Olli Rehn, a former European Commissioner for Economic and Monetary Affairs and the euro.
He has a simple straight forward message for Alex Salmond and unpopular Nicola Sturgeon; a separate
Scotland could not join the EU if
it adopted sterlingisation. This latest intervention is more or less the ‘tin
lid’ for the Nationalists who should have adopted a new separate Scottish
Currency as their Plan A. Right at the start, I was looking at the various
options and it became quite clear what was needed.
Being a humble Glaswegian pottering around the place, I get to meet lots of different people who take a rather serious interest in my opinion regarding politics. I also get sent documents and information from both sides of the Scottish referendum because I am well known.
The Centre for Scottish Constitutional Studies is a think tank who has produced an ‘Alternative Financial Plan for Sovereign Scotland’, it is an interested read and like me, the home in on the fact that
independent needs its own currency.
A Scots Pound or ‘Scotmerk’ (SM), equal to 100 pence, if the SNP had operated as inclusive, they wouldn’t have stuck to their current dogma. As one person put it to me, the SNP know nothing about ‘statehood’ or what it entails or how to acquire that knowledge.
I have highlighted constantly the lack of genuine talent in the Scottish National Party repeatedly, across a range of issues; they are basically ignorant backward people. The EU doesn’t stop at membership, it encompasses issues of finance and law as well, and nothing has been done to address those matters.
So, now we have Alex Salmond’s pledge that an independent
Scotland would keep the pound without the UK’s consent looking
like a drowned rat politically. Olli Rehn basically nails it when he says “sterlingisation”
is incompatible with EU membership. Currency Union
is a non starter, “sterlingisation” is now defunct, using the Euro is toxic,
and therefore you are left with a Scottish currency.
And George Laird got it, just as I got it right on all the major issues which relate to independence.
Salmond is politically tied to the pound at present because the SNP feel that using it will generate a vote cache for them. I have never believed for a second they have any other destination than the adoption of Euro so as to smooth the way towards EU Membership.
You could say the bleeding obvious was staring you in the face, ‘what currency’ people cried but the SNP don’t want to admit what they truly want. The Euro as an idea is very interesting, but it has severe drawbacks as we have seen in Southern Countries such as
Greece. It has
been said what is needed is the currency to be split into two parts; Euro North
and Euro South to take into account the variations in economic status of EU
countries. Other people have floated the idea of an exit mechanism which would
allow a country to drop out to stablise itself when economic downturn happens.
The Euro needs a review.
Salmond recently came out with a ridiculous statement of ‘it’s our pound and we are keeping it’, a cut and paste job on the other defunct electioneering claptrap of ‘it’s
Scotland’s Oil’ used in the past.
He strongly hinted a separate
would continue using the pound unilaterally; Scotland
would then be a ‘banana republic’ without home grown bananas that unilateral
decision would mean Scotland
no longer having a central bank to control monetary policy.
To put it bluntly who in the international community would invest in
under such circumstances? If a bank went down in an independent Scotland,
the Scottish Government couldn’t save it, they wouldn’t have the reserves to
bail it out or guarantee the savings of the customers.
Olli Rehn added that having a central bank to control monetary policy was a requirement of “any candidate country” wanting to join the EU. That being the case, ‘it’s our pound and we are keeping it’ uttered by Alex Salmond makes him an economic illiterate, something that Max Keiser a financial commentator has said publicly and forcefully.
The SNP couldn’t be bothered to do the work at any level to prepare
Scotland for an
independence bid, if they had done so, they would be up on the European
Commission who demand that both Iceland
create their own “monetary authority” as part of their ongoing bids to gain
Salmond and unpopular Nicola Sturgeon created a party within a party with the SNP, this was to secure their positions as they ran a clique, below them the people or members were effective kept ignorant of policy and politics.
The entire party is to all intensive purposes nothing more than ‘sheep’.
In the World of Salmond, everyone is deluded except him, he never accepts he wrong in that respect he is well on the way towards a ‘banana republic’. Even on joining the EU, the SNP have spun the lie that they could just walk in on their terms because they think they can just do what they like and everyone will just go along.
Scotland would get a fast-tracked
membership process, instead he said what more or less what everyone else is
would be forced to apply using the “normal well-known procedures” and meet all
the necessary criteria.
Alex Salmond and unpopular Nicola Sturgeon can forget a closed door deal using Article 48, this won’t be on the table, the rules are the rules and it states that new applications for membership must be made under Article 49. The 28 current EU members have a right of veto, that right cannot be removed, in effect you can’t use part of an Article and then disregard the rest on the basis you don’t like it.
Dropping the bombshell was Danny Alexander, the Chief Secretary to the Treasury who disclosed Rehn’s letter in a speech to Chatham House in
on the basis of spreading the joy around.
“Mortgage rates would go up, credit cards and bills would go up and the Scottish Government would have to resort to the bond markets equivalent of Wonga to raise money to pay for public services in
Last night saw the Yes Camp field unpopular Nicola Sturgeon, Patrick Harvie and Elaine C Smith for an indy debate on STV, judging by reports, it was a very bad night for the Yes Camp.
Elaine C Smith was hung out to dry.
Patrick Harvie; although he is a very good speaker was totally out of his depth in relation to talking about defence matters.
Unpopular Nicola Sturgeon was beaten by Douglas Alexander, how unfortunate for Team Sturgeon in
waiting in the wings and then to see their leader go down so very easily! A
refresher course at the Allison Hunter Training School no doubts awaits her
A mop and bucket will be provided for suitable applicants.
The Campaign for Human Rights at