Oh dear, Willie Rennie

[Gaz]

I'm concerned about my finances in an independent Scotland, so IMO the best thing to do is stay in a union with a basket-case of a failed economy based on the London property market that is currently £1.5 trillion in debt and rising by over £100 billion each year. It's the prudent thing to do.

[strichener]

Well of course it is. That is a sensible statement. It says nothing, though, about Scotland having a, say, 8ish% of government debt and a,say, 8ish% of BoE reserves. These are perfectly reasonable notions.

The aforementioned are non-contentious. I'd also remind you that the post I replied to didn't mention currency union.

The problem with the bank of England is that it is now a dual purpose vehicle. On one hand it is responsible for the monetary policies and M4 money supply and having it's own (separate from government foreign reserves). On the other it owns a company that holds billions of pounds of gilts on behalf of the government.

In theory Scotland (without a CU) could ask for the BOE assets to be supplied in US dollars and the UK government would not be in a position to do so. So to force Scotland to take the asset division in GBP without any say on GBP would entitle the SG to refuse such a division.

[The_Kincardine]

I'm concerned about my finances in an independent Scotland, so IMO the best thing to do is stay in a union with a basket-case of a failed economy based on the London property market that is currently £1.5 trillion in debt and rising by over £100 billion each year. It's the prudent thing to do.

This may or may not be true but has the square root of heehaw to do with what we've been posting about.

[Taza]

This may or may not be true but has the square root of heehaw to do with what we've been posting about.

Hey K, wee thought, are you forever_stupid's dad?

[The_Kincardine]

In theory Scotland (without a CU) could ask for the BOE assets to be supplied in US dollars

Honestly? This is a pretty stupid point and takes the discussion on not one jot.

So to force Scotland to take the asset division in GBP without any say on GBP would entitle the SG to refuse such a division.

You are compounding your error and verging on the utterly discredited and entirely risible notion that currency is an asset.

I thought this had been done to death and that Salmond et al has stepped away from this idiocy.

[The_Kincardine]

Hey K, wee thought, are you forever_stupid's dad?

My guess is that that's all you're capable of.

[HaikuHibee]

Well of course it is. That is a sensible statement. It says nothing, though, about Scotland having a, say, 8ish% of government debt and a,say, 8ish% of BoE reserves. These are perfectly reasonable notions.

The aforementioned are non-contentious. I'd also remind you that the post I replied to didn't mention currency union.

That makes no sense though. You could break up the bank though. Not sure if that'll work.

[Taza]

My guess is that that's all you're capable of.

[strichener]

Honestly? This is a pretty stupid point and takes the discussion on not one jot.

You are compounding your error and verging on the utterly discredited and entirely risible notion that currency is an asset.

I thought this had been done to death and that Salmond et al has stepped away from this idiocy.

Yes you can be as condecending in your comments as you wish, the fact remains that it is said that Scotland will not be taking the actual gilts so a mechanism for Scotland to contribute towards their equitable share will be part of the negotaitions.

In regards to the second part of your response. I would say that it is you that fails to realise the difference between a currency and assets. The money supply is not currency.

The BOE with control over money supply can directly influence the relative value of Scottish Debt. What will happen for example should the UK require further QE? Or indeed when they begin to unwind their position. How will the interest that the current government pays on the QE gilts, that is subsequently paid back to the treasury going to be managed when Scotland owns these gilts? Is the UK going to pay Scotland interest on the gilts that they hold as part of QE? Will Scotland be able to redeem these gilts or sell them on without the authority of the UK goverment? Many questions remain and some of the decisions that are made as part of any negotiated settlement may not be ideal (for either or both Scotland and rUK) in years ahead.

[The_Kincardine]

Yes you can be as condecending in your comments as you wish,

Telling you that you are talking shite is neither patronising nor condescending but simply factual. I said two things on this thread. The first was a pretty straightforward divvying of assets/;liabilities regarding BoE Assets/UK debt between iScotland and rUK at about 8ish/92ish% is non-controversial.

The second was that I agreed with the quoted Forbes article which said,

"And let (Scotland's) initial capital be Scotland’s share of the Bank of England’s gold and FX reserves. Let Scotland determine its own monetary policy, including pegging to sterling or some other currency if it wants to. And let it take the consequences of getting it wrong. That’s what independence means."

The most surprising thing is that you find fault with my posts here

[Taza]

Telling you that you are talking shite is neither patronising nor condescending but simply factual. I said two things on this thread. The first was a pretty straightforward divvying of assets/;liabilities regarding BoE Assets/UK debt between iScotland and rUK at about 8ish/92ish% is non-controversial.

The second was that I agreed with the quoted Forbes article which said,

"And let (Scotland's) initial capital be Scotland’s share of the Bank of England’s gold and FX reserves. Let Scotland determine its own monetary policy, including pegging to sterling or some other currency if it wants to. And let it take the consequences of getting it wrong. That’s what independence means."

The most surprising thing is that you find fault with my posts here

^^^

Look at the 'avatar', look at the 'location' and look at the 'my team'...let the brain creak and crank for a moment or two and then....just laugh yer fucking tits aff

[strichener]

Telling you that you are talking shite is neither patronising nor condescending but simply factual. I said two things on this thread. The first was a pretty straightforward divvying of assets/;liabilities regarding BoE Assets/UK debt between iScotland and rUK at about 8ish/92ish% is non-controversial.

The second was that I agreed with the quoted Forbes article which said,

"And let (Scotland's) initial capital be Scotland’s share of the Bank of England’s gold and FX reserves. Let Scotland determine its own monetary policy, including pegging to sterling or some other currency if it wants to. And let it take the consequences of getting it wrong. That’s what independence means."

The most surprising thing is that you find fault with my posts here

OK. To find fault with your post:

Forbes do not understand the composition of assets in the UK. The BOE do not hold the UK FX reserves, they have their own and act as agents on behalf of the treasury.

FX reserves comprise of the UK Official Reserve and the Bank's reserves. Two entirely different things.

http://www.bankofengland.co.uk/markets/Pages/forex/reserves/default.aspx

[The_Kincardine]

Look at the 'avatar', look at the 'location' and look at the 'my team'...let the brain creak and crank for a moment or two and then....just laugh yer fucking tits aff

Oooops. You just played the man rather than the ball.

[Confidemus]

^^^

Look at the 'avatar', look at the 'location' and look at the 'my team'...let the brain creak and crank for a moment or two and then....just laugh yer fucking tits aff

This. So much this.

There are a few decent Rangers fans, but the VAST majority have been shown up to be mindless, gullible, classless automatons.