'Great Depression' Warning For Scottish Voters

Written By Unknown on Sabtu, 13 September 2014 | 18.54

A leading bank's warning that a Yes vote could be a mistake akin to those that sparked the Great Depression has threatened to overshadow the biggest weekend of political campaigning in Scotland's history.

At least 2.6 million leaflets will be delivered to households in 48 hours as polls suggest Thursday's vote is on a knife-edge.

More than 10,000 people are expected to attend a rally by the Orange Order in support of the Union in Edinburgh - and their cause has been backed by Deutsche Bank.

The financial institution claims the economic arguments against independence are "overwhelming".

Alex Salmond arrives in Dundee on another leg of his campaign trail Alex Salmond arrives in Dundee on the latest leg of his Yes campaign

Chief economist David Folkerts-Landau said a Yes vote could be a "mistake as large as Winston Churchill's decision in 1925 to return the pound to the Gold Standard or the failure of the Federal Reserve to provide sufficient liquidity to the US banking system, which we now know brought on the Great Depression in the US".

Mr Folkerts-Landau said he found it "incomprehensible" that Scots were even contemplating withdrawal from the UK, and pointed to the "recessions, higher taxes, lower public spending and higher interest rates" that had afflicted nations seen as potentially heading for the eurozone exit.

But Scotland's SNP Government accused him of failing to take into account the country's "strong fiscal position".

Deputy First Minister Nicola Sturgeon, who is campaigning in Glasgow, said the Yes campaign's "momentum is still growing and will soon become unstoppable, as people reject the Downing Street-orchestrated campaign to talk Scotland down".

The Yes side was planning to have more than 35,000 volunteers on the streets of Scotland over the weekend, manning 473 registered street stalls.

Former PM Gordon Brown finishes a speech to Glasgow Royal Concert Hall Gordon Brown is applauded after his Glasgow speech supporting a No vote

On the other side, former prime minister Gordon Brown is trying to persuade the public to vote No in the country's east, while Better Together leader Alistair Darling claims 500,000 voters have yet to make up their minds.

The latest opinion poll by ICM in Saturday's Guardian put decided voters 51-49% in favour of No. 

Many of Britain's newspapers reported on comments by a former SNP deputy leader which appeared to threaten recriminations against businesses that backed a No vote.

Jim Sillars said there would be "a day of reckoning with BP and the banks" if Scotland votes Yes, adding that BP would "need to learn the meaning of nationalisation".

In a fiery interview with Sky News, Mr Sillars said he was simply using "robust" language to draw attention to the "orchestrated fear campaign coming from Downing Street".

A No campaign sign has been painted over with a Yes Yes supporters have grafittied over a No campaign banner

First Minister Alex Salmond praised Mr Sillars's dedication to the campaign but said rather than a "day of reckoning", a Yes  vote would be followed by a "day of celebration".

He added: "The people are showing no signs whatsoever of being cowed. They are in no mood to be bullied by big Westminster Government putting pressure on big business to intimidate the people of Scotland."

Meanwhile, a poll among English voters for the Daily Mail found that while 70% want Scotland to stay in the Union, if they do go 53% believed Scotland should not be able to keep the pound, and 83% think Scotland should be forced to take its share of the multi-billion pound national debt.


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