Thursday, January 16, 2014

Scottish independence: Alex Salmond saying that Scotland would default on UK debt if there is no currency union spectacularly backfires as UK guarantees to underwrite all debt, Salmond needs a ‘lender of last resort’, Scotland would end up trying to join unstable Euro currency, and be torn apart like Greece if they get membership

Dear All

On the issue of a currency union, Scotland’s ‘jolly fat man’ Alex Salmond has botched it rather badly.

There wasn’t any planning done which was credible, it was all crap and all assumption, the pound was used by the SNP into not frightening Scottish voters in a rather weak attempt to sway opinion.

Oh how quickly that strategy fell on its arse.

Vote for independence Salmond cries and everything will stay the same, well, that isn’t true, it never was.

Recently Alex Salmond said if there wasn’t a currency union that Scotland would default on its share of the UK debt.

It was a stupid statement to make and shows how petty Nationalism has become under his and Scotland’s unpopular Deputy First Minister Nicola Sturgeon’s failed leadership.

The UK Government has since said they will underwrite all the debt, but more than that the UK will also not be ‘lender of last resort’ for Scotland.

That’s serious because without someone backing the debt, Scotland is vulnerable.

No triple AAA rating either.

So, SNP plans for a currency union with the rest of the UK are "increasingly dead in the water" according to Alistair Darling.

The only avenue that Salmond appears to have left is the Euro.

The Euro is so unstable that entry to it will be see a catastrophic effect on Scotland’s public services.

Scotland would suffer the same fate as countries in Southern Europe such as Greece.

Darling also rightly argues in his speech that there was "no way" the European Union (EU) would allow an independent Scotland to charge tuition fees to students from south of the border.

That would be illegal according to some experts.

On this thorny issue, Darling says that Salmond must and should bring forward legal advice on this issue.

If it exists!

And as I have blogged previously, he has to produce a plan B for Scotland's currency arrangements.

George Laird right again.

That phrase has a rather nice ring to it.

Alex Salmond, the failing First Minister has already "damaged his credibility" over the Scottish Government's legal advice in relation to EU membership along with unpopular Nicola Sturgeon.

Who could forget the Sun headline… EU Liar!

As to the White Paper, that is as Darling says "largely a work of fiction" and a "catalogue of promises", it is utter tripe, produced by simple minded people who lack vision, talent and an understanding that this isn’t an election campaign.

There is a genuine lack of talent in the SNP; it is a party within a party, if you look at the current crop of SNP EU election candidates, not a single rank and file member of the party selected, all Team Sturgeon and Team Salmond candidates.

That is why the Scottish independence campaign is so dreadful; Salmond and Sturgeon surround themselves with sycophants of little talent.

Darling mentions that Alex Salmond needs to understand that he can’t impose currency union.

He said:

"Does he not accept that a currency union needs both Scotland and the rest of the UK to agree to enter into it? Should he not accept a currency union means both sides have to agree each other's budgets? That is what is happening in Europe. And that is why it is difficult to see anyone signing up to it. That is why it is increasingly dead in the water."

SNP Westminster leader, a member of the ‘feeble six’ Angus Robertson described Mr Darling's speech as "poor and panicky".

This is a man who says that Scotland would have a navy like Norway and when asked about what size that would be said he hadn’t a clue.

The UK agreeing to underwriting the debt because of Salmond’s stupid gambit leaves him with no option but to now have a Plan B, that means a Scottish pound or the Euro, given the lack of a work ethic, it looks increasingly that Salmond and Sturgeon would go the Euro route.

In principle the Euro seems a good idea, in practice; it has been a disaster in Southern Europe who has a different type of economy than Germany.

Scotland is no Germany, we would find ourselves in trouble and because the SNP Government didn’t do reform of Government or local Government, there would be severe cuts to budgets and services.

Austerity like you wouldn’t believe.

I wonder if Salmond regrets his stupid remark of defaulting on the UK debt now!

Yours sincerely

George Laird
The Campaign for Human Rights at Glasgow University 

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