Friday, September 7, 2012
Scottish independence; shit talk is becoming all the rage in Scotland as Jim McColl thinks taking on more debt is the solution to economic crisis
It seems that one of Scotland’s leading businessmen Jim McColl has decided to back independence.
In a previous existence, he supported a devo-max solution for Scotland which incidentally no one can articulate and isn’t deliverable by Holyrood.
Of course the SNP will welcome his conversion but in reality another rich guy joining Alex Salmond’s clique isn’t going to change anything for ordinary working class people in Scotland.
His reasons are his own, but he says the country’s economy is destined to “flatline” unless Chancellor George Osborne changes tack.
Independence isn’t going to solve Scotland’s economy problems, unless you buy into the subjective opinion that Alex Salmond can do what every other sovereign nation can’t do.
Solve the global economic crisis!
In an indy Scotland, financial regulation would be devolved to London.
Maybe he isn’t aware about how politics and economics work because if he was, he won’t be talking such shit in public.
Does he believe that bizarre claim by the SNP Government to abolish poverty as well?
In an indy Scotland, we would have no control over currency at all, and no control over interest rates since Sterling is controlled by the Bank of England.
And there is no agreement on monetary union post independence or agreement of anything on any subject.
Let’s look at what he is saying; he claims Scottish Government’s efforts to pull the country out of recession are being “constrained.”
This means more debt, and since you can’t grow your way out of debt by taking on more debt, the ‘ponsi’ scheme would effectively collapse.
And then there is the issue of Europe, Scotland isn’t a member; there is no contract, that rests with the UK Government solely.
An indy Scotland if it wants to join the EU would have to sign up for the Euro, the SNP hasn’t asked about membership because even a law student would know that a contract is only valid if it is signed by both parties.
When did Holyrood sign an EU contract?
Did Alex Salmond?
McColl backs the SNP’s argument that, with complete fiscal control, an independent Scottish Government could borrow more cash and build Scotland out of economic recession.
In the short term there would be construction but when the crash comes, and the Scottish Government of whatever colour couldn’t sell their debt, they would be in the same position as Greece.
And what would that be?
Selling off their assets!
Greece is wrecked financially, that is why people are rioting and it’s spreading, Spain is on the brink. The European problem is a virus because the entire banking system is in need of reform and drastic measures, it’s all infected.
It has to be an EU wide solution to solve everyone’s problems at the same time, 27 nation nationalisation of the banking using a total default to reset debt. Then firewalls to ensure this never happens again.
As to McColl himself, well you have got to laugh; he has based himself in the tax haven of Monaco.
So, he pretty much had the attitude of fuck the rest of us, now we are to believe he suddenly cares about Scotland and the Scottish people?
I don’t agree with Osborne’s logic but by the same token I don’t sign up to Salmond’s opportunist agenda either because in the not too distant future he is going to be gone from Scottish politics.
I would like to see billionaire McColl who lives in Monaco up Possil or other deprived area trying to spout this crap about how you can grow yourself out of debt by taking on more debt.
The direct result of that notion is austerity beyond belief but then I don’t imagine McColl is seeing much rioting on the streets of Monaco which is a millionaire’s paradise.
Full fiscal levers aren’t the solution to Scotland’s economic crisis and anyone who thinks differently is just a clown.
If you blow too much air into a balloon, it will eventually explode much like countries with debt.
When Scotland blows up under McColl’s idea, he might hedge his bets and make money off the crash on the stock market.
The Campaign for Human Rights at Glasgow University