Those new Scottish Bawbies

Let us assume, just for a moment, that Scotland becomes independent, issues its own currency and then follows Snippa’s advice on how to manage it including all of his joy over modern monetary theory.

The pound Scots (Modern Scots: Pund Scots, Middle Scots: Pund Scottis) was the unit of currency in the Kingdom of Scotland before the kingdom unified with the Kingdom of England in 1707. It was introduced by David I, in the 12th century, on the model of English and French money, divided into 20 shillings, each of 12 pence. The Scottish currency was later debased relative to sterling and, by the time of James III, the pound sterling was valued at four pounds Scots.

In addition to the pound Scots, silver coins were issued denominated in merk, worth 13 shillings 4 pence (two-thirds of a pound Scots). When James VI became King James I of England in 1603, the coinage was reformed to closely match that of England, with 12 pounds Scots equal to the pound sterling.[1] No gold coinage was issued from 1638 to 1700, but new silver coinage was issued from 1664 to 1707.[2]

In 1707, the pound Scots was replaced by the pound sterling at a rate of 12 to 1 (1 pound Scots equal to 1s 8d sterling)

The odds we’re offering on it taking 6 centuries to do that again are?

9 thoughts on “Those new Scottish Bawbies”

  1. Six weeks should about do it.

    Has the Great Slug of Ely given of his wisdom on the money currently being lavished on the North Britons? Will this be rUK debt?

  2. An independent progressive country following the Godlike sage of Elys MMT will be a veritable Utopia, A Brave new world .
    A once in a lifetime opportunity to do “it” right .

    How can they fail ?

  3. My guess is that if an independent Scotland came knocking on Spud’s door for him to act as their monetary advisor he’d shit himself. Its one thing to write screeds of nonsense on a blog when no-one takes you seriously or plans to implement your ramblings, its another when you’d be centre stage in an economic experiment that would have massive implications for 5m people. I bet he’s come up with some sort of lame excuse as to why he couldn’t take the job – the need to maintain professional independence from politics, or some such blather. Anything to protect his ego from the crushing failure that even he knows deep down would follow were he to be placed in such a position of responsibility.

  4. I’ll tell you again: the UK govt should run a referendum, its question being “Do you want your constituency to secede from the United Kingdom?”

  5. Scotland already is independent: it wants to secede from the union of which it is an equal member.

    After Darien Scotland we will have Dixie Scotland.

  6. Jim – you might be right, of course, but an alternative measure of Capt. Potato’s considerable ego might have it that he felt his true value had finally been recognised and that his tireless work had at last and deservedly borne fruit.

  7. Bloke in North Dorset

    Scotland already is independent: it wants to secede from the union of which it is an more equal member.

    FTFY, at least until the sort out the West Lothian question, but I suspect independence is more likely.

  8. Scotland might be an example of a genuine ‘resource curse’ , wherein a once industrious, enterprising and inventive people have become more and more ‘entitled’. They might be better off without it, and having to actually earn their livings by their own labours.
    Some might say that a ‘green’ Scottish govt should leave the oil in the ground, but they won’t.

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