Monday, 13 January 2014

Some Unionists do, some Unionists don't ...

I have an ear worm - in an attempt to get rid of it I will seek to write about the thinness of the Unionists' arguments. They have a problem making their mind up - arrgh still that nasty ear worm of a crap European Song Contest 'made up' group haunts my ears, the supposed 'British Abba' and even more annoying, some rubbish champagne pop band, Bucks Fizz - I know, how tawdry.

I suppose comparing Bucks Fizz with Better Together may have some mileage. Both repeat the same facile and meaningless lines over and over again in the hope they maybe 'catchy'. They try to bring Britain together while creating even greater divisions. They both like Eurovision Song Contests, wailing their siren songs, the difference being in a moment of  European cultural suicide Bucks Fizz won while the Better Together funders are actually wanting out and are trying to upset the EU neighbours. Unlike Bucks Fizz they are seeking to achieve 'null points' for their rendition and expulsion for their lack of harmony.

Following today's news in the UK media it has been fascinating watching 'churnalists' try to turn the UK Treasury Announcement on the reality of a Sterling zone remaining in the advent of a yes vote as some sort of major disaster for Alex Salmond while in reality all that is happening is an out break of common sense in the face of growing pressure on UK Government borrowing costs.

The UK Treasury could have done nothing and sat back as Osbourne's borrowing needs courtesy of the failed austerity project (2012-13 the UK economy shrank by another 1.9% according to Reuters) could not be met except with increased borrowing costs. The outcome of this would have been growing fears that the UK Government were in danger of defaulting, a subsequent run on Sterling, seeing it being dumped as a reserve currency which would push borrowing costs for the UK Government even higher as more investors became more concerned about an rUK's ability to service its £1.7 trillion pound debt.

Basically the UK Treasury has said what it can say; up until a 'Yes' vote it will be responsible for all UK borrowing and debt security. After a Yes vote the responsibility for this debt will be shared, after negotiation between the sovereign parliaments of Scotland and England (with Wales). After a Yes vote each sovereign parliament will become responsible for its own national borrowing and debt but to ease market concerns, the current idea is for the new treasury of England and Wales to assume full responsibility of all current UK debt and borrowing until otherwise agreed.

This is just what John Swinney said would happen and Alisdair Darling knew would happen because to keep the Sterling zone intact makes economic sense, to kick out a major earner of Sterling foreign exchange would be an economic disaster for the England and Wales Parliament ability to borrow along with losing the backing of an estimated £1.5 trillion reserves in oil and gas assets for Sterling. All before the overseas earning potential to Sterling of Scottish wind and tidal reusables is factored in.

Yet a read through of the Guardian blog on this issue leaves you stunned by the numbers of anti-Scottish independence posters who still believe it is England which props up Scotland or are in denial about the major economic wreckage Scotland leaving Sterling would leave in England and Wales; as energy and other costs would rise rapidly, with England especially being heavily reliant on importing energy as either gas or via HVDC/ HVAC.

In their desperation to prove this is not so, Scotland and England will share Sterling they seek to pass pro-independence posters comments through ever smaller sieves to try and find fault on no matter how stupid a matter. The other option they follow is ad hominen attacks accusing pro-independence posters as being 'English haters' while their own hatred, fear and anger that the Better Together side is failing shines through.

Some unionists need a lot of lovin' ... and some ... well; what's the point?

In the meantime, the outbreak of common sense on the future of Sterling takes another scare story out of play.

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