Should Scotland be an independent country?

That would appear to be far from certain: http://www.scotsman.com/news/politics/top-stories/scottish-independence-legal-warning-over-north-sea-1-3105828

Salmond could nationalise all the oil platforms, the refinary infrastructure etc.

That'd go down well I am sure.

What a crude pun.

It was a little stilted, admittedly.

I must say I've come to expect more refined humour on here, it's been drilled into me that the core members of the forum are funnier than that; some of them are a barrel of laughs. Turns out he's just a fossil, fuelling our derision, and totally lacking in flare. I bet he thought he was being pretty slick, too.

at least the poll wasn't rigged

I must say I've come to expect more refined humour on here, it's been drilled into me that the core members of the forum are funnier than that; some of them are a barrel of laughs. Turns out he's just a fossil, fuelling our derision, and totally lacking in flare. I bet he thought he was being pretty slick, too.

If you're not careful, you'll reach peak puns soon.

Yep, the oil based puns are running out. I tried to think of some renewable puns but I didn't have the energy.

No need to be sour, it was worth a crack - you might even have got a riser out of him. Even the roughnecks on here appreciate the injection of a little humour - after all, nobody wants to be a bore and it's always great when someone light-ends the mood. But careful trying to farm in on the energy puns, especially if they're not your field - it can be a tough play and you wouldn't want to blow-out.

I'll get my jacket.

Back to the £$£$£ thing, as per the Adam Smith link Scotland could keep using the pound (or start using the Dollar), but I don't think it will happen as not being in control of/having your own currency would be a massive loss of face- and looking at the SNP's plans (which include a pure-vanity fast jet squadron which will be incredibly expensive) there is a very significant amount of "face" included in their plans for a newly Independent Scotland.

I think it's exactly what would happen (use the pound) in the short to medium term. I don't know about the long term. If the Eurozone sorts itself out (and there are reasons to say this is unlikely until the Eurozone accepts that it needs to match fiscal policy with monetary - including some form of redistribution in the immediate future), I could see Scotland embracing the Euro. I don't see them trying to start a new currency in the near future.

Well, in the short term there really isn't another credible option*- but could you really see Scotland being happy that the BoE had total control of interest rates and borrowing?

*Unless they start printing and minting Sporrans now

Although I don't really understand this stuff that well, that might be an advantage for all I know- would that mean that the BoE would provide lender of last resort type cover and so forth for Scottish banks?

Well, in the short term there really isn't another credible option*- but could you really see Scotland being happy that the BoE had total control of interest rates and borrowing?

*Unless they start printing and minting Sporrans now

As long as it's doing an okay job, yes. Having an independent central bank is not a bad thing in itself. That's why we have independent central banks. France gets on just fine with their central bank being located in Frankfurt (well... in terms of "face"). At one point Iceland was considering using the Canadian dollar (I don't know how seriously, but it was raised in the media). Of course, having a central bank which is concerned with your particular economy is probably better than having one that's not.

Although I don't really understand this stuff that well, that might be an advantage for all I know- would that mean that the BoE would provide lender of last resort type cover and so forth for Scottish banks?

Not likely if there's not a formal relationship.

what the Prime Minister really means is that the Bank of England would not act as a guarantor for Scottish banks or the Scottish government. Lucky Scotland: the implied promise of a bailout from the European Central Bank is exactly what allowed Eurozone banks and governments to borrow cheaply and get themselves into a debt crisis.

So sounds like possibly not (although it was mentioned earlier that if xx% of the debt is in England than that is the responsibility of the BoE?).
Also seems a rather big IF to assume that everything will carry on stably south of the border.

Scotland wants option 1 in this article, is my understanding (from some quick reading): http://www.scotsman.com/news/politics/top-stories/scottish-independence-currency-union-too-risky-1-3305863

However Westminster is saying that they would instead have to go with option 2?

That's a really good article that lays out the different possibilities well.

It looks like England has ruled out 1. So Scotland, if it wants to use the pound, which the SNP says it will, has to go with 2.

Nicola Sturgeon, insisted the SNP would not change its position ahead of the referendum and claimed an independent Scotland “could not be prevented from using the pound”.

Could be a positive (as the Smith article points out) in that the newly minted Scotland would have to be very prudent.

Given the amount of rhetoric regarding the 93% jump in revenue that the SNP predicts, that shouldn't be too big an ask I suppose.

The lender of last resort is not an issue. Ahead of independence the banks will move their HQ to London and so be English banks covered by the BoE.

This might swing it: http://eveningharold.com/2014/02/13/scots-cant-leave-uk-and-keep-buckfast-tonic-wine-says-chancellor/

this is real auntie bollocks territory

I don't even know what you mean by that, but I think you're probably right.

^The most expensive Valentine card in history?

Well, in the short term there really isn't another credible option*- but could you really see Scotland being happy that the BoE had total control of interest rates and borrowing?

*Unless they start printing and minting Sporrans now

My work in this thread is done.

What hasn't really been talked about is the possibility that Scotland would not join the EU.
We might get the opportunity to see exactly what does happen when a country leaves, which would potentially reshape the debate in England, Wales and the rest of Europe considerably.

If they don't join, how can they leave?

By seceding from the United Kingdom