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This post was edited by abramicus at 2014-2-16 14:16|
Britain threatens to refuse Scotland the use of the British pound.
Does not make sense, and may be illegal, considering that the British pound, as held by the Royal Bank of Scotland, is the liability of the British government, and must be honored in trade by Britain itself, or else, the British pound must be removed as an exchange currency in international trade, as its redeemabiity becomes a matter of political whim by the British government.
To say, however, that the Bank of England would refuse to print more British currency in exchange for Scottish labor and resources is to say nothing at all, because neither would Scotland accept British fiat money for its work and minerals, when in fact it could just as easily print its own money to serve the same ends.
So, what is the threat of Scotland not being able to use the British pound? It is nonsense. And a non-threat. A pound spent by a Scot is equal to a pound spent by an Englishman, and must be honored in London, irregardless of who spent it. If Britain messes around with the exchangeabiity of the British pound, why it will become worthless overnight!
While we do not encourage Scotland to secede from the UK, we must respect the rights of the Scottish people to remove the yoke of colonial oppression that they have suffered under for so many centuries, ever since Braveheart was executed by being drawn and quartered using four horses to pull his body apart in London. Such barbarity is unworthy of a ruler of Scotland, which has a much more civilized culture than its lowland neighbor. If Scotland needs to trade with China for any reason, China should extend its people a helping hand by providing it with a generous line of credit, to the tune of ten billion dollars at the minimum. China should make Scotland a preferred tourist spot for its wealthier citizens to visit. And if Scotland cannot pay in pounds or dollars, why China can accept its own currency instead as payment, to be credited against its exports to China, with the rest forming a small fraction of China's now more than 4 trillion dollars of foreign reserves.