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If Scotland Votes Independant It Will Revalue Its Money

Politics / UK Politics Aug 23, 2014 - 12:09 PM GMT

By: Andrew_McKillop


Devalue or Revalue The Money?
With absolutely no doubt the question of what money an independent Scotland would use, and its value, has become the major background theme in the independence debate. The English Union lobby argues Scotland will have to devalue, suffer huge inflation, and become a European Argentina, which is pure and simple nonsense. England is the Argentina-candidate of Europe but does not have a telegenic Madame Kirchner to say so! Its money is massively overvalued on any rational basis.

Scotland's money is undervalued on any rational bais. We have oil, gas, whisky, fishing and tourism. What does England have except a de-industrialized economy, city ghettos stuffed with unemployable “New English” immigrants and its finance “industry” with Bad Banks creating fake value out of nothing - and returning it to nothing? England has debt. Scotland has resources.

This simple fact of life returns us direct to the Union of the Crowns in 1707. Preceding that, with the same prime mover William Patterson, both the Bank of England and Bank of Scotland were founded. In the English case this was to palliate English debt, and in the Scottish case to enable Scottish trade and commerce.The facts are available for anyone who wants to know – instead of imbibing fantasy.

One hinge factor in the BOS creation was the Darien Gap colonization attempt of the Scottish which totally failed and destroyed huge amounts of Scottish savings and economic resources. England already had vast unpayable government debt – but since “Maggie” Thatcher's war against Argentina for the Falkland Islands England also has ample penguin and guano stocks, if not offshore oil resources! Thatcher's Tories, from the 1980s, totally destroyed their political capital in Scotland – as even a rapid check of voting results in Scotland since the 1980s will show. The English Tory party counts for nothing at all in Scotland, for decades.

Why should the Scots vote to stay with England?

Union With England - Devaluation
Following the 1707 union between the Kingdom of Scotland and the Kingdom of England, Scottish silver, but not gold or copper coinage was replaced with new silver coins, to create a common currency for the new United Kingdom of Great Britain. The exercise was guided by the physicist Sir Isaac Newton, who also believed his mass laws of gravitation made the union of smaller Scotland with bigger England inevitable.

Initially Newton accepted fluctuations in the exchange rate whoch operated since 1600, and despite a 1697 proclamation setting the exchange ratio at 13:1, he applied a 12:1 ratio for the recoinage following Union, already a 7.69% devaluation of the Scottish money. The new coinage was made using Troy weights (12 Troy ounces to the pound), rather than the traditional Scots weights (16 Troy ounces to the pound), producing a further 25% devaluation of the Scottish money..

Coins were minted in both London and Edinburgh, the latter inscribed with the letter 'E' under the bust of the English monarch to permit them to be distinguished. Also, Isaac Newton's “monetary reform” oulawed the use of any foreign coinage in Scotland, and these “reforms” also de-monetized a range of silver coins traditionally used in Scotland such as shilling coins in several ranges of value, as well as much smaller-value coins such as the “merks”

To be sure and even today Pound Sterling is officially translated in the Gaidhlig nomenclature of the Edinurgh Assembly as Punnd Sasunnach, or Saxon Pound but it remains a foreign money, introduced like a cuckoo into another bird's nest. The extremely Anglicized bad bank antics of the Royal Bank of Scotland (RBS) is likewise seen by many Scottish voters – in elections and referendums – as another example of English or Saxon “rip off artistry”. Why should they pay for this?

The Way Forward
The SNP is for electoral reasons unable to publicly speak about the real solution for Scotland. This is an entirely separate Scottish Punnd. This will be based on the strong poins of the Scottish economy – is the money of oil exporting Norway, for example, under daily attack by the crowd of FX traders and market riggers and fixers? After Norway got rid of its Swedish parasites, it moved forward.

Simply the revenues from Scottish whisky exporting – not Japanese whisky or Ugandan or French whisky exporting – if they accrue solely to Scotland and are not shared with England, which does not produce any whisky, can cover more than 33% of Scotland's annual budget.

Perhaps the Scottish prefer to be poor and sip tea from a mug with Sweaty Betty and Phil the Greek on the outside of the mug? Perhaps they really are that stupid!

Perhaps the Scots feel proud to have their country used as a vast nuclear waste dump including the abandoned Dounreay fast reactor and its several-hundred-tons of plutonium wastes – far away from Sweaty Betty and the English middle classes, twittering each day about how “they help Scotland”. By impoverishing it. By debasing its money like they, the English, have done for centuries.

Scotland needs England like the Scots need an extra hole in their heads - the present number suffices.

By Andrew McKillop


Former chief policy analyst, Division A Policy, DG XVII Energy, European Commission. Andrew McKillop Biographic Highlights

Co-author 'The Doomsday Machine', Palgrave Macmillan USA, 2012

Andrew McKillop has more than 30 years experience in the energy, economic and finance domains. Trained at London UK’s University College, he has had specially long experience of energy policy, project administration and the development and financing of alternate energy. This included his role of in-house Expert on Policy and Programming at the DG XVII-Energy of the European Commission, Director of Information of the OAPEC technology transfer subsidiary, AREC and researcher for UN agencies including the ILO.

© 2014 Copyright Andrew McKillop - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisor.

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