Joseph Stiglitz: there is no basis for this scaremongering…but this is not just about money | Herald Scotland – Joseph Stiglitz

Cropped picture of Joseph Stiglitz, U.S. econo...

Cropped picture of Joseph Stiglitz, U.S. economist. (Photo credit: Wikipedia)

This is an excellent, must-read article from Nobel Prize winning economist, Joseph Stiglitz. Check it out!

via Joseph Stiglitz: there is no basis for this scaremongering…but this is not just about money | Herald Scotland – Joseph Stiglitz.

Whilst I identify with the thrust of Stiglitz’s argument, I do not agree with the conclusions. I think that Paul Krugman was right to highlight the risks of an independent Scotland.

Stiglitz point about Scotland being more socialist and the rest of the UK moving towards the US model is a powerful point. However, voters in England, Wales and Northern Island should have a say as well.

Of course, Stiglitz is right to talk about the benefits as well as the costs. The reality is that the costs, benefits and risks have not been properly costed. As I have argued previously, there is a large transition cost with enormous risk.

In the absence of proper costing of the costs, benefits and risks, the safest option is to vote “No” to independence.

Opinions?

Paul Krugman, Laureate of the Sveriges Riksban...

Paul Krugman, Laureate of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2008 at a press conference at the Royal Swedish Academy of Sciences in Stockholm (Photo credit: Wikipedia)

Scotland heading for a ‘Great Depression’ after a Yes vote – Telegraph

map showing the area of Scotland in relation t...

map showing the area of Scotland in relation to Great Britain and Ireland (Photo credit: Wikipedia)

This is a MUST-READ lead article in today’s Telegraph. Check it out!

Scotland heading for a ‘Great Depression’ after a Yes vote – Telegraph.

Let’s hope that the people of Scotland listen to the wider evidence, not the promises of the Scottish nationalists.

With the Governor of the Bank of England and the Chancellor of the Exchequer cancelling an  important foreign trip, the risk of a major crisis is real and immediate.

The money is already leaving the UK. The crisis can still be reversed by voting “No” to independent Scotland.

For sure, a “Yes” vote will trigger a major financial crisis on the scale of 2008 or the thirties. The problem is that Scotland’s decision will impact the rest of the UK, Europe and financial markets globally.

This blog has predicted the scale of this crisis weeks ago, well before the mainstream media.

There is still time for the people of Scotland to use their power to the benefit of all. Please, please vote “No!”