Scottish Independence: Money And An Elephant

Here’s a video that gives a simple explanation of how money might work in an independent Scotland. Sadly the makers of the video fail to acknowledge the elephant in the room, a creature that’s going to make a mess of the carpet regardless of which of the three options we choose.

All three choices in the video assume that money will continue to be created as debt on which interest must be paid, and that we will continue to hoard money far in excess of what we need for commerce. The inevitable consequence of these two features is that the productive economy will, at some point (soon?), be completely overwhelmed by debt repayments.

No matter where we base our currency (London, Edinburgh, Europe) if we continue to abuse money in this way the productive economy will seize up and galloping inflation will run over the top of us, leaving us damaged, insecure and miserable.

Independence won’t save us, neither will being British, which makes the whole indy debate feel like an argument over what flag to fly and which course to steer while the leaking ship sinks beneath us.

“Yes Scotland” or “Better Together”, whoever comes up with a plausible plan for fixing our money system will get my vote.

One thought on “Scottish Independence: Money And An Elephant

  1. Pingback: Swiss To Vote On Universal Basic Income: How About That For A Referendum, Scotland? | Views From The Boatshed

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s