A Public Bank Option for Scotland

MONETARY POLICIES - A Public Bank Option for Scotland

Scottish voters will go to the polls today to decide whether Scotland should become an independent country. As video blogger Ian R. Crane colorfully puts the issues and possibilities:

“The People of Scotland have an opportunity to extricate themselves from the socio-psychopathic global corporatists and the temple of outrageous and excessive abject materialism. However, it is not going to be an easy ride . . . .

If Alex Salmond and the SNP (Scottish National Party) are serious about keeping the Pound Stirling as the Currency of Scotland, there will be no independence. Likewise if Scotland embraces the Euro, Scotland will rapidly become a vassel state of the Euro-Federalists, who will asset strip the nation in the same way that, Greece, Ireland, Portugal and Spain have been stripped of their entire national wealth and much of their national identity.”

To achieve true independence, Crane suggests the following, among other mandates:

• Establish an independent Central Bank of Scotland.

• Issue a new Scottish (Debt Free) Currency.

• Settle any outstanding debt with new Scottish Currency.

• Take Scotland out of the EU.

• Take Scotland out of NATO.

• Establish strict currency controls for the first 3 years of independence.

• Nationalize the Scottish oil & gas industry.

• Re-take control of the National Health Service.

• Establish a State Employment Agency to provide work/training for all able-bodied residents.

Arguments against independence include that Scotland's levels of public spending, which are higher than in the rest of the UK, would be difficult to sustain without raising taxes.  But that assumes the existing UK/EU investment regime.  If Scotland were to say, “We’re starting a new round based on our own assets, via our own new bank,” exciting things might be achieved. A publicly-owned bank with a mandate to serve the interests of the Scottish people could help give the newly independent country true economic sovereignty.