The pro-independence Scots say, "Don't worry about the currency, we can still use the British pound sterling. And if that falls through, we can probably use the euro."
The pro-union Scots say, "The English won't let us use the pound sterling, and Europe might not let us use the euro, and if we have to create our own currency it will be a disaster."
BOTH ARE WRONG.
The Austerians in charge of the pound and the euro have so horribly mismanaged both currencies in the last six years that both the UK and Europe are recovering worse from the 2008 financial crisis than from the Great Depression. The opportunity for Scotland to have its own currency is the main reason to go independent. If they're not going to have their own currency, then they should damn well maintain a political say in the management of whatever currency they share.
Pictures (and more words)—and the lesson for the USA—after the orange highland sheep turd.
The UK's recovery from the 2008 recession is worse than its recovery from the Great Depression:
And so is Europe's:
The USA is beating them both:
Why is the USA doing better? Because we had the 2009 stimulus program, and neither the UK nor Europe had anything like it.
But we could be doing even better—look at the USA's unemployment rate from 1933 (when FDR took office, early in the Great Depression) to 1945 (the end of World War II):
What's the difference between now and the 1930s and 1940s? The New Deal, coupled with the massive expansion of the Federal payroll necessitated by World War II. Which together were like the 2009 stimulus, only (like the South Park movie) bigger, longer, and uncut. And which were made possible by (1) much greater expansion of the money supply than has happened in Europe and the UK, coupled with (2) putting all that new money in the pockets of ordinary people who would spend it (creating demand), instead of in the accounts of banks and corporations, who let it accumulate because they're meeting existing demand just fine, thanks, without investing in any new capacity.
The Fed's quantitative easing accomplishes (1) but not (2), which is why it's Better Than Nothing but still not very good—as explained in greater detail by Vox, which is turning out to be a great source of information, by the way.
So, what's my hope for today's vote and its aftermath? That Scotland votes for independence; that they end up creating their own currency, either by choice or because they are turned away from both the pound and the euro; and that they manage it like the USA managed the dollar in the Great Depression: print a lot of it, and put it in the pockets of ordinary Scots—goosing the Scottish economy to prosperity and full employment, and providing an example for the USA (and England, and Europe) to follow.
Worst-case scenario: Scotland declares independence but uses the pound or euro, which puts them at the mercy of a central bank over which they have little to no influence. Don't take my word for it—just ask Krugman, here or here.
We’re a’ Jock Tamson’s bairns, and we'll do better if those making our economic decisions keep that in mind.