Now it feels like I'm in Scotland. Greater purchasing power is better if you’re simply shifting money around or selling imported goods because you have a stronger hand in the marketplace – a bit like a “high roller” walking into a casino.Meanwhile, countries focusing more on physical exports and manufacturing (like Wales) need a weak currency to make their products more attractive and affordable to other countries.That’s a simplification of the reality, but it’s why the post-Brexit referendum decline in the value of the pound could see supermarket prices rise and imports fall, but at the same time boost UK manufacturing – In 2013, the Fiscal Working Group of Scotland published a report into the possible macroeconomic framework of an independent Scotland – including currency options (Some of this is taken from that report, some of it is original. Welsh Banknote Gallery | Welsh Banknotes For Sale : All texts, images, other materials and content on this entire website are … Only seven banks still retain the rights to print their own notes, all of which are in Scotland and Northern Ireland.
However, they’re more prone to inflation and deflation and can be devalued – meaning the purchasing power of a fiat currency can radically change in a short space of time, particularly if a government “prints more money”.As said, all modern currencies are fiat currencies and it’s inevitable Wales will adopt a fiat currency – though I come back to possible alternatives in If I’m still going, I’ll probably go into these in more detail in separate posts, but for now, it’s worth briefly looking at some of the negative problems associated with currency-based economics.A “strong currency” (where the currency is valued highly on foreign exchange markets) generally means a nation has a lot of purchasing power and can buy more foreign currency than they would otherwise be able to, making imports cheaper because they are priced in less valuable currencies.A “weak currency” (where a currency falls in value relative to others) reduces purchasing power but at the same time makes exports cheaper because foreign countries canIt’s generally better for countries that are reliant on services and consumerism, particularly financial services, to have a strong currency. I’ve come up with six, divided into three groups – five “realistic” options and a sixth list of radical alternatives.Option One – Keep the pound sterling in a formal currency union (Option Two – Dollarization; unilaterally using a foreign currency as legal tender; also known as a substitute currency (Option Three – Joining the euro and euro zone currency union (Option Four – A Welsh currency pegged to the pound sterling (Option Five – A floating/independent Welsh currency (Options Six+ – Alternative currencies, such as: digital currencies (i.e Bitcoin), time credits, a return to the gold standard, participatory economics and even a moneyless society ( I’ve had to undertake a self-taught crash course in macroeconomics and monetary theory before attempting it and all I have to back me up is a maths GCSE and an A-Level in geography.There are two broad types of currency – commodity currencies and fiat currencies.Commodity currencies are based on the value of a material good whilst maintaining the functions of a currency (as outlined above), but can also be used for something else.
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