There is a subtle message being promoted by the No Campaign that an independent Scotland may not be able to retain Sterling and might be obliged to introduce its own currency. This uncertainty feeds upon the apparent SNP policy of preferring a Sterling Currency Union under the Bank of England whilst leaving Scotland free to control its own taxation programme. The Unionists dismiss even this modest flexibility on the basis that North Sea Oil is volatile and unreliable and is therefore an unsound source of income.
The truth is rather different because the present UK budget would be a lot worse off without the oil taxes, but even more important is that the impact upon the UK Balance of Payments, already in meltdown, would be severely impaired. UK Oil & Gas tells us that “The contribution of indigenous oil and gas which reduces the requirement for imports, improved the 2010 UK balance of payments to the tune of £32 billion plus associated offshore products & services which contributed a further £6.5 billion”. Despite these inputs UK BoP deficits consistently average £50/60 billion per annum. Please do the math and draw your own conclusions.
Indeed it could be argued that this would be the final nail in Sterling’s coffin. The anomaly here is that it is Sterling that needs Scotland and not vice versa. The Unionists have learned well from their financial masters in the City – the alchemy of converting liabilities into assets.
Like it or not we live in a world governed by financial interests first and an elected government second. We all know about everyday politics and our media is saturated with political posturing and point scoring, but it is only recently that we are beginning to realise the dominance of High Finance over our once sacred democratic institutions. It is this malign influence which has manipulated senior politicians and corrupted the entire foundation of our monetary system. We now have government by finance and the only question is will it destroy us before it moulds us into its servants?
This should have been the battlefield to preserve Sterling as the basic means of exchange for everyone in the United Kingdom. Instead it is a story of corruption which pervades the entire Westminster Establishment. There was no battle and there were no heroes; it has been a victory so complete that now all we hear is our politicians extolling the virtues of the City of London – and a mainstream media which dutifully peddles its propaganda.
The No Campaign floods us with scare stories but we don’t need them, there are enough real ones out there already as every day our society and economy deteriorates further into stagnation. We empathise with our British cousins outside the South East, but we must get out from under this repression, the dominance of paper-pushers over engineers, financiers over the Health Service and certainly not least the Benefits Agency over the provision of real jobs and apprenticeships. To the sceptics who ask where the jobs will come from, then just go into the street and look around at the state we are in; and to those who ask where is the money to come from, then the answer is from a banking system which serves the community first and itself second.
The recent demise of Margaret Thatcher has attracted much comment from the left – the destruction of the Unions and our manufacturing industry and the privatisation of public assets. It is significant that little is heard of the deregulation of the banking system which opened the flood gates to financial mass destruction which, in the name of capitalism, has destroyed not just the economy but the very society upon which it feeds. This is the elephant in the room – which the SNP does not wish to know about..
If Scotland achieves independence it must free itself of Sterling and its financial cancers. An independent Scotland needs its own Central Bank, its own currency and a return to honest banking. There can be no independence without financial independence, and for anyone who would like to read about this in detail – just google in that phrase and be prepared to spend an hour dismantling the smoke and mirrors and take a look at what might just become the second Scottish Enlightenment..