An opinion piece by Mike Fenwick

To each Member of the Scottish Parliament: Fact or Opinion?  29^th June 2017.

Amongst the many arguments over Scottish independence the phrase “Too wee, too poor, too stupid” features heavily.  Is that phrase a fact or an opinion?

Is this a fact or an opinion:

The Isle of Man has its own currency, for use in and for the Isle of Man, in doing so it pays no seigniorage to the Bank of England. It has its own Central Bank, and its own system of financial regulation. It has a population just over 85,000.

Is this a fact or an opinion:

It is impossible for the people of Scotland, with its population of over 5 million, to ever attempt, let alone achieve, anything similar. The people of Scotland have to accept, and will always have to believe, they and Scotland are just too wee!

Is this a fact or an opinion:

Following the legal precedents established in Carr v Carr and Davaynes v Noble, in Foley v Hill, and more recently confirmed in a Supreme Court ruling – all moneys, all salaries, all wages, all pensions deposited into the safe custody of a banker,  are, to all intents and purposes, the money of the banker, to do with it as he pleases.

Is this a fact or an opinion:

It is impossible for the people of Scotland to create a legal alternative and thereby retain ownership of their own money, their own salaries, their own wages and their own pensions. The people of Scotland have to accept, and will always have to believe, they and Scotland are just too poor, both financially and in their levels of imagination.

Is this a fact or an opinion:

Cash will remain a part of our day-to-day lives for decades, the Bank of England’s chief cashier has said, Victoria Cleland said that although the use of notes and coins in transactions is falling, cash is part of all the Bank’s future plans. Coins are the only legal tender in Scotland, and the notes we may use are simply a form of IOU printed on either coloured bits of paper or plastic and within a fractional reserve regime for banks.

Is this a fact or an opinion:

It is impossible for the people of Scotland to create a full reserve currency regime for adoption and use in and for Scotland, to create and operate such a system in like manner to the adoption by over 30 million Kenyans of the M-Pesa currency out-with the involvement of any bank. The people of Scotland have to accept, and will always have to believe, they and Scotland, are just too stupid, not just to conceive of the potential economic benefits that might accrue, but that they have no ability to implement anything of that nature.

When something is declared to be impossible – is that a fact or an opinion?

The Orkney News welcomes contributions from its readers. If you have an opinion you wish to share you can e:mail fiona@theorkneynews.scot