Means of exchange

York Press: Means of exchange Means of exchange

PERHAPS I could enlighten politicians who have had no traditional training in economics that fiat currency is simply a medium of exchange.

It facilitates trade as long as the parties to such trade have confidence in it. Scotland can easily adopt the pound sterling if they wish. It has nothing to do with George Osborne or the chairman of the Bank of England.

Why they should wish to adopt a currency which has lost 99 per cent of its value in the past 100 years is beyond me. Of course they could not print the currency to fund socialist welfare spending or conservative corporate welfare and there is the rub.

Scotland could, of course, become the new Hong Kong of growth and free enterprise. My advice is to get true independence and leave the EU and adopt an asset back currency which politicians cannot degrade. But I expect the addiction to welfare north of the border is too strong.

Godfrey Bloom, MEP for Yorkshire and North Lincolnshire, Wressle, Selby.

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