This would be particularly true, and how, if the SNP follows through on its threat to repudiate Scotland’s share of the UK’s national debt if Westminster refuses to maintain currency union. Financial markets would then shun new debt issues, lending only at inflated rates – not only because Edinburgh will have recently walked away from other obligations but because the tax revenues of a stand-alone Scotland would be far more vulnerable to oil price swings than the UK as a whole. Again, Salmond’s current position – attempting to force the rest of the UK to underwrite Scotland’s future debts by threatening not to honour debts already existing – is economically absurd.