Currency hiatus

There is what appears to be a hiatus in the debate regarding Scotland’s currency after a Yes vote.

Holyrood says there will be a currency union and we will use the pound. Westminster – with the exception of Mr Cameron and Mark Carney (BoE governor)- say we get neither.

The disposable politicians such as Carmichael, Darling, Alexander and yes, even Osborne, are vociferous in their refusal to “allow” Scotland to use the pound.

This is quite simply something they do not have in their power to refuse as the currency is fully tradable and any country may use it without any permission should they so wish.

A currency union is different and the independent Bank of England and Westminster could refuse, but the economic damage to both Scotland and rUK would be significant, more so to the latter.

It would also mean that neither the use of the pound nor a currency union are considered “assets”, in which case the Better Together claims that voting No to keep both are in the interests of both countries are utterly pointless. Not assets, not worth keeping.

If on the other hand Westminster considers them as assets and refuse Scotland access to both then Clause 30 of the Edinburgh Agreement has been broken.

Without either Scotland would form her own currency, without a union, and walk away from Westminster’s £1.5 trillion of debt. Without default. And overnight be debt free, and “asset” free.

How’s that for a Plan B?

Douglas Young
Yes Shetland