Like · 1 Bill Shirl Write a comment...by william wallace
Posted on: Mon, 15 Sep 2014 23:16:42 +0000
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