Nicola Sturgeon

[Iluvfriends]

Is a hypocrite.

Boris will be 'picking a fight with the democratic wishes of the Scottish people' and ' the only people that can decide the future of Scotland are the Scottish people'

Forgive me if i'm being stupid but didn't we already have a vote on independence, how did that go. Oh that's right......not how NS wanted so she ignores the democratic wishes of the Scottish people and pushes for Indy 2.

Laughable how she comes out with this stuff.

Erm, the 'other words' are a discussion around the QE strategies post '08 and Covid.

I never said it was a gift from England. Can you explain the method by which Scotland as a country carries out QE please?

@StarryEyeSurprise

Erm, the 'other words' are a discussion around the QE strategies post '08 and Covid.

As I said completely irrelevant.

@Graffitiqueen

I never said it was a gift from England. Can you explain the method by which Scotland as a country carries out QE please?

You don't know that we're not allowed to borrow as we're not independent? Surely you do?

This was an issue when Scotland ( and Wales!) needed to go into lockdown but the Tories refused to borrow on our behalf so we could provide much needed furlough to workers.

And yes, you're going to say.. aren't we lucky .

So how does QE happen? Either you don't know the answer or you don't want to answer.

How does QE happen in an Indy Scotland without a central bank?

@Graffitiqueen

So how does QE happen? Either you don't know the answer or you don't want to answer.

How does QE happen in an Indy Scotland without a central bank?

These will be a central bank. Come on, this is simple stuff.

Bit you said that at first we would use GBP which means there would be no central back?

It it's simple answer the question.

How does QE happen just now in Scotland and how would it happen in an Indy Scotland under sterlingisation with no central bank?

Given a successful referendum, there will be a transition period. Could be a year or two before the final raising the flag (time to set up the central bank).

I've seen estimates of a decade.

How would Scotland cope with another pandemic in that transition period?

Also the original question. How does QE happen in Scotland just now?

Have you ever considered a career as a politician? You may not make it as an economist but boy do you try your best to not answer questions you don't like the answer to.

@Graffitiqueen

How would Scotland cope with another pandemic in that transition period?

Also the original question. How does QE happen in Scotland just now?

It's really not my fault that you don't understand simple economics.

Scotland CANNOT BORROW. QE = essentially the state borrowing from itself. Scotland CANNOT do that as it is not an independent country.

But but but!!! You said that was how Scotland spent more than it earns just now!! Was that wrong? A lie?

Again if it's simple. How does Scotland spend more than it earns currently?

I can't go over it again. It's been five hours now. I'm losing the will to live.

But you haven't gone over it. Really I thought this was simple stuff? Can you really not answer?

How does Scotland currently spend more than it earns?

You said QE way back but now we find that's not possible so how does it work?

I'll give you a clue. 2 words starting FT.

@Graffitiqueen

But you haven't gone over it. Really I thought this was simple stuff? Can you really not answer?

How does Scotland currently spend more than it earns?

VERY simple for the hard of understanding.

Now - QE as part of the UK

Future - QE as an independent Scotland using our central bank.

We will switch at an agreed date post a successful referendum.

Well for something so simple you've got it wrong. QE has only been used 4 times to respond to a crisis, 2009'for the financial crisis, 2012 for the eurozone debt crisis, 2016 brexit and 2020 covid. So it is not the regular mechanism by which Scotland is able to spend more than it earns it's the fiscal transfer.

@StarryEyeSurprise you must be

@Graffitiqueen

Well for something so simple you've got it wrong. QE has only been used 4 times to respond to a crisis, 2009'for the financial crisis, 2012 for the eurozone debt crisis, 2016 brexit and 2020 covid. So it is not the regular mechanism by which Scotland is able to spend more than it earns it's the fiscal transfer.

If you look to my previous post I literally referred to ' post '08 and now'.

Again, an Indy Scotland just have its own central bank in cases of crisis like we are going through just now and '08.

Scotland (until the last ten years) run a surplus. It is, however, normal to run a deficit. This is paid for by government bonds. This isn't a big secret and is done the world over.

I've looked at your comment regarding the previous covid strategy and you seem to think that QE gives the government more money? The central bank buys existing government bonds back from investors putting the money back into the market essentially in the hope it will stimulate the economy while simultaneously depressing the yield on government bonds encouraging them to invest their money elsewhere.

QE does not allow the Scottish government to spend more than it earns.

Deficits are fine. No one ever said they weren't. The problem is the level of Scotland's deficit.

There's no way Scotland would be able to borrow at the same rate as the UK to fund such a level of deficit.