Hmm, well, maybe

an independent Scotland that would mainly be selling its bonds to its own domestic population? I would be staggered if an independent Scotland could not have a very large domestic market for ‘Save for Scotland’ products.

Canny people with their own money, the Scots. I’d rather expect to see a rat run for the border and a very large domestic market for “Save Outside Scotland” products myself.

After all, the last time an independent Scottish government, as opposed to individuals, was in charge of its own currency it delivered Darien. Or didn’t deliver Darien, as it turned out.

14 thoughts on “Hmm, well, maybe”

  1. In which currency are these Jockbonds denominated? If it’s Sterling they’re effing insane – borrowing in a foreign currency is a recipe for swift bankruptcy. If it’s the Euro ditto. If it’s the Groat – that could work as long as they maintain confidence in the currency. ie They can have independence or socialism but not both. The ability to borrow at survivable interest rates for a newly free Jocktopia would imply an utterly savage public sector austerity. A real austerity unlike the phoney one we’ve been experiencing in recent years. So it’s not going to happen.

  2. an independent Scotland

    Who is arguing for this? The SNP wants a dependent Scotland that does whatever the EU commands and uses the English Pound as its currency.

    This is like the kids “camping” in the back garden on a warm summer night.

    a very large domestic market for ‘Save for Scotland’ products

    This is a great plan, and there’s only one teensy, tiny, midgie sized flaw…

    The Scottish economy is, to use a technical term of art only Nobel Prize winning dismal scientists will understand, completely fucked.

  3. @TMB

    An incredibly unpleasant image which I will now have to erase from my mind with the aid of mind bleach and copious amounts of rum.
    Thanks for that…

  4. “…it delivered Darien.”

    This.

    People forget that the only reason for the Union was ‘cos the haggis fanciers bankrupted themselves and the Hated English™ had to bail the f**kers out.

  5. Most Scots believe they’ll be quids in. Ridding themselves of defence spending, trimming health and education, foreign aid. A couple of year’s austerity, sure, but good old Scottish entrepreneurship will save the day – oil and whisky. A good proportion of the population will adopt the Russian gambit: self-sacrifice…will die in a ditch before admitting they were wrong. Those with a saleable university degree or a modicum of talent will head south.

  6. For 18/19 to Scottish budget was in deficit to the tune of £8bn. There are 5.5m Scots. Thats about £1500/head. Do we really think that a family of 4 is going to save £6k per year and give it to the SNP to piss up the nearest wall (via an alkie on benefits one presumes)?

  7. Och, he’s applying the tartan tongue again!

    This.

    He has some ulterior motive which I have not yet guessed, apart of course from filthy lucre of some sort. Clearly it’s not vermine as the SNP don’t nominate for peerages.

  8. “Slave for Scotland”

    Ridding themselves of defence spending, trimming health and education, foreign aid.

    The last three would have the same people declaring the UK a fascist dictatorship if the same was done by the UK government.

  9. “Clearly it’s not vermine as the SNP don’t nominate for peerages.”

    Ah, but the Scots may vote themselves a King ( verrah thradithional, after all, Kings..). And you can never be too early to try and catch an elusive fish..
    Got to cover all the bases….

  10. In which currency are these Jockbonds denominated? If it’s Sterling they’re effing insane – borrowing in a foreign currency is a recipe for swift bankruptcy. If it’s the Euro ditto. If it’s the Groat – that could work as long as they maintain confidence in the currency.

    The bawbee.

  11. @ Tim
    I think the idea might be that a SNP version of MMT would involve a large majority of government spending being financed by borrowing so the Scottish populace would be indundated with cash that they used to buy government bonds to provide them with some future income, anticipating the collapse of the Scottish economy. A minority of the bonds would have to be sold to non-Scots to finance the import of food etc. (in excess of the money raised by selling whisky and the tiny amount of oil that they still produce in excess of their consumption).
    The problem is delayed until the non-Scots ask for their money back when the first batch of bonds mature.

  12. @ Chris Miller
    The bawbee was still part of Scottish consciousness in 1952: I hadn’t been aware that an English sixpence was worth more.

  13. @Bernie G

    SNP have already “trimmed” Health & Education spending – state schools now worst in UK and SNP pulled Scotland from Pisa rankings

    Indie means RBS, BoS, Standard Life and more leave and Scotland becomes like RoI with higher prices in Tesco etc

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