Constitution for Scotland Public Consultation Hub

Section 8.5. The Scots Pound is issued free of debt by the Central Bank of Scotland and in Scotland is the sole legal tender and circulating medium of exchange comprising cash or credit instruments. The origination or placing into circulation of any other money or money substitute shall be an act of counterfeit

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Original Version

  • Avatar admin
    Administrator #1  •  2020-08-16 22:38:10

    Section 8.5. Section 8.5. The Scots Pound is issued free of debt by the Central Bank of Scotland and in Scotland is the sole legal tender and circulating medium of exchange comprising cash or credit instruments. The origination or placing into circulation of any other money or money substitute shall be an act of counterfeit

      • Tim Rideout

        Section 8.5. This should be removed entirely. All money is debt - a £10 note is a liability - or IOU - of the state. The £80 billion of UK bank notes are recorded in the Bank of England accounts as a debt of the central bank. It is therefore impossible to have debt free money in a modern economy as that would violate the rules of double entry accounting. The only thing you could in some sense consider to be 'debt free' is a coin IF the metal content equals or exceeds the face value.

          • Arfem

            Section 8.5. This is indeed the orthodoxy of fractional reserve banking where 97% of the National currency is privatized and enters circulation as virtually unlimited debt. It is issued – and shamelessly manipulated by commercial banks exclusively for profit. The alternative is a currency 100% issued by the State not as debt, but as a secure, authorised unitary token to facilitate the exchange of goods and services within its borders. It would enters circulation through a respected and properly regulated banking sector. If the people would prefer this then the Constitution can provide it

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