(1/8) @AndrewWilson is now claiming that after independence "The monetary policy situation that we have now would continue until such a time that it’s no longer in our interests”. This is a reversion to the "currency union" fantasy of 2014. Let's fisk. https://tinyurl.com/y5pkx5mr 

(2/8) Is it within our power unilaterally? Absolutely not. Westminister would have to agree.

Does Scotland have any leverage to force WM to agree? No. In 2014 someone invented a tortured balance of payments argument. It was nonsense then, it is demonstrable nonsense now.

(3/8) What would the upside for WM be? The continuation of seamless trade. However, note that they get this for free under sterlingisation.

What would the downside for WM be? They make themselves partially responsible for the success or failure of the independence experience, &

(4/8) they shackle themselves to the iSG. The latter will have endless opportunities for hostage-taking, by threatening to intentionally cause market chaos by talking publicly about blowing up the arrangement if their demands are not granted.

So, what's going on? Why has this

(5/8) risible "plan" been resurrected?

I think it is because the message that sterlingisation is a ticking time-bomb has been received, loud and clear. But, at the same time, people understand that it just isn't possible to have a new currency ready https://tinyurl.com/yxbhbfe4 

(6/8) for use immediately after partition. Something has to fill that gap. And if that "something" is sterlingisation, there are two big problems. Firstly, as noted, sterlingisation is dangerous, and therefore a second massively disruptive currency change will have to be brought

(7/8) in. This gives capital a second reason to flee Scotland. No private-sector enterprise would choose to operate in this climate of uncertainty if it can avoid it. Secondly, b/c sterlingisation is a time-bomb, that new currency will be rushed, and it will be designed and

(8/8) executed by the same calibre of people at Holyrood who needed 3 yrs & £178mn to figure out how to send subsidy cheques to farmers (& somebody else was paying the subsidies!)

So the CU fantasy has to be revived, as a new obfuscation tactic to add to one already in use.