Apex Dinar: The REAL Reason Britain is Freaking Out About Scottish Independence
Posted on September 17, 2014 by WashingtonsBlog
David Cameron and the British media have been freaking out about the potential Scottish independence.
They’ve blathered on about “history”, “common defense” and other red herrings.
But it’s really all about oil …
Specifically, if Scotland becomes independent, it gets to keep 90% of the revenues from its huge oil reserves.
The New York Times reports:
Scottish nationalists have long argued that being governed from London has deprived their country of its fair share of the wealth from Britain’s oil and natural gas fields, which mostly lie in North Sea waters off their shores.
“It’s Scotland’s oil” was the rallying cry in the 1970s that helped raise the profile of the Scottish Nationalist Party, which now leads the country and is pushing for a vote to secede in the referendum on Thursday.
Alex Salmond, the politician leading the separatist movement, has pointed to North Sea energy as the treasure that would help finance an independent Scotland — ensuring that the country could continue the generous public spending, including free university tuition, that he is promising voters.
Al Jazeera notes:
Massive oil reserves in the North Sea are at the heart of the Scottish independence debate. Many are questioning whether the reserves are just for Scotland or if the rest of the United Kingodom should continue to benefit from their profits.
The ‘Yes’ campaign … says Scots should have total control of their own affairs and that revenue from Scotland’s offshore oil fields would sustain the country’s economy
In addition, as Max Keiser explained:
(1) The UK can now borrow cheaply using the giant Scottish oil reserves as collateral
(2) If Scotland leaves, the collateral (oil reserves) is no longer available
(3) So the cost of borrowing money for Britain skyrockets
Scotland’s North Sea oil reserves are slowing running out, and so oil won’t be such a valuable resource forever.
But for now, it is still invaluable (especially as collateral for British borrowing) … and the key to Britain’s panic over potential Scottish independence.
K Boom: Pulse of the People
Scotland’s Independence Vote Shows a Global Crisis of the Elites
SEPT. 18, 2014 Neil Irwin
When you get past the details of the Scottish independence referendum Thursday, there is a broader story underway, one that is also playing out in other advanced nations.
It is a crisis of the elites. Scotland’s push for independence is driven by a conviction — one not ungrounded in reality — that the British ruling class has blundered through the last couple of decades.
The same discontent applies to varying degrees in the United States and, especially, the eurozone. It is, in many ways, a defining feature of our time.
The rise of Catalan would-be secessionists in Spain, the rise of parties of the far right in European countries as diverse as Greece and Sweden, and the Tea Party in the United States are all rooted in a sense that, having been granted vast control over the levers of power, the political elite across the advanced world have made a mess of things.
The details of Scotland’s grievances are almost the diametrical opposite of those of, say, the Tea Party or Swedish right-wingers. They want more social welfare spending rather than less, and have a strongly pro-green, antinuclear environmental streak.
(Scotland’s threatened secession is less the equivalent of Texas pulling out of the United States, in that sense, than of Massachusetts or Oregon doing the same.) But there are always people who have disagreements with the direction of policy in their nation; the whole point of a state is to have an apparatus that channels disparate preferences into one sound set of policy choices.
What distinguishes the current moment is that discontent with the way things have been going is so high as to test many people's tolerance for the governing institutions as they currently exist.
The details are, of course, different in each country.