Scots on the Rocks

Bill Tatro
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Posted: Sep 12, 2014 12:01 AM
Scots on the Rocks

As the vote for Scottish independence looms, the powers to be are finally taking it seriously. The real powers being the bankers. The Royal Bank of Scotland (?) has declared that if the vote took steps they will, of course, move their corporate headquarters to London for the benefit of their shareholders, not their citizenry. That’s consistent. (Of course, no political pressure is intended). They say mortgage origination and commercial property transactions would all be in jeopardy as the Scottish people reach for their freedom.

The outlier attitude of a few rebels has suddenly become serious business.

When boiled down it’s as the title of my radio show says, It’s All About Money (can be heard daily on billtatro.com).

Mark Carney (Governor of the Bank of England) and others asked “What currency will the Scots use?” “What will back it?” “Who will accept it?”

It seems to me that all the Scots need is a printing press and they can join the world’s stage. After all, the Dollar, the Euro and even the Pound are simply backed by good faith promises to pay. Given the Scots reputation for frugality it would seem their promises would be far better than the rest of the worlds.

So RBS leaves and goes away. So what? There will always be someone else to take its place and perhaps someone who didn’t need the multibillion dollar bailout as in 2008. Perhaps a new bank could be formed called the True Bank of Scotland.

If money weren’t enough, the most recent announcement by the President of the United States and his British crony, David Cameron, should seal the deal for the yes vote. What mother knowing the reinstitution of the Middle Eastern death trap would want her son or daughter to be sent there to line the pockets of the bankers?

Scotland’s yes vote means an opportunity to break from the past and avoid both the hot and the cold war that is looming on the horizon. An opportunity to learn from the many mistakes of the prior decades. An opportunity to start again without first having to crash the system which is what will happen to the rest of the world.

Perhaps we in Arizona and Texas should be thinking the same way, after all, it only takes a printing press.