Scotland's Independence Vote Could Shake Up Industry
dcblogs writes: Scotland is not a major high-tech employment center, but it has good universities and entrepreneurial energy. About 70,000 people work in tech out of a total workforce of about 2.5 million, or about 3%. By contrast, financial services accounts for about 15% of employment in Scotland. But passions are high. "Honest, I've never been so scared in my life," said Euan Mackenzie about the prospect of separating from the U.K. He runs a 16-employee start-up, 1partCarbon, in Edinburgh, a platform that builds medical systems. "For tech start-ups, funding will be tougher to find and more expensive, there will be no local banks, access to EU markets and the freedom of movement will be curtailed," said Mackenzie. "As someone who enjoys risk and new opportunities, my company will remain in Scotland and make the best of whichever side prevails on Thursday, but the effect of independence on tech start-ups and the whole Scottish economy will be cataclysmic," he said.
look on the bright side
who needs money when you can rid yourself of nuclear weapons?
Cataclysmic? Only if the Haggis gets banned.
A lot of "yes" campaigners seem to have been sold on the idea that any warning of economic doom upon a "yes" vote is scaremongering, bullying, or "undermining the Scottish democratic process." Bullshit. Many intelligent people looking at this from a rational perspective have concluded that the "sweet spot" for Scotland is staying in the union and having devo-max; basically getting it both ways, with lots of self-government combined with a net financial income from the rest of the UK, as well as obviously ease of trade.
However, the pro-independence SNP are 100% blinkered on independence, at any cost. They will therefore paint warnings like this as lies designed purely to scupper their frankly loony picture of a prosperous independent Scotland, and a lot of Scots buy into it. Shame, really.
Americans might look on with bemusement; I can understand that. I guess it's a bit like Florida choosing to break away from the US, having a pro-Florida political party endlessly demonizing "them" (the rest of the US) as causing pretty much every economic and political woe Florida has going for it. As an English guy, I think this whole situation really sucks. If the UK breaks up, the whole of Britain will be worse off for it, but I suspect Scotland will take the bigger brunt of the pain. And given that it will have made the decision, it will deserve to.
== Jez ==
Do you miss Firefox? Try Pale Moon.
But, it smells like a nationalistic cry for independence above all other considerations.
Be careful what you wish for, as you just might get it.
Happiness in intelligent people is the rarest thing I know.
Ernest Hemingway
Plus, you can be sure that large numbers of the English buying public will boycott your products, just because. #scotfree
Ahhh, so the one-sided emotional campaigning ("Think of the ch... checkbook!") has made it to /. too.
Free, as in your money being freed from the confines of your account.
They say that if they default on British debt obligations (as they say they will if they don't get "fair share" of Bank of England assets), they can still secure loans from the continent. It is unlikely that anyone in Europe will spite UK this way, and there is no way Brussels is going to take another debt-laden country. Without admittance to the EU, they're going to find it hard to secure the financing and trade deals they're going to need to make this work. This is a case of optimism and boredom triumphing over reason.
Don't worry about no local banks. Just remember, we agreed to not accept live pigs in payment.
I only look human.
My mother is a halfling and my dad is an ogre, so that makes me an Ogreling
It's a curse, of course, but one has to wonder how many of these stories are FUD. Nothing is going to happen tomorrow. Scotland will remain part of the UK. The media have made sure of it by stressing the risks and avoiding the opportunities. Nevertheless, Scots should compare the effort to keep them in the UK with the attention and appreciation they get when they're not about to split.
So much FUD, so little time...
funding will be tougher to find and more expensive... Really? If your ideas are interesting, Kickstarter will be happy to take on your project.
no local banks... Really? That does not make any sense. The best you can do, then, is to start your own bank in Scotland. Agreed, that is not an easy project to undertake, but, remember... "That's where the money is"! Besides, the City is a den of thieves, Scottish people should vote "Yes" just to get rid of the whole sorry mess.
access to EU markets and the freedom of movement will be curtailed... Really? Even though the leaders of the SNP, campaigning for independence, have said repeatedly that they would apply for EU membership right away? Why would they do that, now, since the EU is in a deep economic and institutional slump, is completely beyond me, but still...
Seriously, this is FUD, pure and simple, from Mr McKenzie. A bit of advice for the "No" camp: you can probably have much better, and much more convincing arguments than that. If this is the best you can do, you deserve to be roundly beaten by the "Yes" camp.
And, on a more personal note: "Votez 'Oui', amis écossais ! Juste pour emmerder les Anglais !". The Auld Alliance shall rise again! ;-)
(That last line said firmly tongue in cheek, of course).
The right to offend is far more important than the right not to be offended. (Rowan Atkinson)
Ach! I cannae understand ye! Teek off, ya wee fairy!
The yes campaign is telling people they can keep the pound and join Europe. Not gonna happen, it isn't for Scotland to decide. 28 countries have to decide they are totally cool with a bit of the UK splitting off and joining Europe. That means 28 countries have to want to set a precident for bits of themselves splitting off, declaring independence and joining Europe. They have to also decide that they are totally cool on Scotland having an opt out on the Euro that nobody else apart from the UK has and nobody else likes.
The rest of the UK doesn't particularly want a currency union with Scotland, and it wouldn't be popular with the Eurozone countries to have a more formal sterling zone (they don't care about the small overseas territories, but a second full size country in a currency union would be a big deal).
The No campaign says independence would be bad for Scotland and bad for the rest of the UK and everyone else.
The Yes campaign says independence would be good for Scotland and bad for the rest of the UK and everyone else.
They both agree that independence would be a massive pain in the arse for everyone outside of Scotland, and they are 50:50 on how much of a complete and utter pointless pain in the arse it will be within Scotland.
Its not the Bank of Englands assets that Salmond wants, its the Bank of England itself. He wants to be able to retain the BoE as a lender of last resort, while maintaining a say in how Sterling fiscal policy is created - inflation controls, interest rates, ability to borrow at a base rate etc etc etc.
Without the BoE, Scotland would need to set up its own lender of last resort, or risk having less foreign investment as Scottish banks have to borrow on the standard market, which is a lot more expensive.
There is no positive to the rest of the UK to allow an independent Scotland to continue to have access to the BoE in the capacity it wants to, which is why the Westminster government parties have all ruled it out - Salmond mean while continually pushes the fact that "Ireland was allowed to have a currency union with the UK when it was granted independence in the 1920s" but ignores the fact that the Republic of Ireland did not actually have a currency union as it had no say in fiscal policy in the few short years where it actually used Sterling as its currency, it simply just used Sterling like any person on the street does. Then they pegged the Irish Pound to Sterling for the next 50 or so years, again with minimal fiscal decision making as a result.
Salmonds other argument is that Scotland cannot be held liable for any debt that the rest of the UK has already acknowledged responsibility for, which Westminster did the first time Salmond made his threat because any doubt over that would cause fiscal policy difficulties with foreign markets - but that doesn't mean foreign lenders cannot view Scotland as a higher risk as a result, because it is after all refusing to take a portion of the debt it helped create.
Whatever happens, Friday is going to be very very interesting - if its a "Yes" then Salmond starts making his demands and then runs into difficulties where he insisted there wouldn't be any (currency union, which he has insisted all along would happen, despite being told time and again that it wouldn't, and membership of the EU, which Salmond has again insisted would be nearly instant while major EU politicians and leaders have said a newly independent Scotland would be required to apply to join as a new member state, the same as any other new member state seeking membership).
If its a "No", Salmond won't back down but will probably use it to fuel more dissent toward Westminster, insisting on another referendum in the near future.
Ho hum, the weekend is going to be fun.
I know essentially nothing of the subject but that won't stop me from giving my opinion.
The benefits of independence are social/cultural/emotional while the benefits of staying together are practical/economical.
I believe they should just stay while using the current situation to get more "practical independence", i.e.: more control over the union's government, taxing and expenses.
Not taking sides here but does everything have to be about money?
While there will be difficulties maybe they are willing to pay that price for independence.
Do we all have a "for sale" sign on our heads?
I am not saying I would vote yes but I would base my decision on something more than monetary gain! (or am I alone in the world?)
I am not a brand
I am not for sale (but will work for money - not the same thing)
p.s. hope it works out for Scotland either way, nice people.
Since the media blackout for about a month now, other publications are trying to sway the voters, like this one. Of course, jurisdiction allows that, but interesting to see ./'s bias.
Charlie Stross recently posted a very good take on this: This is a permanent change. Whatever happens during the first few years is basically irrelevant, compared to the long-term results. Did Norway separating from Sweden cause short-term economic upheaval? Does that matter at all a century later?
This is a long-term change, not a short.term one. Any voter should consider the probable situation twenty or fourty years from now, not whatever happens in a year or two.
Trust the Computer. The Computer is your friend.
Ah yes, but you forget a couple of things here...
First of all, Scotland would be one of two EU nations to produce its own oil and gaz (the other is Norway). That gives it A LOT of leverage, especially since they can't possibly burn all that fuel in Scotland itself.
After the initial shock, you can bet dozens of countries (China? Japan? others?) would send delegations to Scotland to finance pretty much everything they want, provided they get a piece of the North Sea action (so to speak).
Second, there is a very common doctrine in newly-formed nations to refuse to honor all debts contracted in their names before independence. Hence, whatever debt the UK had, Scotland can now refuse, since it is now independent. That would blow the whole of the City of London to smithereens (which is a very good reason to vote Yes if you happen to be a Scot).
Combine the two, and you have a newly independent country, with zero debts and very interesting natural resources. Give it a little time, and investors from all over the world would beat a path to Scotland's door, checkbooks in hand.
Sure, the economic transition would be quite difficult, especially if the SNP persists in its own silly plan of keeping the Queen, keeping the pound (soooo stupid this one!) and applying for EU membership, but Scotland has a lot going for it.
Whether it can avoid the natural ressource trap is something else again, of course...
The right to offend is far more important than the right not to be offended. (Rowan Atkinson)
I think it would be fairly cynical of the English side to allow a vote on independence and then screw over Scotland as an 'I told you so'. The best thing for everyone would be to facilitate a peaceful and mutually beneficial transition. That means cooperating with the Bank of Scotland to keep the Pound if they want to and doing nothing to make EU membership difficult. This isn't some sort of armed rebellion. The UK agreed to this vote. If the remaining UK screws over Scotland out of regret for allowing independence, then it would hurt the UK just as much as it would Scotland.
Look, Scotland lands control 1/3 the resources of the UK and has 1/13th the population, assuming a new independent Scotland would have control over those resources, a "No" vote is foolish(except to the rest of the UK).
Do you think that when the Irish Republicans were fighting (and dying) for their independence from the UK that they ever once thought, "But what will the economic implications of our independence be? What will our credit rating become??"
No, of course not! And Ireland's economy today is about as good as it's ever been (which is to say, so-so). At least people aren't starving by the millions now.
Scotland MUST vote for its independence. If things don't work out, they can always rejoin with England (England would bend over backwards to welcome Scotland back if it ever came to that). The two countries are still going to be connected at the hip; they're still going to have the same amount of trade as now.
It's like pondering how much money you'd sell your children for-- You wouldn't sell your children for any price under any circumstances. What the Scottish gain from independence is at least a chance to preserve their culture and genetic heritage. These two things are so much greater than any economic consideration.
I rather think they would. Banks are not known for national alliances trumping profits, assuming lenders care one way or another (they don't).
Scotland will find it very hard to raise the funding it needs in the markets if it goes independent, but that'll be because Salmond seems to think walking away from their share of the UK debt is a viable option at all. I expect that if they did that, they could tell lenders that was a one off and they fully intend to repay debts accumulated by the new country, and I expect that lenders would buy it (after all HMG will still pay off the old Scottish debt).
But if they are actually stupid enough to do that they'll have made an enemy of an economy much larger than theirs, their largest export market, a country they're heavily dependent on for the basic infrastructure of running a government and a country that could veto their entry into Europe. Scotland really does NOT want a nasty, vicious divorce from the UK, but Salmond doesn't appear to be thinking that far ahead.
Additionally, raising funds would be tough because a significant part of the yes campaign appears to be predicated on the belief that post-independence Scotland will veer hard to the left. In the 1970's the north of the UK was practically communist and it appears many there still hanker for those times. A half-country that just pissed off its most important partner and is determined to re-run the Soviet experiment is not gonna be a good credit risk no matter what national allegiances one may have.
With an independent Scotland, I think there would be a need in the new Scottish administration for hundreds of new IT systems to replace the UK ones (or at the very least lots of customization to existing systems), and in the remaining UK there will probably also have to be countless hours spent extracting/disabling the Scotland-specific parts of public IT infrastructure.
I can't imagine scottland not joining the EU right away.
I do think they would need to join the euro once they meet the criteria for joining just like every new member state.
A lot of people think that Scotland is walking blindly towards independence without knowing what they're doing. I'd like to remind them that Scotland has voted for independence twice before but both times it's been blocked. In 1914 Scotland voted for independence from the UK, but then the First World War started and it was conveniently dropped. In 1979 Scotland voted again for much more local power through devolution, but some dodgy rule dictated that at least 40% of the total registered electorate had to vote for devolution, and even though they got the majority winning by 51.62% Yes to 48.38% No the vote was overturned because the Yes vote comprised only 32.9% of the total possible vote. So this has been a long time coming.
But I do have very distant Scottish ancestry.
I would support and 'Aye" vote. For too long the English have ruled over Scotland after beating the Jacobites at Culloden.
If they can't use the Pound after independence, they should switch to the Kilogram - its worth 2.2 times as much.
Because no European country will countenance legitimizing break-away countries, as many of them currently struggle with.
The UK agreed to this vote.
Cameron ageed to this vote. Most UK citizens would not have. There was no good reason I can see for Cameron to have agreed to it.
== Jez ==
Do you miss Firefox? Try Pale Moon.
"First of all, Scotland would be one of two EU nations to produce its own oil and gaz (the other is Norway)."
I've seen this so many times on the internet. Norway is NOT a member of the European Union.
>Scotland can now refuse (to honor all debts contracted in their names),,,
Indeed it could. And the rest of the UK could in retaliation destroy bridges, roads and other publicly-funded assets to an equivalent value if it wished and impose an excise duty on all Scottish exports to collect the interest.
Both would be equally senseless and neither will happen.
How about the principle of consent of the governed? Any sizable enough group of people living in a geographic area should have the right of self determination.
1) Statement of fact: Norway is not in the EU 2) Scotland will not be independent on 19th September, it will have voted to seek independence. It will have no control of its taxation, until that is agreed. It would be logical for the rUK government to inform Alex Salmond on 19th that at an imminent date the cash from UK wide taxation will cease to be paid to the Scottish government that keeps it going until it agrees to accept its debt. 1st January 2015 or the start of the new fiscal year spring to mind. 3) Until full independence, all state power will remain in the hands of the UK government
"If the remaining UK screws over Scotland out of regret for allowing independence, then it would hurt the UK just as much as it would Scotland." Certainly not. Scotland is a small country whose screwing over would barely effect rUK, but who could bring the Scots to total chaos in days. We merely want to ensure that they pay their debts; they are the ones who raised the prospect of using that as a threat - we need to ensure that they don't even think about it.
I guess there's probably other things the UK could do. Ultimately, Scotland isn't going to get independence until an agreement that both sides will accept is reached. The UK will not budge on currency union, or allow Scotland to simply shrug off the debt, and I wonder if sanctions could be imposed.
If the independence talks do stall, presumably it will be negotiated with a third part mediator. Perhaps I'm biased, but I don't see a third party accepting Scotland's demands here as reasonable.
Scotland will find it very hard to raise the funding it needs in the markets if it goes independent, but that'll be because Salmond seems to think walking away from their share of the UK debt is a viable option at all. I expect that if they did that, they could tell lenders that was a one off and they fully intend to repay debts accumulated by the new country, and I expect that lenders would buy it (after all HMG will still pay off the old Scottish debt).
I don't understand how Scotland will be given any share of the UK debt. The UK will still exist, so the UK will have the debt.
In the 2 years before actual independence I'm sure there will be negotiations about the issuance of new debt obligations to repay the UK for their investments in Scotland, but that will be new debt, not a sharing of old debt. If Scotland refuses to pay, they would be breaking their obligation to the UK, not to the UK's creditors who have no relationship to Scotland.
Whether that obligation will even exist will depend a lot on how people view Scotland's contributions to the UK. They get a tiny proportion of revenue from the North Sea oil and gas, but in my mind it would be fair to count what they didn't get as part of their contribution to the UK. How do the numbers look then?
So, the inrush of global partners wouldn't happen. More to the point, why would they rush to jump into bed with a government that has already stood up and said it is seriously considering reneging on UK debt? Which, by the way, is not the norm for newly independent countries and would be remembered by the markets. If they lent at all, they would certainly require paying for it. You really want to pay Greek interest rates on your government debt?
Think Venezuela, not Norway.
[FUCK BETA]
There is another, devastating problem. Without the moderating effects of English speakers, the Scottish dialect will quickly deteriorate to some completely incomprehensible gibberish. Mind you, there are no certified interpreters for Scottish (only for English!). Nobody will understand them anywhere but in their home country. Good luck with the forthcoming EU negotiations!
Nancy Pelosi? “Civilization as we know it today would be in jeopardy if the Republicans win the Senate.”
Slicing up assets also means slicing up debts. Or would you be OK with all Scottish pensions being vaporised overnight because the UK still exists, so the UK will have the pensions?
It'll be a hell of a job putting Hadrian's wall back up :-)
Naw - there was a bill before Parliament that disappeared when war started, but no vote, unless you can provide me with evidence to the contrary
being paid to stir. I can't think of any other reason for this kind of inane crap.
No, I'm afraid you don't understand a few things. Firstly, Scotland's oil is small beer on the global stage. The North Sea produces ~1.5m bpd, OPEC alone is something like 30m. Scotland could turn off the taps and the planet wouldn't even blink.
Bzzzt! Sorry Wrong Answer! Try again.
And I quote: "The largest field discovered in the past 25 years is Buzzard also located off Scotland, found in June 2001 with producible reserves of almost 64×106 m (400m bbl) and an average output of 28 600 m to 30 200 m (180,000-190,000 bbl) per day." (Source here).
It's not just the production that counts - it's also the size of the reserves, the fact that Scotland is very close to its primary market (the EU) and its own stability.
And, if you happen to believe that Peak Oil is almost upon us (and there is no reason to believe otherwise) then that Oil is going to be more and more valuable as time passes...
Think Venezuela, not Norway.
The right to offend is far more important than the right not to be offended. (Rowan Atkinson)
Of course.
That would mean agreeing to underwrite and subsidise someone else's heavily socialist spending policies in perpetuity. The English taxpayer already suffers from paying tax that is then shipped to Scotland and used to give Scottish and rest-of-EU students free education, but not English students. There is no way in hell they will agree to crippling tax rises to fund a country that just told them to shove it. And this was made clear to Scotland throughout the campaign.
Once that happens, Salmond will argue that being told to fund his own policies is "English bullying" just like he's done throughout the campaign, and this terrible bullying is a reason to refuse to take on any debt. This will immediately alienate all English voters even moreso than Salmond already has done.
The UK will then have multiple ways to respond, because it's in a much stronger negotiating position; it's a much larger economy and already has all the infrastructure a country needs, whereas Scotland doesn't. As a trivial example, Scotland would be dependent on London to administer welfare until it's managed to commission and build its own IT systems. Does it want a smooth transition there? OK, time to go to the markets and borrow the funds to pay the UK for those services. There are many other examples like that.
"There are and will continue to be plenty of banks in Scotland."
In order for banks to lend, they must have deposits. Given the risk of holding money north of the border, a 'Yes' vote will generate a stampede of cash south on Friday. There may be banks, but they won't have any money to lend
"There is and will continue to be freedom of movement".
Really? If Scotland has left the EU, then it will be necessary to impose border controls
"There is and will continue to be access to European markets."
Only if you get to renegotiate membership of the EU. Good luck with that until you've agreed to pay your share of the UK's debts, and then only if you are nice to the Spanish
"Scotland has and will continue to use The Pound, and there is nothing the UK government will be able to do to stop them."
Sterlingisation will result in substantially higher interest rates for all bank loans as the risk of holding money in a country without a lender of last resort is significant.
"Prices are will remain competitive; arbitrage and competitive pressures will prevent large price rises."
This, at least, is accurate because you admit there will be price rises. If you are very lucky there won't be a toll on the M6 north of Carlise and the A1 north of Berwick, but it would certainly be rational for us to impose one to pay for the cost of maintaining roads to enable good to travel to and from Scotland.
"Russia will NOT invade Scotland... FFS! Why do I have to comment on this kind of purile shit?"
Given Putin's ambition and Scotland's oil, an attempt seems like an entertaining prospect. Not a visible invasion at first of course; Scottish socialists would start rioting as a result of the economic chaos following Scotland's ejection from the EU and then invite Russian peacekeepers to restore order. A referendum would be organised for Scotland to join the Russian Federation.
Of course that's not likely - but the idea that Scotland should become freeloaders like many other European countries, dependent on Uncle Sam to protect them from a bear that is demonstrably on the prowl is disappointing.
Yes, because of course no bank would ever want to be in a new country with an educated workforce, low unemployment, and lots of natural resources! Small places like Luxembourg and Switzerland are absolutely barren, devoid of banks, money, or access to markets! The poor people of Liechtenstein and Monaco are starving and barely literate! Don't turn Scotland into a dump like Norway!
(That was sarcasm, for the sarcasm-impaired.)
Tell that to Abraham Lincoln. He set the military on a bunch of US states that wanted self-determination. Or are the US schools painting Lincoln as an evil tyrant these days?
== Jez ==
Do you miss Firefox? Try Pale Moon.
I don't really understand the political or economic motivations of Scottish independence.
The political side would make more sense if Scotland was greatly different than UK culturally and had a significant short-term history of English subjugation. The Scots really aren't an ethnic or racial grouping, except at some micro level and don't seem to have a serious complaint regarding discrimination on language or religious grounds.
The economics make less sense -- Scotland has been economically integrated with the larger UK for a long time. Had Scotland split off in 1850, it would have been at a time when economies were smaller and much more locally self sufficient and it would have had time to develop into something that The economy seems much more regional now and it will be a hard transition to a more standalone economy.
'No local banks' - rubbish. London centred RBS might move its HQ to London, but I don't see why there'd be no access to capital, and there are other banks in Scotland, and finance is an international business already (you know HSBC stands for Hong Kong-Shanghai Banking Corporation right?).
'access to EU markets and the freedom of movement will be curtailed' - if anything it'll be expanded - Scotland has a much more positive view of immigration than the Westminster bubble which is dominated by xenophobia. Scotland will be allowed to stay in the EU, it makes no sense for the EU to kick them out (at least whilst the rUK is in the EU).
I'd be more scared that the Tory back-benchers will get their way and we'll have an in-out EU referendum. That could be won by the anti-EU people, leading to isolation from the rest of Europe, a large part of the financial services industry fleeing to Frankfurt and real curtailment of movement and capital flow.
There is a principle in economy attributed to Keynes that says: "In the long run we are all dead"
People suffering the severe consequences now probably shouldn't worry much about a century later. That is 4 generations in the future for their great-great-childrens with really no objective gain assured.
The UK can't refuse to have a currency union in practice. It might go as far as the European courts or other international bodies, but the currency is basically as much theirs as it is the rest of the UK's.
If the vote is yes then the rest of the UK will negotiate a union because it's in their best interests. Otherwise investors are going to start pulling out of the UK fast because if Scotland doesn't keep Sterling the rest of the UK's debt will increase massively in proportion. Sterling would also lose many of the assets it is valued against, like North Sea oil.
const int one = 65536; (Silvermoon, Texture.cs)
SJW, n: "Someone I don't like, and by the way I'm a fuckwit" - AC
You make the assumption that the planet will not transition to a primarily renewables energy mix. Given that a number of renewable sources are already competitive with fossil fuels and investment at scale is only beginning in this sector, I would suggest that is a hell of an assumption to hang your country's prosperity on.
[FUCK BETA]
People forget about their wind resources too. By 2020 they will be 100% renewable; that is, 200% capacity available with half of it being renewable, mostly wind. They will be exporting a lot of clean energy at a time when the rest of the UK can't seem to convince investors to build new capacity.
const int one = 65536; (Silvermoon, Texture.cs)
SJW, n: "Someone I don't like, and by the way I'm a fuckwit" - AC
The UK general election will be 7th May 2015. The government that agreed to this vote almost certainly won't be the government that is negotiating.
No party is going to stand on a policy of "We're going to give your taxpayer money to this new independent Scotland because the last government agreed to the vote." They're going to stand on the "we're going to save as much money as possible for you and stop these handouts to Scotland."
God said, "div D = rho, div B = 0, curl E = -@B/@t, curl H = J + @D/@t," and there was light.
The North won. Therefore Lincoln was a good guy, and completely right. If the South had seceeded, I'm sure it would be seen as equivalent in importance to the War of Independence, with the North painted squarely as the villains.
"There may be banks, but they won't have any money to lend "
FUD.
"it will be necessary to impose border controls"
FUD
"Only if you get to renegotiate membership of the EU"
FUD
"Sterlingisation will result in substantially higher interest rates"
FUD
"you admit there will be price rises"
FUD. There are always price rises.
All *you* have is fear uncertainty and doubt. You should live a better life.
Independence!
Smaller Europen nations are wealthier on average than their larger neighbours. Scotland is an exporting nation (even without oil), it will gain in wealth. This will happen for Scotland, and relatively quickly too as England's current account goes rapidly into crisis mode. You guys import far too much and don't produce enough. You will have to buck up, tighten your belts and start pulling your weight.
http://www.zerohedge.com/news/2014-09-15/why-scotland-has-all-leverage-one-chart
I wish both Scotland and England the best. This separation should be amicable. In fact, hopefully it give both countries strength in competition and to set examples for each other in both how and how not to govern.
Texas might not be far behind you.
Life is not for the lazy.
Slicing up assets also means slicing up debts.
That's a bit tricky because whose assets were they to begin with? If the UK says "If you want your North Sea oil and gas, you have to do so and so" then is that fair? Don't those assets belong to Scotland by right anyway? It's not like the UK (or anyone) created the oil and gas, so they have no claim on it in terms of debt.
But in principle I agree with you and Scotland should in my opinion take responsibility for some share of debt if it's determined that they benefited from that debt. I'm just not sure it will come to that. It seems entirely possible that through their contributions over the years of fish, oil, gas, usage rights for the military, etc, they have paid more than they received. If hypothetically that were the case, would you agree that instead of Scotland taking on shared debt, the UK should actually reimburse them and be in Scotland's debt?
Or would you be OK with all Scottish pensions being vaporised overnight because the UK still exists, so the UK will have the pensions?
It's the opposite of that, right? The UK still exists, so the UK owes those pensions. If the UK ceased to exist, then yes the pensions would disappear. Like when a company goes bankrupt and ceases to exist.
Arguing that Scotland must be a part of the UK, but Ukraine must NOT be a part of Russia is going to be really hard to get anyone to take seriously.
I think this is one of the most absurd set of arguments I've ever seen.
You know that when Scotland was offered union and accepted it, it was bankrupt. It got wealthy as part of the union. So perhaps Scotland should pay large sums of money to the UK when it leaves for the privilege of being saved from poverty all those centuries ago?
That position makes about as much sense as yours.
To whom? Foreigners who don't have the right to vote any more? OK, then I guess the English will just seize the funds and put them back into a general pot to help offset the shared debt that wasn't taken on board by those same foreigners.
I really hope nobody in Scotland is stupid enough to try the arguments you just put forward for real. That would be a fail of truly epic proportions.
A smooth transition isn't a "handout", it would be in the best interest of both sides. Regardless of the outcome they still have to live side by side on the same island and will be a major trading partner. Amicable divorces are much better than pointlessly bitter ones.
When two friends split a business they choose how to split up the assets.
The Pound and EU membership and assets.
Where is it written the London automatically gets to keep them?
Seems like Scotland has just as much a claim.
You're mixing up currency and currency union. Salmond has been deliberately obfuscating this so the confusion is not surprising, but they are different things.
Post independence Scotland could continue to use the pieces of metal and paper we tend to think of as "the pound". It could still express prices in pounds. The UK cannot stop this nor would it care to do so, even if it could. Scotland can keep the currency.
Currency union is an entirely different matter. Currency union is about decision making and who pays for what in future should things go tits up again. This is not a physical object or landmass that can be split up. It's called a "union" because it involves people working together. This is categorically not on offer because Scotland has shown no preference for economic policies compatible with the rest of the UK, really it's shown the exact opposite. So English people working together with Scottish people to create unified economic policies on this wouldn't really be possible, the disagreements are too deep and English people outnumber Scottish quite significantly. Thus it'd only make sense if Scotland agreed to give up most of the independence it had just won. Otherwise it'd be Greece all over again. Profligate teenager wouldn't even begin to describe it.
There is one situation in which CU could actually make sense - if Scotland strongly and consistently voted for the same economic policies as the UK had, and could be trusted to do so for the forseeable future. However this isn't a Scotland that anyone has been seeing during the independence campaign, so it's hard to imagine things changing anytime soon.
With respect to the debt, I think in the event of independence all the opinion polls suggest the UK will take a firm line. No currency union and they split the debt equally too. It's not up for debate. This is actually a fair position - split the debts and financially each goes their own way - but I doubt Scotland will go for it, and the amount of pain that could result for both sides is quite astronomical. This is why such a large proportion of people don't think independence is worth it.
but it would certainly be rational for us to impose one to pay for the cost of maintaining roads to enable good to travel to and from Scotland.
Well this has to be the stupidest idea here.
Does France charge Spain for the cost of maintaining roads to and from Spain? Or do they maybe realise that roads go both ways, as does the goods on it.
The UK can't refuse to have a currency union in practice. It might go as far as the European courts or other international bodies, but the currency is basically as much theirs as it is the rest of the UK's.
Actually the rUK can refuse a currency union, and it will - there is nothing stopping it, and no foreign court has jurisdiction here. There is nothing stopping Scotland from *using* Sterling as its currency, but that's not what's being discussed here as I said in my earlier post - Salmond wants a seat at the table when it comes to Sterling fiscal policy, while none of the Westminster parties want to sit next to him, because they do not want to be beholden to a second economy when setting fiscal policy for the rUK.
That's what this discussion is all about. Why should Westminster have to share fiscal decision making with an "independent" Scotland?
Go ahead and use Sterling as the thing you use to buy and sell things - but you aren't getting a seat at the Bank of England table.
Infact, Salmond could quite easily take the entirety of the Bank of England and Sterling with him, but that won't solve his issue - it doesn't get him a stable currency because the Bank of England will no longer be backed by the Westminster treasury, and as the Bank of Englands assets would still be sliced up as before, he wouldn't get any more money with which to base his lender of last resort on.
What Salmond is after when he says "I want a currency union" is actually "I want a backing lender that I can rely on to bail me out regardless, but I don't want to set up my own backing lender because that is costly and would mean I would have to renege on my taxation promises, and anyway said new backing lender would not have the standing on the international financial markets because of its lack of history and backing of an established economic policy and government treasury, so what I actually need is a backing lender linked to the Westminster government. Crap."
Problem is, the voters don't understand the complexities of all that and simply believe Salmond...
If the vote is yes then the rest of the UK will negotiate a union because it's in their best interests. Otherwise investors are going to start pulling out of the UK fast because if Scotland doesn't keep Sterling the rest of the UK's debt will increase massively in proportion. Sterling would also lose many of the assets it is valued against, like North Sea oil.
Investors aren't going to go anywhere, because the financial worth of the City of London far outweighs the potential revenue of the north sea oil - don't get me wrong, that oil revenue is a nice to have, but it won't break the rUK not to have it. The bulk of the GDP of the UK resides outside Scotland, so we aren't in anywhere near as much of a sticky place as you think we are, especially as most large Scottish financial institutes will have to move south of the border to satisfy EU and WTO regulations.
Sharing fiscal policy with a brand new government, one that has to find its legs, sort out internal taxation, find the balance of its people etc - thats not something we want as a country, because all that brings uncertainty and instability. Salmond can have all of that, we will just get on with our own fiscal responsibilities thanks.
I also don't see how the rUKs debt will "increase massively in proportion" - if Salmond tries to make good on his threat of not taking Scotlands portion of the national debt, then the fledgling Scottish treasury will have a fairly poor international credit rating, right at the time it needs to be borrowing in order to set up its central bank.
Don't fall into the trap of believing Salmond and his supporters when they link a currency union to debt - a countries debt is not linked to the currency that country uses, its an entirely separate thing. It might be denominated in that currency for the purposes of reporting, but it isn't linked to it - it doesn't magically go away if the UK stopped using Sterling, and it doesn't mean that Salmond can legitimately refuse to take the Scottish share of debt without a currency union.
Sorry but fuckit.
What's with "shake up industry" ? What does that even mean. Christ did no one go to school.
What industry? Which industries? Not just "shake up industry" that makes no actual sense.
While I'm at it and going to be mod'd down anyhow, "best for baby" in infant commercials, what the shit? No, it's best for "the baby" or "your baby" but "best for baby"? Nope, no and no sirree.
I only retained about 50% of what I was taught in English and it's driving me insane what I see and hear nowadays, I can't begin to imagine what my English teachers and parents would think of the state of things now.
But I'm sure y'all could care less, right?
(I know I could)
According to FZ, they're all set:
"You can't be a real country unless you have a beer and an airline. It helps if you have some kind of a football team, or some nuclear weapons, but at the very least you need a beer."
OK, maybe they need to work at the football a bit.
The Yes and Better Together campaigns have sensationalised both sides of the argument, it has been very unfortunate that unbiased and impartial facts and information have been so out of reach. While I have no doubt the owner of the startup TFA is talking to has a much greater depth of knowledge in his field than a mere CompSci student like myself and if he feels a no vote is best for his company, then who am I to argue but some of his points are borderline repeat drivile of 'the world is going to fall down' propoganda that have been relented on Scotland increasingly as the referendum has got closer. It worked well for Canada, so it was to be expected for the No side at least. That said..
For tech start-ups, funding will be tougher to find and more expensive, there will be no local banks, access to EU markets and the freedom of movement will be curtailed.
His first argument about funding, who the hell even knows, he might be right, he might be wrong, it could be exactly the same. That really all depends on the policies of a government that would get voted in next year after a yes vote. Nobody has any idea what party that would be or what policies that party might have. Banks are going absolutely nowhere, two banks (RBS and Lloyds, who are both overwelmingly owned by the UK government is must be mentioned) have said they would move their registered address to London, and quite frankly this is a good thing. Their reckless gambling in part of the economic crash almost brought the UK economy in to chaos. We, the UK taxpayer woke up that day to be informed we bailed them out to the tune for trillions of pounds, and we better just deal with it. Of course it is in their best interests to be registered with a government who will tolerate such recklessness. The biggest threat to Scotland's membership of the EU is the UK wide referendum proposed in 2017. The current Scottish government has spent the last parliment drafting European Law in to Scots Law to make the process as easy as possible. Many of the arguments used to say rentry to the EU after a yes vote would take so long are based around examples like Turkey who are just a mile off meeting the many requirements set for EU entry.
Some countries may veto Scotland's entry into the EU because "they do not want their own secessionist regions to go for independence,"
Some countries with their own scessionist regions wanting independence have already stated that if Scotland votes for independence it will have no problem agreeing to her entry to the EU because the referendum is taken place in full agreement with the UK government. (He is referring to Catalonia in Spain)
Outside investors are always looking for new oil fields and that won't stop after independence. It may be small fry but it's still billions of pounds.
The currency union can't be blocked. Even if it were they would not be reneging, they would simply no longer own that debt. It's the BoE's debt, and if they no longer used the BoE why would they continue giving it money? The debt goes with the currency, it only exists to maintain the value of the currency.
const int one = 65536; (Silvermoon, Texture.cs)
SJW, n: "Someone I don't like, and by the way I'm a fuckwit" - AC
Look at a map. The roads north out of England only exist to provide transport to and from Scotland. The question is whether the English will bother to maintain them once there's no union; we get relatively little benefit from them, since Scotland is a relatively small market for us. For Scotland it's a big issue. It's therefore entirely reasonable for us to look for a contribution from Scotland for the maintenance of those roads, whether as a toll or explicitly.
The new Doctor Who is causing Americans problems because of his Scottish accent...
James Clerk Maxwell
Seastead this.
Imagine how the Scottish feel having to accept crippling austerity to prop up reckless English banks. Yes, obviously RBS is Scottish, but it's losses were all made in London under weak UK regulation from the Thatcher era.
const int one = 65536; (Silvermoon, Texture.cs)
SJW, n: "Someone I don't like, and by the way I'm a fuckwit" - AC
One thing that's been conspicuous by its absence in all discussions is nationality. Will the Scots get their own passports? and how will they be allocated? By residence - how to handle ex-pat Scots in England and English in Scotland? How to establish the foundations for applying for nationality? Rescinding of UK citizenship when becoming a Scot?
Then how will Scotland pay for and staff up embassies around the world? they surely wouldn't want to use the existing ones would they? after all they are escaping from us - to want to ride on our backs would be hypocritical in the extreme.
If they do split and things go well for them - that's great; if things go badly and the evil English aren't available, who are they going to take the blame?
As I said - there's been a deafening silence over this.
First of all, Scotland would be one of two EU nations to produce its own oil and gaz (the other is Norway).
Why would Scottish independce lead to England, The Netherlands, Denmark, Romania and France stopping oil production? Or to Norway becoming an EU member?
Do you seriously think that England will erect a fence all along the border and place immigration checkpoints along it? Do you really think that the Spanish will lock themselves out of Scottish fishing waters by blocking their EU membership? And then the rest of the UK will just watch as Russian soldiers arrive on their doorstep?
This is the kind of fantasy people talk about when they mention scaremongering. It's not even remotely based on reality.
const int one = 65536; (Silvermoon, Texture.cs)
SJW, n: "Someone I don't like, and by the way I'm a fuckwit" - AC
Was practically invented in Scotland - The universities of Edinburgh (and Cambridge too) being home to FP research (and researchers like the late Professor Robin Milner and the very much alive Dr Philip Wadler, https://twitter.com/philipwadl... ) that is at least as significant to our industry as Lisp (maybe, eventually, even moreso) - the branch of languages and theory that begat the ML family and begat Haskell.
you had me at #!
Just going to quote this here so readers can ponder this contradiction. RBS was bailed out at huge expense. It is indeed based in Edinburgh and the S in RBS stands for Scotland. So this is a very strange argument to make.
Ye gods, here we go blaming Thatcher again. You realise she's died of old age, don't you? Labour was voted in on the back of Labour voting Scots multiple times since 1991 and any of them could have changed banking regulations. None of them did. What about "true Scotsmen" like Salmond? Well he strongly supported the disastrous takeover of ABN AMRO that was largely responsible for crippling the bank and directly contributed to tanking the UK economy. In fact not only did he support RBS politically, he actually worked for them for a good chunk of his career.
In short: blaming Thatcher, a dead woman who was not in power for the last 23 years, for the failure of a Scottish bank due to a deal strongly supported by the erstwhile future leader of Scotland, typifies the kind of thinking that is making the Yes campaign seem more and more unreal.
Buzzard estimated to have producible reserves of 400m bbl? it's such small beer that it doesn't even make wiki's list of oil fields.
http://en.wikipedia.org/wiki/List_of_oil_fields
Oh, and if it were produced at 190,000 bbl per day continuously? yeah, that would last 5 years. good luck with that.
MUUUHAHAHAHAAAAAAAAAAAAAA!!!!!!!!!
Absolutely hilarious hyperbole!
I salute you sir.
You were just being ironic, weren't you?.....
It is not the Bank's debt; it is the UK government's. You can read the DMO contracts if you like. And the debt does not have a monetary purpose: it is issued to finance government spending.
You're right, sterlingisation can't be blocked, but full-on currency union certainly can. I don't think anyone in the Yes camp gets that no-one in Westminster is interested in entering into a currency union - not with Europe, and not with Scotland either. What's in it for them?
[FUCK BETA]
What happens to Scotty in this universe? Instead of engineering, will he go all Braveheart on the Southerners in the UK? My world is so confusing...
That is all.
I don't who taught you to read, but even across the North Sea it's obvious that it is Better Together, not the Yes campaign, who are threatening a nasty vicious divorce.
And second, it's an entire Yes campaign. It's not just the SNP. If even I can get that from here in the Netherlands, what's your excuse?
"I know I will be modded down for this": where's the option '-1, Asking for it'?
Looked into it a lot - can't wait to take ownership of our own country.
Who's going to reject Scotland, anyway? Scotland, like California, sends in more tax money than they get back, and they're sitting on huge oil reserves in the North Sea. Or are you afraid your family is going to lose it's feudal estate with it's captive population of serfs?
They will make Sweden look positively draconian. Get ready for unlimited immigration and welfare.
But if they are actually stupid enough to do that they'll have made an enemy of an economy much larger than theirs, their largest export market, a country they're heavily dependent on for the basic infrastructure of running a government...
I have no dog in this fight (not that it's not entertaining theatre), but I also know that capitalists have very few enemies they will not sell to. If they were willing to deal with tinpot Central American dictators, you know they'll have no issue whatsoever in dealing with the Scots. You're probably overestimating the actual level of dislike between Britain and Scotland, even in the face of divorce. And you're especially overestimating the dislike of bankers cozying up to whomever they can make a profitable deal with - sharks have no national loyalties.
That being said, if the Scots really wanted to piss off the British, they could apply to France to become a protectorate and then keep the nukes.
That is all.
they're going to find it hard to secure the financing and trade deals they're going to need to make this work.
I submit that current trade agreements such as TIPP only work to lower wages and shift jobs overseas. In which case a vote for independence would be very beneficial to the Scottish people.
Take the cheese to sickbay, the doctor should see it as soon as possible - B'Elanna Torres, "Learning Curve"
Well, looks like Scottland is gonna get its first influx of engineers in a hundred years.
"Look at all those redshirts!"
"Dude, that's ketchup."
(-1: Post disagrees with my already-settled worldview) is not a valid mod option.
Wait, what? Why are you comparing a single country's output to a dozen other countries combined? Any oil rich area can be hand waved away by that line of reasoning: Alaska, Kuwait, North Dakota, Louisiana....
Get psychiatric help, before it's too late. You're mental.
You know that when Scotland was offered union and accepted it, it was bankrupt.
I did not know that, but having looked into it just now that's interesting. I had no idea Scotland ever tried to establish a colony, and it's remarkable that a country could come together enough to put 20% of their entire currency into one business venture.
It got wealthy as part of the union. So perhaps Scotland should pay large sums of money to the UK when it leaves for the privilege of being saved from poverty all those centuries ago?
See now that makes no sense. We were talking about assets and debts, and now you're talking about charging Scotland for the ability to become wealthier. How do you put a price on that that makes sense? If you're going there, you'd have to also charge to England the cost of the privilege of ruling them for so long. I think that's stupid and it makes more sense to focus on things that can be priced reasonably.
I don't see why talking about actual physical assets like oil and gas is "one of the most absurd set of arguments" you've seen, though if you conflated those easily quantifiable things with garbage like "the privilege of being saved from poverty" then I actually understand your confusion and frustration.
To whom? Foreigners who don't have the right to vote any more?
I'm sure you can explain if I'm wrong.. but yes... surely if you earn a pension in England and then leave you don't give up your pension? That's incredibly uncivilized. My mom is from Germany and worked there for a time before coming to America, but she gets her small stipend still. My grandmother lives with her and she receives her retirement income. Are you being serious right now?
OK, then I guess the English will just seize the funds and put them back into a general pot to help offset the shared debt that wasn't taken on board by those same foreigners.
Wow. Do you not understand that the national debt is not a shared debt for some random guy whose pension you want to steal? If I leave America today and move to Switzerland and give up my citizenship, guess what, I do not have to pay off my "share" of the American national debt!
Are you seriously this mixed up that you are confusing national debt with an obligation by individual citizens?
Talk about an absurd set of arguments.
It's not just the production that counts - it's also the size of the reserves, the fact that Scotland is very close to its primary market (the EU) and its own stability.
If Scotland becomes an EU member, yes. Otherwise the UK could - if the divorce leaves a nasty aftertaste - probably persuade very high tariffs on Scottish oil.
It's been bad enough with the BBC acting like Pravda (Irvine Welsh's own words in his recent "Time" article) without having to come to Slashdot and find propaganda here too.
"there will be no local banks, access to EU markets and the freedom of movement will be curtailed,"
Utter and total nonsense.
Scottish citizens are EU citizens regardless of how they vote.
EU will not give up access to the North Atlantic (Iceland & Norway are NOT in the EU).
If Scotland goes then it effectively removes the EU fishing fleet from the richest fishing grounds it has.
"Cutting their nose off to spite their face", would be the best way of describing the fear mongering, yes I used that phrase because it's all we ever get about Independence.
No local banks? Eh? So they will all up sticks just like Westminster has been spinning. Unlikely.
My parting word on this is this.
Regardless of the arguments for or against the "NO" campaign has been a campaign of negativity, fear and doom.
If you know anything about marketing you'll know that consumers don't listen to negatives only positives
and I quote "Pravda"'s Bio on the Scottish First Minister Alex Salmond in backing this up.
"It seemed Labour was on course to win the 2011 Scottish election, but Mr Salmond - never to be underestimated - launched into the contest with a positive campaign.
When he came up against Labour's negative, attacking style, Scots voters decided there was no contest - and the SNP was returned with a jaw-dropping landslide win."
Sound familiar?
http://www.bbc.com/news/uk-scotland-scotland-politics-28835771
The UK agreed to this vote.
Cameron ageed to this vote. Most UK citizens would not have. There was no good reason I can see for Cameron to have agreed to it.
Uh, he would've looked like a tyrant if he hadn't? I'm not UKian (uh, what will the right term be soon?) so I haven't paid attention to the beginning of this saga but if opinion polls showed that a "yes" was unlikely, he might just have gambled.
Both Hunterston and Torness, the two Scottish nuclear power stations will still be operational in 2020, producing about 2GW with an uptime of about 90%. The SNP, if they're in charge in an independent Scotland (and they're a one-note political party in the main, independence being their focus) want these reactors decommissioned and replaced with... they're not sure but no nukes! Gas-burning CCGTs, probably although the North Sea gas fields are not what they used to be so fuel will probably have to be imported after a decade or two. There are still a few coal-fired plants around and several wind farms, a couple of GW dataplate output but some days they only produce a few dozen MW in total. Solar is a non-starter in a country where the sun is in the sky for six hours in the winter and it's usually cloudy then anyway. Hydro, about a GW of capacity but it can't run 100% of the time, just when there's been enough rain recently. Sea-floor turbines are being trialled at the moment, no track record on costs per MWh generated, maintenance overheads etc.
Fossil fuel will provide a lot of Scotland's electricity for the forseeable future especially if the nuclear plants are not replaced when they are either shut down by government fiat or they reach the end of their licence periods and can't be relicenced.
A major English offshore wind project recently didn't go ahead even with a price guarantee of about UKP 145 per MWh, or in US consumer terms about 24c per kWh wholesale to the grid suppliers -- that would be about 30c/kWh to consumers after grid supply costs and profit figures were added, about what the Green Germans are paying and double the price of French nuclear-generated electricity at the wall-socket. I can't see Scottish wind power being any cheaper especially with the extra backstop gas generation and storage needed to keep the lights on when the wind stops blowing.
No, not really. Anyway, why would Cameron care about looking like a tyrant to the Scots? The Tories basically have no presence in Scotland anyway, and nothing to lose. Nevertheless, there are myriad ways he could have set up the referendum to as to make it very hard for the SNP to win; requiring a 75% vote in favour for example, or allowing Scots currently resident in England to vote - or even allowing the whole UK to vote. Why he decided to set up a referendum extremely favourable to the independence campaigners is anyone's guess.
== Jez ==
Do you miss Firefox? Try Pale Moon.
For tech start-ups, funding will be tougher to find and more expensive, there will be no local banks, access to EU markets and the freedom of movement will be curtailed,"
On what is that Angst based?
The claims are completely ridiculous.
Scotland is just the first one, many more european regions will follow. As the union becomes bigger, the fragments of it become smaller and more powerful.
The next candidate imho is Catalonia, and it is likely less than a decade that north Italy will separate from the south.
So, why exactly should any european country deny a Scottish citizen travel?
Cost free eBook I read (by iBook/Kobo/Amazon/ObookO/Gutenberg etc.): "The Green Odyssey" by Philip Jose Farmer.
And with Obama in the oral office you can expect that there will be NO fast response. That is bad. VERY BAD as without the U.S. recognizing Scotland as an independent country there are serious financial issues; Try to get insurance for your business; Try getting a loan ( as noted); Try getting valid passports that the U.S. will recognize!!!
Scotland separating is like filling the bagpipes with haggis, lifting the kilts, and smile and enjoy sitting on it for a very long time.
Of course there will be The Bonnie Banks o' Loch Lomond.
Nullius in verba
The UK hasn't started killing off Scots yet, so the comparison is somewhat premature.
Doesn't mainly focus on a fence - though that would be necessary - but on depriving Scots without rUK citizenship of the rights of rUK citizens to live and work in the rUK.
And yes, I have no doubt that Scotland will be excluded from the EU for a period unless it rolls over and plays dead on a lot of issues, the Euro, abandoning Maggie's rebate and any control on Spanish fishing boats being some of them.
http://www.telegraph.co.uk/new...
FFS! Why do I have to comment on this kind of purile shit?
Clearly Scottish educational standards seem to have slipped a bit, at least in terms of spelling!
You're mixing up currency and currency union. Salmond has been deliberately obfuscating this so the confusion is not surprising, but they are different things.
Post independence Scotland could continue to use the pieces of metal and paper we tend to think of as "the pound". It could still express prices in pounds. The UK cannot stop this nor would it care to do so, even if it could. Scotland can keep the currency.
Currency union is an entirely different matter. Currency union is about decision making and who pays for what in future should things go tits up again. This is not a physical object or landmass that can be split up. It's called a "union" because it involves people working together. This is categorically not on offer because Scotland has shown no preference for economic policies compatible with the rest of the UK, really it's shown the exact opposite. So English people working together with Scottish people to create unified economic policies on this wouldn't really be possible, the disagreements are too deep and English people outnumber Scottish quite significantly. Thus it'd only make sense if Scotland agreed to give up most of the independence it had just won. Otherwise it'd be Greece all over again. Profligate teenager wouldn't even begin to describe it.
There is one situation in which CU could actually make sense - if Scotland strongly and consistently voted for the same economic policies as the UK had, and could be trusted to do so for the forseeable future. However this isn't a Scotland that anyone has been seeing during the independence campaign, so it's hard to imagine things changing anytime soon.
With respect to the debt, I think in the event of independence all the opinion polls suggest the UK will take a firm line. No currency union and they split the debt equally too. It's not up for debate. This is actually a fair position - split the debts and financially each goes their own way - but I doubt Scotland will go for it, and the amount of pain that could result for both sides is quite astronomical. This is why such a large proportion of people don't think independence is worth it.
It is you who are mixing things up.
Before the vote, of course all the Westminster government figures are going to say in public "no to a currency union".
In private, one government minister has already said anonymously in the Guardian Newspaper "of course, currency union is back on the table".
After the vote, the Bank of England will have the responsibility to be lender of last resort for all of the UK until separation in 2016.
They will of course enter into negotiations with rUK and Scotland on how to balance
a) Scotland's desire for currency union
b) rUK's desire that Scotland continues to pay back its share of national debt
Salmond and the SNP hold the cards here - rUK is never going to voluntarily take on an extra 10% of debt - they have enough already.
Scotland is never going to default on its debt.
The settlement to have currency union will be around constraints on Scotland and its economic levers in order not to drive a wedge between rUK and Scottish economies.
A deal will be done.
No they belong to the United Kingdom because until they Vote Yes and the official handover etc Scotland dosn't exist as a political entity nor a legally recognized country. They don't own any assets currently. The same applies to England.
Looking at the raw numbers (without oil) I bet that someone most certainly will loan to Scotland. Scotland could probably privately issue bonds in the US and succeed. Better yet if Scotland offered shares as when the Bank of England was formed where limited numbers per individual were available to people in the US then it WOULD succeed. I'd throw in a grand. I could easily see a million other Americans doing the same. With a hundred grand limit I could see the Scots hauling in 10 billion US at least. Scotland should have its own currency. Sentiment and identity is worth money.
Scottish ventures offered in the US would likely attract much interest as well. The US investment situation is ridiculous right now. The Scots could probably make their own US bubble right now. I would trust a Scottish concern more than a Chinese one...or a US one for that matter.
You are forgetting about the international rules governing these things. The WTO and IMF have both regulated currency issues when counties split before. The general principal is that if both countries have a stake they have to share fairly, or one can choose to walk away at its own expense.
The BoE belongs to Scotland too. If England wants it then it may be possible to negotiate that, but it would have to take on the debts owed as well. The rest of the UK can't just grab something that is jointly owned with Scotland.
const int one = 65536; (Silvermoon, Texture.cs)
SJW, n: "Someone I don't like, and by the way I'm a fuckwit" - AC
The first shots were fired by the South though. Before the war, the southern states inded enjoyed a lot of self-determination. They weren't their own country but they certainly had plenty of major concessions, and a very sweet deal that gave slave states extra representation.
The straws that broke the camel's back so to speak, was refusal to expand the slave trade to US territories, and that Lincoln won the election without winning any southern state's electoral votes. Both of those essentially said that the south was losing political power (no new slave states meant the balance of power in Washington wouldn't favor them). Democracy is fine and all, as long as your vote has strong influence. But when a group finds themselves in a minority then democracy stops seeming as nice as it once was.
Many of these self-determination movements actually do seem to revolve around the idea of becoming the majority again or regaining some lost political clout, when there's no actual abuse or tyranny by the majority.
Probably not. The South would not have kept going with the slave system for much longer, it still had a very poor economy. A lot of today's grumbling in the South comes from the harsh reconstruction period rather than from any tyranny from the North from before the war. So if the South did secede the most they'd have to blame would be an economic isolation (not just from the other states, but probably from much of Europe). Without a brutal war there's no villain to point fingers at. There's also been some revisionist history over time that the war was not really about slavery but about a way of life, stuff like that. Without the war it's likely that over time southerners would realize how stupid slavery really was and that maybe the north was right about trying to restrict its growth.
Ukraine has never been a part of Russia though. It was a part of a Russian empire, and a part of USSR, but that's not at all the same as being a part of Russia itself. It was mostly a divided area of land ruled by a variety of other groups over its history, it's been a part of several non-Russian empires as well. It's a very complicated history but distinct from Russia.
Scotland on the other hand has been a part of the UK for 300 years. The English did not force a famine in Scotland, although Stalin did force a famine in Ukraine (yes I know about Ireland). Scotland actually has a referendum that appears to all intents and purposes to be legitimate under national and international law, it is not a quick rough shod referendum imposed by a small group that stole power at gunpoint.
Anyone trying to equate the Scotland referendum with the Ukrainian situation is hard to take seriously.
I guess it's a bit like Florida choosing to break away from the US, having a pro-Florida political party endlessly demonizing "them" (the rest of the US) as causing pretty much every economic and political woe Florida has going for it. As an English guy, I think this whole situation really sucks. If the UK breaks up, the whole of Britain will be worse off for it, but I suspect Scotland will take the bigger brunt of the pain. And given that it will have made the decision, it will deserve to.
Key West (a part of Florida) did secede from the US in 1982, and successfully forced a US amphibious invasion force to surrender in 1995. http://en.wikipedia.org/wiki/Conch_Republic
I quite agree slavery would have been abolished eventually. The US is actually unusual in that a war ended slavery. Most countries managed to eliminate it peacefully.
I don't think it was just about slavery though. While I'm sure a lot of people in the north were sympathetic, the idea that so many were sympathetic enough to actually risk death seems a little too heroic for a typical person. The southerners would have been fighting not for *their* right to own slaves, but for some rich landowner. The actual reasons must have been more complex.
I don't think you have the slightest clue what the international rules are. If Scotland wants to argue for even anything in it's favour then independence has to be something that Westminster agrees to. If Westminster blocks independence then Scotland can go it alone and take it's case to the UN and obtain it that way, but international courts have consistently ruled that separation occurs with assets split based on population.
There is literally no way Salmond can achieve his demands- the UK is against them and will not agree to them and international courts will force him to accept a share of debt or default. This is not an argument he can win even at the ICJ or at a WTO tribunal, which ironically might not even be an avenue, because Scotland would have to get into the WTO in the first place.
The BoE belongs to Scotland in the same way that Hollyrood belongs to Westminster - all these things were purchased in sterling. Sure Salmond can argue that if they don't get the benefits of the BoE that they wont take the debt, but then the UK can argue that if they don't take the debt then they need to pay rent on the Scottish parliament buildings and similarly Scotland wont get to keep the eurofighters or frigates or NHS equipment it wants either because those are all similarly sterling denominated assets- you cannot take sterling denominated assets and not take sterling denominated debt, that will never be agreed to be anyone, whether the UK government, the people of the UK, or international courts.
Salmond's only hand is demand for faster removal of trident, but in turn the UK can veto Scottish EU and NATO entry so if Salmond plays that only hand then he is absolutely screwed by the response.
Post-separation the UK will still be the 6th biggest economy, yet Scotland will fall to 42nd. Given that economic way ties strongly to political weight (because no one wants to piss off the countries that are economically strong enough to also make them rich) do you still seriously believe Salmond has a strong negotiating hand? are you honestly that naive?
If Shetland and/or Orkney go their own way and become independent from Scotland or stick with the rest of the UK taking the oil with them then Scotland is even more screwed, it'll literally have nothing.
"Do you seriously think that England will erect a fence all along the border and place immigration checkpoints along it?"
Absolutely yes. That pro-UK rhetoric that's rife in the UK and that Salmond has been using to fear monger for independence will only grow stronger without Scotland and do you really think for one moment that any UK political party will be able to allow an open border with a country that has admitted it will have an extremely lax attitude to immigration because mass immigration is one of Salmond's plans (and one the easiest method of) to grow the wealth of Scotland?
I'm fairly pro-immigration but even I'd say we need a border there because whilst I'm fairly pro-immigration I still believe if nothing else we have to know who is and isn't coming in and out so we at least have some statistics on that - we can't do that with an open border with Scotland.
"Do you really think that the Spanish will lock themselves out of Scottish fishing waters by blocking their EU membership?"
Yes, because Catalonia brings far more money into Spain than Scotland's fishermen do.
"And then the rest of the UK will just watch as Russian soldiers arrive on their doorstep?"
No he was saying that's what would happen if the rest of the UK opted not to care what happened to Scotland, but the fact Scotland is basically sponging off the UK for security is rather galling given that Salmond's entire argument has been "We should become independent because we can go it alone and do everything better" - not defence it would seem at least.
Don't forget too that if Salmond alienates the UK taxpayer, even a modest boycott on Scottish exports would ruin the Scottish economy. Any deal he strikes has to look palatable.
Maybe we need a good cataclysm. Every major economy has major foundational flaws and can collapse at any given moment. F*** the pound. F*** the Euro. F*** Trident. These are the people that invented most of the modern world. We need the Scots to re-invent the modern economy. America has no say, they've F***ed it all up and are too big to turn it around. Scotland do not need Europe. Europe needs Scotland.
In 1932 British regime in India recommended separate states for 300 million Untouchables/Muslim/Sikh/Christian/Parsi/Buddhist/Jain communities in 2nd Round Table Conference.
https://en.m.wikipedia.org/wik...
I Have Petitioned Prime Minister Cameron To Direct Indian Regime To Conduct Referendum For Their Independence.
Casteism