A consultation has been launched into whether the Scottish Government should be allowed to issue its own bonds.

The recently enacted Scotland Bill will allow Holyrood to partially set income tax rates in Scotland and enable it to borrow more money. The Scottish Democratic Alliance says NO to borrowing from a banking system which we all now know has no money – just credit guaranteed by the taxpayer. The funding to build wealth, in the form of public assets created by full employment and genuine apprenticeships, comes from pledging the taxpayer’s future and not from the Fred Goodwins of this world. In short the State should fund public infrastructure with debt free money.

The SDA monetary policy uses new Constitutional Money for public investment and uses taxation to defray the everyday running costs. A State is neither a private company nor an individual – its responsibility is to issue the National Currency to facilitate the exchange of goods and services among the people. That is the job of a democratically elected government and not of private banking corporations.

The present banking and public financing system is in tatters – it is corrupt and is progressively reducing the economy of the West to a mountain of paper obligations which is suffocating productive industry and commerce.

The SDA has laid out in great detail a practical and stable financial system which needs no more public borrowing. If for no other reason, it is the responsibility of every Scottish citizen, irrespective of political stripe, to acquaint him/herself with how this can be achieved in a Scotland independent of the City State of London.

You will find our proposals on our website at www.scottishdemocraticalliance.org. Proposals which are a great deal more transparent than the derivatives, swaps and CLOs which nurture the present banking ‘culture’. A culture which has escaped from democratic accountability and is destroying the real economy.