The Fear Not Fair Scottish Referendum – The Contretemps Over Sterling – A Unionist Political Lie Won the Day

 

 

 

 

 

The Greatest Red- Herring of the Referendum

In the course of the referendum I wrote to my blog that my preference would be for Scotland to establish it’s own currency following a, “Yes” vote. I did so in support  of the Scottish government’s preferred option which was to remain tied to Sterling, with or without monetary union with rUK.

The  grossly immoral assertion of Unionist politicians was that whilst they could not prevent Scotland from using Sterling there would be no monetary union. The rUK would, if necessary retain responsibility for all current debt at the time Scotland branched out once more as an independent nation.

In a reprehensible follow up the Unionists stated that rUK would not undertake the role of the, “Lender of Last Resort” in the event Scotland met debt difficulties at any time in the future.

The Westminster Unionist politburo then set about blackmailing Scottish voters into a, “no” vote, constantly harping on about the need for a, “PlanB” on the presumption that their campaign of fear over the future currency of an independent Scotland had taken root. Which it had!!

Alex Salmond, (Scottish First Minister) repeatedly stated that there was no, “PlanB”. Scotland would continue to use Sterling as it’s currency. He was of course, entirely correct in his assertion. There was no failing in his approach. But the Unionist lies won the day.

In the next referendum the “Yes” campaign should destroy the false assertions of the Unionists at the very start. The undernoted information sets out the position of the EU in regard to support of member state currencies.

 

Note:  Scotland would be provided with fast track membership of the EU on the basis that Scots are already citizens of the EU and there is no precedence which would allow anything other than continued membership. This was confirmed by an EU spokesman, (I posted the statement in an earlier blog post)

 

 

 

 
The EU would be the Lender of Last Resort

European Union Finance Ministers, were recently summoned to Brussels to sign up to the, “European Stabilisation Mechanism”. Britain was unable to veto the measure as it was put through under the, “qualified majority voting” system.

The deal, to be applied to any member country’s currency, was denounced as a “stitch-up” by the UK government. The proposals were put in place so that the, Irish, Greek, Spanish and Portugese government’s would be able to finance their debt.

Euro-zone leaders acted to bypass objections from the UK by invoking Article 122 of the Lisbon Treaty, intended to enable a collective response to natural disasters. This did not require unanimous agreement since the decision was taken by qualified majority vote, 16 euro zone leaders ensured its passage.

UK exposure to liabilities created by the bail-out under the scheme amounted to around 10 per cent of the total loan. If any country had failed to repay, the cost to the UK would have been, (£8.6 billion, for every £86?billion) on which the said country defaulted.

The European Commission President stated, “We will defend the currencies of our member states, using the, “Lisbon Treaty” clause as the legal basis for a European bailout scheme. Under the clause, an EU member state hit by “natural disasters or exceptional occurrences beyond its control” can receive “financial assistance” after a qualified majority vote by European leaders. It was agreed, “exceptional circumstances” included market, “attacks” on any, “Member States” currencies.

The change legally obliges the UK treasury to undertake responsibility, together with all other EU member states to be a joint, “lender of last resort” for any EU member state that might be liable to default on that nations debt.

 

So. There it is!!! Why o’ why did Alex Salmond and the “Yes” campaign not destroy the Unionist attack with the foregoing defeats me.

 

 

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6 thoughts on “The Fear Not Fair Scottish Referendum – The Contretemps Over Sterling – A Unionist Political Lie Won the Day”

  1. I as a Citizen of EU have NO FEAR as a UK Citizen to “loosing ‘ EU status on a Brexit (UK) – it will not be a UK exit but solely a South of England exit anyway – hows that cos the reality is the South of England / home counties have a special arrangement with the Westminster establishment . ie cash / no tax society – if that area of Uk was in reality so B wonderfull and was infact proping up the UK then Maggies fiddle factor 0.5 £B/ month hidden earnings of London to hide the real deficit building up would be real and helpfull – not as in reality a LEACH on the the UK society ( better together blah blah British Bullshit.. EU citizens will be exactly that LONDON / WESTMINSTER has NO JURISDICTION ON THAT .

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  2. I rather suspect AS and NS eschewed a PlanB, because there is no way Sterling can survive at its current trading levels without the perception of it being backed by Scotland and Scotlands asset base. For this reason, it would be financial suicide for Ruk if an indie Scotland DID NOT retain the pound.
    But the fear campaign managed, successfully, to turn this totally on its head and the “Pound in yer Pocket” brigade freaked.
    Basically put, if the international markets perceived sterling as suddenly being worth 10% less, the impact against sterling would prove substantially more than 10%.
    Prior to the Ref1, the markets manipulated USDGBP the weekend of the YES Poll. They moved the relationship into a zone which permits parity between the two. Despite a few false starts in the last year it has not recovered.

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  3. Aye. £ / Crown. Everyone in UK pays a commission to BOE and its palls to exchange £ – €s on every transaction within UK ( on account UK trades most with EU€ or overseas agencies based in EU €land)- the £ serves the needs of London only . The Crown is no problem on account that other lands have quit Westminster Control and kept historical links ie ‘ Commonwealth ‘. Even closer to ‘home’ is Ireland that has not thrown out all references to the Crown – RNLI being just one . The fear factor was ASs greatest challenge and NS is trying to address this by not promising another Indyref. soon . .Frankly Scotland would be best served by Holyrood taking up the reins of its powers as an elected Gov. and showing up the Southern UK folks there are better ways to live a life .Adopt dual currency within Scotland – fiscally / physically computors / cash machines can cope – sure NI would follow this line PDQ.
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