Tim Rideout’s big idea is that Scots will purchase a new currency from the new Scottish central bank, and by this alchemy the Scottish central bank will acquire GBP reserves equal to the broad money supply in Scotland. It’s completely preposterous. cc @t0nyyates
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Als antwoord op @JoMicheII @KimDriver11 en
You agree that’s not a sensible or workable idea?
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Als antwoord op @staylorish @KimDriver11 en
I can’t really understand the proposal from your description.
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Als antwoord op @JoMicheII @KimDriver11 en
Tim Rideout has set up his own “Scottish Reserve Bank” website, where he explains what he thinks would happen in more detail:https://www.reservebank.scot/timetable
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Als antwoord op @staylorish @JoMicheII en
He believes that establishing a new Scottish currency would effectively be one giant transaction, in which the new Scottish central bank would get to corral the pre-existing broad GBP money supply in Scotland onto its own balance sheet.
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Als antwoord op @staylorish @JoMicheII en
So he's introduced S£ (are existing £ deposits exchanged for S£ deposits voluntarily or by force?) and has a hedge fund for a central bank (FX assets, S£ liabilities) and a hedge fund for a banking system (£ assets, S£ liabilities).
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Als antwoord op @KimDriver11 @staylorish en
Or does he intend to force conversion of legacy £ bank assets into S£, which of course affects everyone with bank debt, whether a mortgage, commercial loan, etc. I'd need to see a detailed plan, dealing with capital flight, rather than one with spurious detail like this one.
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Als antwoord op @KimDriver11 @JoMicheII en
He proposes the deposit exchanges be voluntary, but expects them to be popular because the S£ will be increasing in value relative to the £. And he implicitly relies on the Bank of England to facilitate these transactions, which surely wouldn’t happen.
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Als antwoord op @staylorish @KimDriver11 en
Tim Rideout also thinks that the new Scottish central bank will have start up costs of about £15,000. The Modern Money Scotland people are pretty much the opposite of sensible. https://www.taxresearch.org.uk/Blog/2020/06/16/covid-19-would-not-have-sunk-an-independent-scotland/ …pic.twitter.com/2JiPFLTyq0
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Sam that's unfair. We'd need £15,000 worth of computers, a packet of tablet, three bridies and a macaroni pie to run a central bank....as long as it is wired into the interbank mechanism we can join by defaulting on England's debt. We can print and sell bank notes for cash too
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Als antwoord op @JonMarcStanley @staylorish en
That would involve extra expense for a Xerox machine. I’m beginning to think this plan might not work now. Unless they rent one?
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