Are we not aware today of the problems of having interest rates set to suit others? So are people in Newcastle and Belfast and Cardiff and Liverpool. What that tells us is that Portugal’s problems are of an entirely different magnitude from those of a hypothetical independent Wales or Scotland. As for exchange controls – you don’t look old enough to remember those! – those aren’t a concern if “use sterling” is taken literally.

A final point. Imagine that the vote goes in favour of independence. Would you really want the SNP to be taking all of the decisions immediately, in a headlong rush, which would influence the shape of an independent Scotland for decades, or would you prefer a more leisurely approach where others had a say?

The thing is, we are in a totally different situation here. The SNP talk about the bank of England being the lender of last resort for Scotland – that must surely come with a price? The economies now are so much larger, with so many more transactions. Thos examples are from the days when there were currency controls and couldnt take more than £10 out of the country!

Bear in mind, the Scottish banks are already charged for the privledge of printing their own notes. That could change. That charge could be cancelled and replaced with a transaction charge.

The point is that there are still so many unknowns here. We are all aware of the eocnomic issues of using someone elses currency (it doesnt matter whether its the Euro, the Dollar or Streling). The problem is what happens during the negotiations to get a better deal. Something else has to give.

You’ll look in vain for evidence that Australia or Canada or Ireland or New Zealand were charged for the privilege of letting sterling notes circulate or for pegging their currency to sterling at par for decades. For a whole 55 years in Ireland’s case, 1928 to 1978. The Irish Free State didn’t even get round to issuing any currency until 1928, six years after independence.

Of course using sterling wouldn’t be without economic cost, but a decision on currency could easily be deferred for a fair number of years while more pressing matters were dealt with. And by that time it might be possible to obtain a cross-party consensus on the issue, something which would be very difficult at an early date.

The norm is that Scotland should take its shit with it, when its leaves the UK.

Like everything in life, you shouldn’t leave your rubbish behind for other’s to pick up.

Just like Labour and its debts.

So if your gold plated pension ends up being paid out by Scotland, watch out. With 50% of all employees employed by the state they are going to have a few problems making good on that.

However, since its off the books, that means they don’t intend paying it.

Yes, keep arguing that the England should violate international norms. After all, acting like raving lunatics is what your party is good for.

Well, realistically you’d need to pay to use it. How much? Well…