The Campaign for a Scottish CurrencyScottish Enlightenment for the 21st CenturyReview -
Mission Statement.If Scotland achieves its independence it must also control its own Monetary Policy.
When that time comes it is essential that legislators have access to sound advice on the structure and function of a National Currency and the associated Regulation of commercial banking. That advice must be independent, well informed and well established in the public domain if it is to stand against the vested interest and unlimited resources of the powerful parliamentary banking lobby. It is the mission of this Campaign to ensure this advice is impressed upon the government of the day and that the electorate is clearly informed of the implications.
“Sharing Sterling will place an independent Scotland in a socio-economic straitjacket”
Today we live in a world with two distinct kinds of money -
• the thousands which are our annual incomes which we earn and manage ourselves as individuals and which we all understand and
• the trillions which wash around obscure international money markets and mega-banks which generate nothing but financial crises of increasing severity – which very few understand.
This campaign holds that money markets now dominate much of the democratic process and are a burden upon society contributing nothing of real value. That is less controversial than the means of tackling the problem. Successive Heads of Government Conferences like the G7 and G20 have signally failed to find a global solution because both the U.S. and the U.K. believe they have a vested interest in the issue. Conversely, we believe individual Nations have every right to act unilaterally to protect themselves and in due course coalesce to ‘freeze out’ these harmful influences.
The political logic and technical methodology behind this process is set out in considerable detail in a book called “Moving On”. The scene is set in a newly independent Scotland starting out free from the baggage of such vested interest by adopting its own currency and banking system. It examines the relationship of domestic and international trade to currency and monetary policy; it reduces what has become a complex and unwieldy problem to the basic priority of providing a National means of exchange; it sets down the supervisory role of the Constitution to ensure accountability to the taxpayer who is the ultimate Guarantor of any currency.
This transfers the role of creating the currency from the private banks and restores it to the Central Bank. The commercial banks revert to their original role of accepting deposits and lending them out to borrowers. The Central Bank fixes domestic interest and foreign exchange rates and the National currency is no longer available to speculative money markets.
This Constitutional Money does not start life as a debt to the banking system. It enters circulation debt free as a public service – more akin to lawfully enforceable weights and measures rather than a tangible liability. It is loaned at nominal rates to the commercial banks or issued as payment for public investment.
At present the State borrows its own money from the banking system by issuing interest bearing bonds which never can and never will be repaid. It is a throwback to gold coins which have long ago been replaced with fiat electronic credit. The proposal therefore effectively caps National Debt – the relentless growth of which constrains all governments and which all will require to address very shortly.
Proposals of this nature will not see the light of day in London or Washington until the real economy finally succumbs. If Scotland votes for self-government this Campaign will work tirelessly to influence its Monetary Policy in the public interest.
"This book is a revelation. Although it appears to be written as a wake-up call to the Salmond led SNP, showing that a separate currency for Scotland is the one and only way to obtain true freedom from financial oppression, I see it as a wider blueprint which must be observed and acted upon for the benefit of all people, in all countries, ..............." Ronald Rankin
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