St Columba's Church Quiz - Sun/Son Quiz...
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Better call Mel Gibson!
Better call Mel Gibson!
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Here's one take on the Euro - https:/
//If this impression is correct, can someone on here explain what is undesirable (bad) about the Euro as a currency compared with, say, the Pound ?//
Because the Pound is tailored to the UK’s needs and the BofE can manipulate interest rates and exchange rates according to the UK’s fortunes (or otherwise). The euro is used by 19 nations who are economically very disparate. The economic cycles of those nations do not coincide, their economies are poles apart (think Germany and Greece, for example) and, individual nations - particularly the peripheral ones - have no way of using currency and interest fluctuations as tools to control their economy. The euro was introduced in the hope that it would drive economic, fiscal and political union. That was a grave error. It should never have been introduced before fiscal and political union was in place. That is never likely to happen with the EU as it stands and the introduction of the euro was possibly the gravest political error (of a few committed by the EU) since WW2.
//Under what legislation could Scotland's using the pound be as its currency be denied?//
I don’t believe it could be denied (unless the UK makes it illegal to take its currency out of the country as do some nations, such as India and Cuba). Dozens of countries use the $US without any explicit permission. The question that the Scots need to consider is what will they buy their Pounds with?
Because the Pound is tailored to the UK’s needs and the BofE can manipulate interest rates and exchange rates according to the UK’s fortunes (or otherwise). The euro is used by 19 nations who are economically very disparate. The economic cycles of those nations do not coincide, their economies are poles apart (think Germany and Greece, for example) and, individual nations - particularly the peripheral ones - have no way of using currency and interest fluctuations as tools to control their economy. The euro was introduced in the hope that it would drive economic, fiscal and political union. That was a grave error. It should never have been introduced before fiscal and political union was in place. That is never likely to happen with the EU as it stands and the introduction of the euro was possibly the gravest political error (of a few committed by the EU) since WW2.
//Under what legislation could Scotland's using the pound be as its currency be denied?//
I don’t believe it could be denied (unless the UK makes it illegal to take its currency out of the country as do some nations, such as India and Cuba). Dozens of countries use the $US without any explicit permission. The question that the Scots need to consider is what will they buy their Pounds with?
Without referencing a war, I can think of several relatively recent political errors that I would rank as more crass than introducing the Euro which (whatever the sentiment against it) was at least done with the aim of achieving something worthwhile (unity) as opposed to wanton destruction for utterly selfish and arrogant (national and vainglorious leaders') reasons.
"The question that the Scots need to consider is what will they buy their Pounds with?"
There are already plenty Pounds in circulation within Scotland.
The Isle of Man uses their own Pound and although folk can insist on exchange with Bank of England notes, the IOM is not required to have assets matching its currency.
There are already plenty Pounds in circulation within Scotland.
The Isle of Man uses their own Pound and although folk can insist on exchange with Bank of England notes, the IOM is not required to have assets matching its currency.
//There are already plenty Pounds in circulation within Scotland.There are already plenty Pounds in circulation within Scotland.//
I don't mean notes and coins, Corby.
Scotland currently runs an annual deficit of around £12bn. This means £12bn more leaves Scotland than comes into it. Eventually the Sterling notes and coins (and balances in Scottish banks) will run out. More cash will be needed from somewhere. If they are using Sterling as their currency that will have to come either from foreign banks which hold Sterling reserves (including English ones) or the Bank of England. They will have no "Bank of Last Resort" - the B of E currently provides that function for the entire UK. It is unlikely that commercial banks will finance a nation that has no central bank of its own. "Using Pounds" is not simply a matter of going to the local bank and drawing some out.
I don't mean notes and coins, Corby.
Scotland currently runs an annual deficit of around £12bn. This means £12bn more leaves Scotland than comes into it. Eventually the Sterling notes and coins (and balances in Scottish banks) will run out. More cash will be needed from somewhere. If they are using Sterling as their currency that will have to come either from foreign banks which hold Sterling reserves (including English ones) or the Bank of England. They will have no "Bank of Last Resort" - the B of E currently provides that function for the entire UK. It is unlikely that commercial banks will finance a nation that has no central bank of its own. "Using Pounds" is not simply a matter of going to the local bank and drawing some out.
TCL: "Under what legislation could Scotland's using the pound be as its currency be denied? " - they cannot be denied they can use the pound, Euro, dollar or flanian fobble beads if they like but their economy would not be in their control, they'd have no national bank, they'd be susceptible to changes the awld enemy make with no say in the matter. If that's ok then use the pound by all means but as the judge points out they'll have to seek ways of obtaining pounds.
