Take Your Brain For A Walk Down Reality Road

By Mark E. Saunders of “The Scottish Minuteman” https://www.facebook.com/profile.php/?id=61575625542197

“Great question from Claire Baker” they said.

Really?

I think there’s a pretty big hole in Claire’s question or at least in the argument that follows it.

Apparently, in Bakernomics, using the pound sterling in an independent Scotland means having “zero control over” our currency.

Hold the presses!

What control does Scotland, its Parliament, its MSPs or its MPs have over the currency we use TODAY?

None.

Westminster controls monetary policy. The Bank of England sets interest rates. The UK controls the currency, the exchange rate and the issuing of money. These are reserved matters.

So telling us that an independent Scotland wouldn’t control those things while initially using sterling isn’t actually an argument against independence, is it Claire?

You’re just describing the position Scotland is already in.

If I’m barking up the wrong tree, perhaps someone can explain to me what Scottish control over Bank of England interest rates Scots are enjoying today that independence would take away from us?

I’ll wait.
…

Okay. I’ve waited long enough.

The SNP proposal is pretty straightforward to be honest. Use the existing currency (GBP) while Scotland builds the institutions and conditions needed to introduce its own.

That’s not a “currency conundrum”.

That’s a policy choice.

And here’s the funny bit.

I think most clear-minded folk would agree that one of the central questions of the independence argument is this:

Should the decisions affecting Scotland continue to be made elsewhere, or should Scotland eventually have the power to make them for itself?

Apparently, having no control over our currency while we’re in the Union is perfectly acceptable.

But choosing to use that same currency temporarily while preparing to have control over our own apparently creates a “conundrum”.

Yeah, Righto!

Great question, Claire — especially when you actually take the old grey matter for a little stroll down Reality Road.

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9 thoughts on “Take Your Brain For A Walk Down Reality Road”

  1. Irish Republic did exactly the same used Sterling then joined the Euro. Got amazingly better off as they did so. Everything in IR was much cheaper than the UK. Still is because of IR Independence. Ireland can vote to reunite. With a higher standard of living. Not higher cost of living.

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  2. I’m away from home without my computer and I don’t have the dexterity to make the corrections I will need on my phone to deal with my fumble-fisted typing (this is my 3rd attempt). When I get home in a few days, I’ll send you a full reply. In the meantime I suggest you have a look at The Scottish Currency Group website. I’m afraid it won’t necessarily align perfectly with the SNP leadership view but I think you’re probably aware that the SNP’s position is not unchallenged.

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  3. I also follow the currency group on FB simply because I don’t know enough about currency. What the currency group says makes sense to me but then so does what John says in this edition of TuS. So, really, I’m no further forward.

    However, one of the replies above says Ireland used the same method as John Swinney is suggesting. Well, if it’s good enough for Ireland……….

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    1. Thanks for the link. I also struggle to understand how Scotland can quickly extricate us from Westminster’s control of finance. A quick exit will be essential given we are dealing with desperate people long accustomed to using lies and mendacity as their primary statecraft.

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  5. yoy can use the pound between annindy vote and independence day

    Yoy cant use the pound when independed, you will not be independent while tied to London

    In any negotiation london will ues their control of the pound over you immediately you have to go into the negotiation with your own pound as a stated position

    If you oppose london at anybpoint they will switch off your bank if they have any control.

    The keybis planning and the SG and Swinney and co have down none and seem to be planning to fail

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  6. How many countries who used the pound now have their own currency and I bet none would now go back to the English £ and she should remember that it was Harold Wilson who devalued the £ when we went to this present money,sorry folks but I am old enough to remember when a fiver could fill your tank and a pint was a shilling.

    As for Baker would do a bit of research before spouting off.

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  7. just back from a tour of the old Yugoslav states which included Kosovo, which uses the Euro though is not in the European Union. Skyline is covered with cranes with all the building work going on

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