Scotland's 15.1 Billion Defecit

[coprolite]

Just now, Bob Mahelp said:

The rest of your post I pretty much agree with.

To the highlighted part I would say that we would act financially in conjunction with the Bank of England....not England. The BoE is independent from Westminster, as I'm sure you know. 

Of course. Every bit as independent as the Bbc

[SandyCromarty]

Anthony Salamone a Managing Director of a  Scottish political analysis firm in Edinburgh and an Honorary Fellow of the Scottish Centre on European Relations, had this to say in a paper to the LSE;

'Scotland’s prospective candidacy for EU membership would be completely novel in two respects. While First, it was previously part of the EU for 47 years. Second, it was a constituent of an EU member state, rather than a member state in its own right. The former would facilitate a faster accession process, the latter would necessitate significant domestic preparations.'

So from this academic projection and with the ongoing EU total and angry dissatisfaction with Westminsters Brexit our, as I have said already a few times, acceptance into the EU will be fast tracked.

[coprolite]

1 minute ago, Bob Mahelp said:

The rest of your post I pretty much agree with.

To the highlighted part I would say that we would act financially in conjunction with the Bank of England....not England. The BoE is independent from Westminster, as I'm sure you know. 

On a less flippant note though, inflationary full employment policies tend to suit Scotland's needs better than low inflation investors ' policies that suit SE England. 

I believe it was Eddy George who said that the employment cost of low inflation in Scotland was worth it for the benefit to London. Ok, that was before central bank independence but i' d stake my house on that being the  BoE view for evermore. 

 

[Guest Bob Mahelp]

2 minutes ago, coprolite said:

On a less flippant note though, inflationary full employment policies tend to suit Scotland's needs better than low inflation investors ' policies that suit SE England. 

I believe it was Eddy George who said that the employment cost of low inflation in Scotland was worth it for the benefit to London. Ok, that was before central bank independence but i' d stake my house on that being the  BoE view for evermore. 

 

I'm sure that full fiscal independence has it's downsides as well. As I suspect the UK is about to find out. 

[coprolite]

3 minutes ago, Bob Mahelp said:

I'm sure that full fiscal independence has it's downsides as well. As I suspect the UK is about to find out. 

Quite. 

Not looking forward to it tbh. 

I'm not making an argument pro or anti indy. I'm about as neutral as it gets. 

My limited point is that the SG policy on keeping Sterling would reduce their ability to deal with any deficit there may be. 

[NotThePars]

Germany are in the Euro zone. Are they not independent ?
I'm pretty sure that Italians, Spanish and even Greeks would have something to say about the accusation that they're not really independent. 

I imagine a lot of Greeks and Italians would agree that they’re not really independent lol. I’ve definitely spoken to some who believe that. Not that I think our situation is necessarily comparable tbf.

[Arabdownunder]

I’ve a question for you. What do you think happens when a nation can no longer pay its national debt?

Reform as "The Nation" and claim the debt was run up by the government not the country?

[RabidAI]

Any scope for more devolution first?

That's what I would have voted for in 2014. How about Scotland has devolved to it tax-raising powers equivalent to Holyrood's expenditure, which is circa £40bn? Balancing the Scottish Government's budget in that way, over a period of years, would surely prove a case for independence.

Anyhow, something will happen on the timeline of: 1979 (devolution vote, fail) + 18 years = 1997 (devolution vote, pass) + 17 years = 2014 (independence vote, fail) + 16 years = 2030 (independence vote, pass); the public need at least a half-generation to digest such big ideas and change.

[sophia]

28 minutes ago, RabidAI said:

Any scope for more devolution first?

That's what I would have voted for in 2014. How about Scotland has devolved to it tax-raising powers equivalent to Holyrood's expenditure, which is circa £40bn? Balancing the Scottish Government's budget in that way, over a period of years, would surely prove a case for independence.

Anyhow, something will happen on the timeline of: 1979 (devolution vote, fail) + 18 years = 1997 (devolution vote, pass) + 17 years = 2014 (independence vote, fail) + 16 years = 2030 (independence vote, pass); the public need at least a half-generation to digest such big ideas and change.

It's with a heavy heart that I'm moved to re-publish the Yanis.

 

[Thistle_do_nicely]

39 minutes ago, sophia said:

It's with a heavy heart that I'm moved to re-publish the Yanis.

 

i'm not quite as much of an economics expert as top boi Varoufakis - i've always assumed that the main problem with a household budget analogy is that a country has to think competitively with other nations. So if other countries (especially if they're nearby geographically) are going into debt in order to fund infrastructure such as broadband or travel links and you aren't, then you might have a bit of trouble attracting private investment down the line/retaining current private investment.

There's also that whole thing of "if you owe the bank £1 it's your problem, if you owe them £1,000,000,000,000 then it's the banks problem". Could try to control inflation if you really need to but afaik there's a broad consensus that INFLATION BAD

Edited September 5, 2020 by Thistle_do_nicely

[GTG_03]

2 hours ago, sophia said:

It's with a heavy heart that I'm moved to re-publish the Yanis.

 

Love it.

'Its not difficult guys' 

[D.A.F.C]

People keep saying that its fine that the uk is in debt at the rate of one million pound borrowed per day since the pyramids were built.
Low interest rates and high debt for everyone seems like a house of cards economy but somehow its ok.

[invergowrie arab]

It will probably be fine.

[SweeperDee]

People keep saying that its fine that the uk is in debt at the rate of one million pound borrowed per day since the pyramids were built.
Low interest rates and high debt for everyone seems like a house of cards economy but somehow its ok.

Because people can keep spending and buying things...for now.

[Antlion]

1 hour ago, D.A.F.C said:

People keep saying that its fine that the uk is in debt at the rate of one million pound borrowed per day since the pyramids were built.
Low interest rates and high debt for everyone seems like a house of cards economy but somehow its ok.

Yeah, but when the UK does it it’s cute!

[D.A.F.C]

Free money yaaay

[D.A.F.C]

5 minutes ago, MixuFruit said:

You've said this twice and had many people patiently explaining why government borrowing is essential to things like pensions and you reply with this kind of flippant remark.

What do you want?

More than 0.25% interest rate on savings would be a good start.

Im just being daft, can I not have some banter?

I do wonder where all this borrowing will end though, it can’t be good and I do get that we can’t default and that borrowing can be good somehow but it all seems like printing money on the back of nothing. I’ll never understand why it’s good.

Why not build 1000s of schools and hospitals then?

[welshbairn]

5 minutes ago, D.A.F.C said:

More than 0.25% interest rate on savings would be a good start.

Im just being daft, can I not have some banter?

I do wonder where all this borrowing will end though, it can’t be good and I do get that we can’t default and that borrowing can be good somehow but it all seems like printing money on the back of nothing. I’ll never understand why it’s good.

Why not build 1000s of schools and hospitals then?

You're not the only one worrying about it.

https://www.bullionbypost.co.uk/gold-price/3-year-gold-price/

[D.A.F.C]

Government borrowing for the benefit of the country is ok and I can see the benefits of it but atm government and personal borrowing is out of control somewhat.

[NotThePars]

I only want my pension to be invested in specifically harmful endeavours like the Turkish military or single use plastics.