Constitution for Scotland Public Consultation Hub

Section 8.7. The Government may not issue any other bonds or debt instruments other than as required by the Central Bank in settlement of foreign balance of trade deficit and as limited within its regulation by the Constitutional Monetary Authority.

Proposed Amendments to Section

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Original Version

  • Avatar admin
    Administrator #1  •  2020-08-20 17:49:04

    Section 8.7. Section 8.7. The Government may not issue any other bonds or debt instruments other than as required by the Central Bank in settlement of foreign balance of trade deficit and as limited within its regulation by the Constitutional Monetary Authority.

      • Jim Osborne

        Section 8.7. It is for the government to tell the central bank what to do, not the central bank to tell the government what to do. The various draft sub paragraphs in Article 8 will have the effect of completely undermining the provisions of other important articles which are designed to create an accountable democracy. Together the sub paragraphs of Article 8 hand over control of the country to the bankers.

          • Arfem

            Section 8.7. If that is correct we can expect to see these spaces filled by supporters from the Financial Establishment. It will be interesting to see how the votes stack up….

            No responses
      • Tim Rideout

        Section 8.7. How or why should the state issue a bond to settle a balance of payments issue? The balance of payments reflects the activities of the private sector (largely) and as such is dealt with by the private sector and by changes in the exchange rate of the currency.

        No responses

Proposed Amendment to Section 8.7.

  • Tim Rideout

    State Borrowing

    Section 8.7. In the interests of managing the economy to achieve full employment of labour and other resources of the State, the Government may borrow by means of issuing bonds denominated in the Scottish Currency, by over-drawing the Treasury accounts at the Scottish Reserve Bank or by such other methods as may be authorised from time to time by Parliament.

      • Arfem

        Section 8.7. As commented previously – why ‘borrow’ your own currency - other than to subsidise a privatized ‘debt currency’ aka fractional reserve banking? This provision is to borrow foreign currency if and when required.

        No responses

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