The history of the development of money as it moves beyond coinage is about the links between currencies, banks and states. All currencies must have a lender of last resort. Sterling’s long success and recent failures are all linked to the Bank of England having this role. No serious financial institution can be the lender of last resort without any control over taxation or spending. The Scots are deluded – and Salmond misleading them – if they think anything else: it just will not happen.