Salmond talks about the sovereign will of the Scottish people for Scotland to negotiate an independence settlement if it’s a Yes vote. Which is a statement of the blindingly obvious. But there are two sides to a negotiation…and the people of rUK also have sovereign rights. The Pound is the UK’s currency. An independent Scotland can’t be stopped from using it via Sterlingisation. But you can’t place a monetary value on a currency. It is a nation’s means of exchange, amongst other things. The rest of the UK would be a foreign country after independence. Scotland would be entitled to a share of the Bank of England’s assets, including its currency and gold reserves. But Scotland has NO right to insist that rUK (backed by its taxpayers) acts as the central bank, lender of last resort, guarantor of its financial system, financial regulator, monetary authority and deposit underwriter. So if the government of an independent Scotland refuses to take a fair share of the debt, which they benefited from in the form of public spending, the rUK government should give them NOTHING in the negotiations. Sovereign rights work both ways.
Posted on: Tue, 26 Aug 2014 10:45:01 +0000
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