Or you could just run and hide.
I don't think you know what you're talking about, and your sentiment is biased to the point of bigotry I'd hazard.
Mods, put into current affairs please.
If they were totally independent, they would not have the ability to print another country's currency. So either they'd have to use the GBP with the BoE controlling the money supply and the Scots having no say over it
A big problem would come with the banks, obviously the BoE would not be a lender of last resort so they will have to choose who they report to. Now if that means they have to be headquartered in the UK, the question would be why these banks have so many of their staff employed in a foreign country.
If the banks decide to go from a AAA currency to a lower rating currency, stay in Scotland, then who knows what that amount of debt would do to their economy, the Uk is barely standing now. Dump that on a Scottish banking system and it would be nonviable.
Iceland would be a interesting comparison (only 10x GDP debt), they tried to move the banks to the Euro, didn't happen. They have capital controls and a failing economy to look forward to for a decade or so.
Edited by Peter Hun, 25 April 2012 - 09:22 AM.