The road to the bawbee currency options for an independent Scotland

Probably no issue caused more confusion in the 2014 referendum campaign or did more to diminish the credibility of proponents of independence. This lecture will review the various possibilities - continued use of sterling, membership of the eurozone, or the adoption of a national currency, which I shall, for concreteness, call the bawbee. The lecture emphasises that in the modern world currency choices are a matter for individuals, businesses and financial institutions as well as governments, and describe both the opportunities and the pitfalls.
Speakers
- Professor Sir John Kay FRSE;
- Professor Nicola McEwan FRSE;
- and Professor Graeme Roy.
About RSE
The RSE, Scotland’s National Academy, is an educational charity operating on a wholly independent and non-party-political basis to provide public benefit throughout Scotland.
www.rse.org.uk/
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[@plasticjock1090]

It's so important to bring this sort of question within a Scottish draft Constitution the question should be asked.. Do you want a uni, bi or tri legal currency system. 1. Uni as in a single currency a single point currency as per pure FIAT. 2. Bi this would be a 2 tier system one FIAT and the other GOLD, where you could deposit your savings within the Gold account "standard".. It is still manipulated within the centralised monetary system 3. Tri this would be the above and your idea of a Digital Currency because it would be a legal tender then it would be a Scottish Digital Currency say Scotcoin.. When it comes to BITCOIN this in my opinion should stay totally decentralised. This is paramount to keep centralised currencies under some sort of control because BITCOIN is truly decentralised.

[@billyandrew]

Let's go back to the _Pund._ We used it from the 1200s. England added an _'o'_ to our spelling. We only need instruct the printers to remove the _'o'_ and we're up and running. Everyone agreed? Good, my work here is done and now I must leave...my planet needs me. 🤪😂😂😂

[@freespeechforever]

Scotland listening to the Royal Society??? Adademics and economics - real economics and the real world? So much time spent teling everyone what wonderful people they will be listening to. Dull as ditchwater but educating all the same, there are many, many people who have no real understanding of economics. The key element to me is that this shows how long it has been since natonal banks actually had any real control over our currency, this, of course, is a central plank to totalitarian conrol of the world which IS here already. And the death of cash is another major control device....HMRC will own you in due course - you won't realise that until you hit trouble.

[@gubulusgabell5721]

will there be a referendum to join EU ??

[@starsailor49]

No, you WILL join the EU, Cranky has already decided.

[@Thegobstopper61]

Let's get independance before we even talk about THE EU.

[@chiefgilray]

@@starsailor49 no, there will be a referendum, don't be a prick all your life son, break the Westminster loyalist love affair with your nationalist cult leaders

[@chiefgilray]

Simply yes, there will be a referendum to join the EU. I will be voting against joining and so will MANY others

[@alancrowe6417]

@@starsailor49 62% didn't want to leave, I would suspect it is now nearer 80%.

[@jonathanwheeler4767]

We should call the currency chickens as we will be so poor witj SNP "Freedom" it will be the way to barter

[@kevinkevin-ug9po]

Jonathan, based on what? We have everything in place in the economy already. We have the economic power and resources sought worldwide. Take your negativty elsewhere.

[@clarksson674]

40% of Scotlands GDP is reliant on England. 60% of Scottish exports are with the UK. Thousands of Scottish jobs are linked to the UK and subsequent investment. Over 350 treaties (CTA) institutions and agreements would be left, leaving an envitable border with our land bridge to Europe. You guys have NO clue economically or socially

[@maxkarpushko4955]

If Scotland gets independence it should adopt Bitcoin as its reserve currency. Also could be fast to launch a Central Bank Digital Currency which could really plug us right into the forefront of the world economy and make it so much easier for people to trade without by removing the need for dollars.

[@plasticjock1090]

This is a very important point with in a Scottish draft Constitution the question should be asked.. Do you want a uni, bi or tri legal currency system. 1. Uni as in a single currency a single point currency as per pure FIAT. 2. Bi this would be a 2 tier system one FIAT and the other GOLD, where you could deposit your savings within the Gold account "standard".. It is still manipulated within the centralised monetary system 3. Tri this would be the above and your idea of a Digital Currency because it would be a legal tender then it would be a Scottish Digital Currency say Scotcoin.. When it comes to BITCOIN this in my opinion should stay totally decentralised. This is paramount to keep centralised currencies under some sort of control because BITCOIN is truly decentralised.

[@plasticjock1090]

The Czech Slovak pension issue is easily sorted out by making a law that the payment of pansion or debt is paid in the equivalent and equal value so nobody losses out.. Items like mortgages would still be due even if the lender was Scotland England or wherever..TBH it seems incredible to suggest that an independent Scotland wouldn't do that automatically. You can't have a fixed exchange rate against another currency OMG .. That's what the Tories tried to in the 90's when Soros tanked the £££

[@Gartly]

Pensions will be fully paid by the Scottish Government(NI contributions by Scottish taxpayers current exceed pension payments to Scots pensioners) who have committed to increasing the state pension to a higher figure than the UK currently pays. Mortgage providers will offer mortgages in the new Scottish currency and if any provider refuses to change the currency in which your mortgage is payable(most unlikely) everyone will have the choice to change provider. Scotland will link her currency to a mix of currencies including sterling and the euro, this is necessary to minimise the risk of speculation causing extreme exchange rate movements

[@tatradak]

@@Gartly So why doesn't the Scottish government laying this sort of information out in plain language to the people.....this sort of information needs to be laid out now not 6 weeks before the election.. We need this draft constitution so we know what we are voting for after the vote for independence.

[@leslieblair9665]

@@tatradak the Scottish Government is publishing a series of papers before the next referendum, two published so far

[@jimf671]

Same old, same old. Rubbish about borrowing that's not borrowing. Lots of "too wee, too stupid" stuff. Completely ignores the UK's failure as a nation state compared to its neighbours. Not impressed.