I have lost count of unionist politicians and their puppets tell us us that, since they deny Scotland sharing the pound we helped build in value as part of a union, we’ll be forced to choose ‘sterlingisation,’ that is, keeping the pound sterling but not having the Bank of England – which Scotland has a share in – as lender of last resort.
Historical fact – sterlingisation is a system similar to the one Scotland had in 1707 entitled then ‘free banking.’
Scotland was once almost as wealthy as England. Adam Smith in his seminal, ‘The Wealth of Nations,’ opined Scotland should be praised. Enlightenment brought equitable wealth.
What unionists say now is stark: if we think we are the poor partner now we ain’t seen nothing yet if they get their way – a similar threat as in 1707.
We are laughed at if we choose sterlingisation. We are told in derogatory fashion, we will become the ‘Panamanian pound,’ meaning poverty-stricken, a banana republic.
Panama prospers. The United Kingdom has debts surpassing £1.5 trillion. Panama fixed its currency to the US dollar decades ago. It also uses the Balboa, named after the Spanish explorer, Vasco Núñez de Balboa, but the dollar is the currency in normal circulation.
A good number of its banks are owned or approved by the UK Treasury and HM Inspector of Taxes as good places to secrete your earnings … and save a ton of tax.
Oh, one more thing, a sea of oil has been discovered under a place in Panama called … Darien. Yes, the same Darien thrown in Scotland’s face as its national humiliation.
PS: It’s rude to gloat.