Scottish independence: Sterling on knife-edge as City braces for Scots vote

[poncho]

The City is bracing for “a major reaction” to sterling and shares following the Scottish independence result as the London market faces what could be its most turbulent week since the 2008 banking crisis.

http://www.independent.co.uk/news/business/news/scottish-independence-sterling-on-knifeedge-as-city-braces-for-scots-vote-9732550.html

 

[Earth Wind and Fire]

Good....some playback is in order for more than a few atrocities conducted by those English b........ nope, didn't say it:laugh:

 

[poncho]

Scottish independence exclusive: Millions of banknotes sent to Scotland in case Yes vote sparks run on ATMs

Britain’s banks have been quietly moving millions of banknotes north of the border to cope with any surge in demand by Scots to withdraw cash in the event of a Yes vote in Thursday's independence referendum, it has emerged.

Sources told The Independent the moves have been taking place over the past week or so in order to make sure ATMs do not run out on Friday in the event of a panic reaction to a “yes” vote. There have been some suggestions that people will want to move their money to English banks in the event of an independence vote.

Bankers stressed there has been no sign yet of any increase in the amount of withdrawals from deposit accounts or ATMs, stressing that there was no need because the Bank of England has pledged to stand behind all accounts for at least 18 months in the event of a “yes” vote.

Read More At: http://www.independent.co.uk/news/business/news/exclusive-millions-of-banknotes-sent-to-scotland-in-case-yes-vote-sparks-run-on-atms-9734658.html

 

[Matt Black]

If the Scots go, Cameron will have to resign as PM, almost certainly.

But Alex Salmond hasn't answered key questions: what currency will an independent Scotland use, what defences will it have, will the Queen have to use her passport to visit Balmoral?

 

[poncho]

The REAL Reason Britain is Freaking Out About Scottish Independence

Oil

David Cameron and the British media have been freaking out about the potential Scottish independence.

They’ve blathered on about “history”, “common defense” and other red herrings.

But it’s really all about oil …

Specifically, if Scotland becomes independent, it gets to keep 90% of the revenues from its huge oil reserves.

The New York Times reports:

Read More At: http://www.washingtonsblog.com/2014/09/real-reason-britain-freaking-scottish-independence.html

 

[poncho]

Scotland Votes in Pivotal Independence Referendum

Referendum Will Determine Whether Scotland Splits From the U.K.

EDINBURGH—Voters in Scotland on Thursday were making the pivotal decision of whether to break up the U.K. after 307 years, in a historic referendum that pits a vision of Scottish independence against potential economic turmoil.

After two years of campaigning, pollsters say that the outcome of the vote is too close to call at this point. The ballot asks a simple question—"Should Scotland be an independent country?"—though a vote to split off will raise many more about how the country will stand completely on its own.

Read More At: http://online.wsj.com/articles/scotland-vote-on-independence-starts-1411018406?mod=WSJ_hp_LEFTTopStories

 

[Bro. Curtis]

The two biggest parties are the Scottish Labor Party, and the Scottish National Party. It will be hilarious to watch them out-left each other.

 

[Rolfe]

Let's hope California is next.

 

[poncho]

When you get past the details of the Scottish independence referendum Thursday, there is a broader story underway, one that is also playing out in other advanced nations.

It is a crisis of the elites. Scotland’s push for independence is driven by a conviction — one not ungrounded in reality — that the British ruling class has blundered through the last couple of decades. The same discontent applies to varying degrees in the United States and, especially, the eurozone. It is, in many ways, a defining feature of our time.

Read More At: http://www.phibetaiota.net/2014/09/yoda-neil-irwin-in-nyt-gets-its-right-scotlands-independence-vote-shows-a-global-crisis-of-the-elites-robert-steele-comments/

 

[Matt Black]

Agreed. There is a perception that the rest of the UK is in effect a vassal of not just the political elite in Westminster but the social and economic elite of London; there is a consensus emerging that there has to be a greater devolution of powers from the centre to the regions and nations of the UK.

The Scots voted no BTW by a margin of 55% to 45%

 

[Earth Wind and Fire]

Agreed. There is a perception that the rest of the UK is in effect a vassal of not just the political elite in Westminster but the social and economic elite of London; there is a consensus emerging that there has to be a greater devolution of powers from the centre to the regions and nations of the UK.

The Scots voted no BTW by a margin of 55% to 45%

The Jocks get the Scotland they deserve then.....more disfunctional Blimey rule ahead. :BangHead:

 

[Matt Black]

More dysfunctional rule for all of us from Westminster and Whitehall.

 

[Earth Wind and Fire]

More dysfunctional rule for all of us from Westminster and Whitehall.

Yes & that was the point that Poncho was driving towards Matt, the Scots had a once in a lifetime opportunity to break free of that & develop their own government funded by oil money..... now they muffed it. Honestly in this country (USA) we have many dysfunctional governments (Both State & Federal) that do not operate well & the state we call Texas is well positioned (they have a self sustaining economy unto themselves) so in theory they can remove themselves and claim sovereignty & hurt the other 49 states by their absence.....kinda like what the UK was going through with Scotland.

 

[church mouse guy]

Agreed. There is a perception that the rest of the UK is in effect a vassal of not just the political elite in Westminster but the social and economic elite of London; there is a consensus emerging that there has to be a greater devolution of powers from the centre to the regions and nations of the UK.

The Scots voted no BTW by a margin of 55% to 45%

Matt, long time, no see. We were hearing in central Indiana that half of Scotland is on welfare and that the English were paying them generous welfare benefits--is that so?

 

[Matt Black]

Not as many as half but more than the UK average which we English taxpayers pay for (and other things) under the Barnett Formula, which is one of the reasons I think why many Scots who voted 'no' to independence did so. Independence therefore would not have terribly financially hurt the rest of the UK.

[ETA - the oil revenues are overstated, EW&F]

 

[poncho]

It’s not just about Scotland

Nation-states are decaying all over the world as globalization takes its toll

Jason Cowley, editor of Britain’s New Statesman, correctly points out that Britain’s Conservative prime minister in the 1980s, Margaret Thatcher, did more for Scottish independence with her regime of privatization, deregulation and unfair taxation than any Scottish nationalist. By some estimates, the deindustrialization that Mrs. Thatcher presided over had more devastating effects in Scotland than in England. That’s why Mrs. Thatcher’s Conservative Party is almost extinct in Scotland, and its current leaders, including Prime Minister David Cameron, evoke visceral hostility.

This isn’t just class hatred for privately educated and plummy-accented Tories, or for the axis of Eton College, Rupert Murdoch’s News International and the City of London financial center that they embody. Many Scots are unhappy, too, with the City-obsessed Labor Party, which, under Tony Blair, placed itself in the avant garde of marketization, initiating among other things the privatization of the National Health Service.

Recriminations have now erupted in England as financial markets finally register the prospect of Scotland’s secession. But blaming Mr. Cameron, who fecklessly called the referendum, obscures the fact that the Scottish mutiny is part of a larger worldwide trend.

http://www.post-gazette.com/opinion/2014/09/17/It-s-not-just-about-Scotland/stories/201409170023

 

[church mouse guy]

Not as many as half but more than the UK average which we English taxpayers pay for (and other things) under the Barnett Formula, which is one of the reasons I think why many Scots who voted 'no' to independence did so. Independence therefore would not have terribly financially hurt the rest of the UK.

[ETA - the oil revenues are overstated, EW&F]

So, Matt, is it correct to conclude that if the Scots had voted to cut off their welfare checks from England, the English would have been much richer and the Scots would have been even more destitute?

 

[KRJ]

The Jocks get the Scotland they deserve then.....more disfunctional Blimey rule ahead. :BangHead:

"And Alex Salmond, ma'am?"

"Make it look like an accident, 007."

:tongue3:

 

[Matt Black]

:smilewinkgrin:

So, Matt, is it correct to conclude that if the Scots had voted to cut off their welfare checks from England, the English would have been much richer and the Scots would have been even more destitute?

Correct: there was a lot of hot air about North Sea oil and gas revenues sustaining an independent Scotland's tax take, despite expert advice that the reserves of both were limited. One of the problems with what has now been promised to the Scots is that this preserves the Barnett Formula - a bribe to the Scottish electorate at English expense.

 

[Earth Wind and Fire]

:smilewinkgrin:


Correct: there was a lot of hot air about North Sea oil and gas revenues sustaining an independent Scotland's tax take, despite expert advice that the reserves of both were limited. One of the problems with what has now been promised to the Scots is that this preserves the Barnett Formula - a bribe to the Scottish electorate at English expense.

Then you limies should not be happy about retaining the Jockos. At least try to ship all the mussies up there.