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.
Theassertion 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 afollow 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.