I am deeply disappointed for the cause of Scottish independence and Scotland itself. The change on currency that has been proposed is a sop: it drops the commitment to the pound but it does not commit an independent Scotland to its own currency on its first day in existence. The result is that the plan still shackles Scotland to uncertainty. Worse, it leaves open the possibility that the pound will still be used. And that would be a disaster for Scotland as it will have no control over its economic policy, at all, in that case.
I note that amendments to this proposal can be tabled until late this month. I sincerely hope that a much more radical policy alternative will be put to the conference as a result. For the second time this morning I have to note the curse of supposedly left of centre economists who are actually dedicated to the structures of neoliberalism to the enormous cost of the societies that they claim to have close to their hearts.
A country without it’s own currency is neoliberal apparently. Bit of a bugger for that eurozone then. You know, the eurozone which entering is an eventual condition of joining the EU which we must so adamantly stay in?
Given the way the German economy dominates the Euro, surely it’s ordoliberal?
I don’t remember Ireland having its own currency on day one. They only changed its name in 1974 upon entering the EEC.
@ jgh
There was a 10% discount for the Irish £ against the £Sterling in my youth, so they set one up a bit before 1974
@ Tim
Anything that Murphy dislikes is “neoliberal” because that is, to him, the definition of neoliberal. So Mugabe’s Zimbabwe was also “neoliberal”.
There was a 10% discount for the Irish £ against the £Sterling in my youth, so they set one up a bit before 1974
But Eire retained UK coinage* (without the Queen’s head obvs). Which meant they worked in UK vending machines and provided interesting arbitrage opportunities along the border.
* Is this still true for Canada? I know they have $ coins, unlike the US.
How is the idiot a Prof? can someone please explain?
@ Chris Miller
I wasn’t planning to mention the apocryphal story of the Irishman who would go the bar on the northern side of the border and buy a pint with a UK £1 note and get an Irish £1 note as his change, drink his pint, and then walk across the border and buy a pint with his Irish £1 note and get a UK £1 note as his change, drink his pint and cross the border again … until closing time.
In the story it *was* a £1 note not a £10 note – today it would be a £50 note
The term “neoliberal” serves a catch-all damnation for our Ritchie. In earlier times he might have used the term “kulak” or “right wing deviationist” or “wrecker” or “rich peasant” or “revisionist” or “bourgeois” or, well, you get the picture.
It’s worth noting that Ritchie’s disappointed that Scotland isn’t getting its own currency and isn’t rushing to implement his Green New Deal for, as he said himself, Scotland’s economy would be perfect for the GND.
@ MrVeryAngry
The so-called “reform” of higher education granted a not-very-good technical college in Islington, several yards outside the City of London in the constituency of Dame Emily (commonly called Lady) Nugee aka Emily Thornberry and it adopted the name “City University” although it has no legitimate claim to that title so one wonders whether it has the same standard of integrity as Jeremy Corbyn. The status, or at least title, of “Professor” was granted by the aforesaid “City University”.
Murphy can call himself a Professor: I can call myself a British Champion – it’s a free world.
@ Dennis
Or, earlier, just “heretic”
Euro Eurine Urinal
Just atop the horizon, is it a mirage or one can really spot a white knight, grim of countenance, his face shining with the sweat of his exertions, riding to the rescue of us Scots.
For he carries the unassailable weapons of MMT and speaking truth to power and will smite the neoliberal SNP and deliver us from them.
Who is this champion, who wears a pink cardigan for warmth against the cold metal of his armour?
Lo, it be he… The Fat One… Richard the Chartreuse… Dressed in a mauve kilt and pink cardigan… And armed with a butter knife… Ready to do battle!
Long time since we’ve been able to get this joke out:
Q: why do the Irish call their pound a “punt”
A: so it rhymes with “bank manager”
I’d love it if the SNP takes Ritchie’s advice and implements his policies after independence. North Korea v South Korea, East Germany v West Germany, China (pre 1980) v Hong Kong, all over again!
Canada has the queen on its coinage and does indeed have a $1 coin called a loonie because they usually have a loon on the other side, there’s also a $2 coin called a toonie
Other than that it has 5,10,25 cent coins the 1cent was scrapped a couple of years ago.
The 10 cent is the smallest coin not the 5 cent
Getting used to loose change takes forever, you don’t realise how instinctive it is until you move and it takes a long time to become familiar
The Irish Pound (named punt in the 1930s) was pegged to Sterling and Sterling coinage until decimalisation in 1972. Upon entry to the EEC in 1974 it was de-linked, and when Ireland entered the Exchange Rate Mechanism in 1978 it fully floated away from Sterling.
I remember early copies of 2000AD priced “9p Earth Money, 12p Ireland”.
I am deeply disappointed for the cause of Scottish independence and Scotland itself
He doesn’t give a fuck about Scotland, honestly.
@jgh March 4, 2019 at 7:00 pm
The 1826 one-for-one link that existed between the Irish pound and the pound sterling ended 29 March 1979
“I remember early copies of 2000AD priced “9p Earth Money, 12p Ireland”.
Which has nothing to do with the currencies not being pegged, but to do with charging more in a smaller market. They do the same with German-language magazines. Cost more in Austria and a lot more in Switzerland.
Given the number of Sterling pegs, I am sure the UK would have been totally fine with joining the Euro had it been called the Pound, had the Queen’s head on the front, and “two world wars and one world cup” written around the edge.
Biggie–the EU could have adopted the pound and been far better off. But they are scum and can’t be anything other than they are.
Need to introduce the murphy – exchange rate of one fat potato = a murphy. Of course needs his ugly mug on all notes(nothing larger than a 20 murphy note as anything larger will encourage extravagant expenditure which he hates.
If the Demented Porridge Wogs do decide to bugger off they’ll be about as economically independent of the rest of the UK as Canvey Island.