Posted on 09/13/2014 10:30:32 AM PDT by Kaslin
Tale of Two Countries
Fearmongering in Scotland hits fever pitch as RBS and four other banks threaten to leave the country if Scotland votes "Yes" for independence.
In Spain, Catalans staged a huge protest in favor of independence. The Spanish government hopes Scotland will vote "No" even though it seeks to halt a Catalan vote altogether.
Let's take a close look at these stories starting with Scotland.
RBS, 4 Other Banks Warn of Relocation to England if Scots Vote Yes
(Excerpt) Read more at finance.townhall.com ...
Show the bankers the door.
I'd be mighty tee'd if I was a stock holder in such a bank and they weren't interested in making money.
This said, this is kinda like US Bank relocating to Canada, if I was a depositor, I'd take that announcement to mean I need a new bank.
That’s right!
We deal with a very small local bank that only has branches in ours and the neighboring county. Their service is FAR better than dealing with the national chains like WFC or BoA. If you need a loan, they know you’ll be good to pay it back, you’ll get the loan - as long as you have good income, ect. The all mighty FICO score isn’t their first consideration if you’ve done business with them for awhile, and have a good history with THEM. (that’s how it SHOULD be)
The large banks just treat you like a number or a commodity. You’re nothing to them. That makes them nothing to me. I wouldn’t do business with any financial institution that’s a member of the Federal Reserve, though I probably unknowingly do every day....(like trying to buy American at Wal-Mart lol
About as much as banks leaving has to do with it....
These days your bank is as far away as your keyboard.
I don’t actually see it as an automatic problem if Scotland and Barcelona suddenly become independent.
Its more than a threat, its a promise. There are sound and overwhelming reasons for moving south in the event of a ‘yes’ vote. The only reason they would have for staying in Scotland is if the rUK agreed to keep them in monetary union using the Pound Sterling, which the rUK aren’t going to do because it would make rUK ultimately responsible for upholding iScotland’s debts.
Salmond’s childish threat to default on its share of the debt to the country it will be doing most of its trade with in the event the rUK doesn’t permit a currency union is ludicrous.
The Bank of England has far deeper pockets and reserves than any independent Scottish central bank could ever hope to have. The financial sector (which consists of 7% of the entire Scottish economy) will more or less decamp en masse to England if there is a yes vote, because otherwise they will lose the protection of one of the world’s biggest and most important central banks. In short, Scotland’s economy is f(&^%ed if they vote yes, and unfortunately, a worrying proportion of the Scottish population is far too ignorant to understand the true implications of a ‘yes’ vote.
We deal with a bank that has two...count them...two branches, both of which are in our town of 12,000. I get greeted like a personal friend, called by first name, and (probably) never have had to show my ID after we had the account for a few years.
This bank doesn’t do mortgages. Like I care.
The new government owned and operated say The Bank of Scotland will just print some new currency called the Scots
and require that it be accepted as legal tender in Scotland.
Good for all debts public and private.
You mean the one we had back around 1776?
This is quite a threat. This independence movement has made some powerful people feel threatened.
I was thinking of the one just over four score years later.
The author of the article is pro-separation, and he derides Spain for denying Catalans a vote on separation. Imagine Lincoln’s reaction.
What will Britain do if the Scots vote yes, go to war?
Except this new central bank wouldn’t have anything like the resources of the Bank of England. Its credit rating wouldn’t allow it to borrow money at anything like the rate Scotland can as part of the UK.
Scotland and England have been so thoroughly integrated for so long that unpicking it all would be an absolute nightmare with economic devastation lasting for years, principly to Scotland, but the rUK woulnd’t escape unscathed either.
Having a seperate currency would also add transaction costs to Scotland’s trade with the rUK (which accounts for 70% of its external trade), in addition to the fact that it would be an extremely volatile petro currency rising and falling with the price of oil.
I could understand this seperatist leaning if Scotland was an oppressed colony, but it isn’t and never has been. It has been an integral part of the United Kingdom, sending just as many MPs to parliament per capita as any other part, and since 1999 has had its own regional government over most issues. The Scots live in a representative democracy like everyone else in the western world and all that would be achieved by independence is a catastrophic recession, loss of jobs, a weaker voice on the world stage and a lack of opportunity to lead one of the world’s great nations. All because of some stupid braveheart ‘FREEEEDUMB’ fantasy. A patriot is someone who puts their country first, a nationalist is someone who puts their hatred of other countries first. The ‘yes’ voters are placing themselves firmly in the latter camp.
Of course not. This isn’t some mickey mouse military dictatorship.
Scotland Socialist Republiuc
I wonder if the banks are just bluffing to get their way??
Kim should pull an Idi Amin and lay claim to the Socttish throne.
Kim should pull an Idi Amin and lay claim to the Scottish throne.
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