Public consultation process
Please scrutinise all the proposed amendments and replies before commenting or voting. Short comments are most often read and must not exceed 100 words.You can propose an Amendment at the bottom of this page - please read the guidelines .
Note that the original wording appears again first below and sustains the same comment & voting regime as all other amendment proposals.
Section 8.2 Section 8.2 The National Currency of Scotland is the Scots Pound, being Constitutional Money guaranteed by the State in accordance with the Constitution.
Section 8.2 Thank goodness its not the 'dollar' or other currency. It was the Scots Pound when we entered the Alliance, it should be that coming out. Regardless of what other countries may say. An independent Country has the right to use whatever currency it chooses.
Section 8.2 The name of the National Currency is an emotive issue. Perhaps, considering this is the digital age, we should be considering a country-wide competition with particular emphasis on the younger generations participating in what will be a matter of significance in their future.
Section 8.2 Allowing people to vote on the name of the currency will lead to 'spondoolies' or some such
Section 8.2 Agree. There was a "Pound Scots", once, which went the way of "soft" currencies. Choose a new name, preferably a historic connotation.... "Merk"?
Section 8.2 There shall be a National Currency for which the name shall be determined by Parliament. The currency shall be issued, controlled and guaranteed by the State.
Section 8.2 Section 8.2 this could be controversial and might need to wait until negotiations are completed over whether stay in sterling zone or join Euro
Section 8.2 Controversial?, Yes. But experience from IndyRef1 is that failure to discuss and address currency will be used to destroy the chances of IndyRef2 success. To me, personally, there Must be a Scottish Currency. It must not be GBP, thatwould not be Independence. But likewise if therefore cannot be US$ or EUR. A new currency will be attacked by speculators, the only defence will be good relations with guarantors
NEW ARTICLE 8 - National Currency\
Section 8.2 The National Currency is the Scots Pound, guaranteed by the State. It is issued exclusively by the Central Bank and in Scotland is the sole legal tender and means of payment comprising cash, digital credit or sight deposits in bank accounts. The origination or placing into circulation of any other money or money substitute shall be an act of counterfeit. Click for New 8.3 https://cfs-hub.co.uk/comments/880
Section 8.2 The whole of Article 8 is too detailed. So this is one of five Proposed Amendments all headlined NEW ARTICLE 8 and with active links to one another. Here at 8.2. we address protecting our new currency from privatisation and speculation by Big Banks. That means a square deal for all and an end to free lunches for a financial elite. It is drafted by a Scots Accountant per this publication by the New Economics Foundation. https://neweconomics.org/uploads/files/1254f6e8b233409758_oym6iv00y.pdf
Section 8.2 Section 8.2 Section 8.2 The National Currency of Scotland is the Scots Pound, being Sovereign Money guaranteed by the State in accordance with the Constitution.
Section 8.2 Section 8.2 There shall be a National Currency, issued, controlled and guaranteed by the State on behalf of the people. The name of the currency shall be determined by Parliament.
Section 8.2 The significance of omitting Sight Deposits
This is the everyday money in our current accounts and 97% of all money in circulation. Nowadays it is a simple matter to tag this and leave an audit trail right back to the Central Bank. This will restrict money laundering, speculation against the new currency. The workings of banks become demystified, transparent and accountable to the citizens who guarantee the currency. That can surely never be wrong... Private banks Yes; privatised currency No! That is surely fundamental in any modern Constitution today.