BPs Clair Field and Shelf Advert
Discussion
McWigglebum4th said:
For those that haven't got a clue what is happening in this thread
let me give you an insight into the true oppress us scots have to suffer
To stop us from having FFFRRRRREEEEEDDDDOOOOOOMMMMMmmmmmmMmmmmmmm you english b
dS have hidden the worlds LARGEST oil field from our sight
BP have been drilling off thethe clyde
west coast of scotland west of shetland
During this drilling of a single well they discovered the worlds largest oil field.
The data discovered was so incredible that it could not be taken off of the rig which is 40 miles west of shetland
So they did the following
They stood down the entire crew of the BP Clair rig (currently being built in korea) and sent them all home on full pay and told them not to talk. As this was far more secure then keeping them on a rig 40 miles from land where they control all the communications
They then flew up David cameron from london to the shetlands to look at the data which was still on the rig. They also flew all the BP top executives from london to the shetlands to discuss hiding this information
And to ensure absolutely no one knew that David cameron was in the shetlands they also flew up a whole team of journalists up with David cameron
And to make it doubly secret they have now put an video on the internet
Had me fooled.let me give you an insight into the true oppress us scots have to suffer
To stop us from having FFFRRRRREEEEEDDDDOOOOOOMMMMMmmmmmmMmmmmmmm you english b
dS have hidden the worlds LARGEST oil field from our sightBP have been drilling off the
During this drilling of a single well they discovered the worlds largest oil field.
The data discovered was so incredible that it could not be taken off of the rig which is 40 miles west of shetland
So they did the following
They stood down the entire crew of the BP Clair rig (currently being built in korea) and sent them all home on full pay and told them not to talk. As this was far more secure then keeping them on a rig 40 miles from land where they control all the communications
They then flew up David cameron from london to the shetlands to look at the data which was still on the rig. They also flew all the BP top executives from london to the shetlands to discuss hiding this information
And to ensure absolutely no one knew that David cameron was in the shetlands they also flew up a whole team of journalists up with David cameron
And to make it doubly secret they have now put an video on the internet
Comments scarce from the OP.
Alfa numeric said:
So what you're saying is BP are keeping a big oil find secret by placing a huge advert about it on the internet?
I can't get onto YT at work so I'm guessing about the content from your previous proclamations.
It's only in this country where any news on the subject seems a bit scarce. In fact even Sir Ian Wood seems to have undergone a remarkable about face, which would make some senior old-school Tories (who have had plenty of Volte-face experience themselves) blush with embarrassment. I can't get onto YT at work so I'm guessing about the content from your previous proclamations.
Even the NoScotland.net website's poll seems to show a different picture to what Nadhim Zahawi's yougov are sugggesting....
Link: http://noscotland.net/comment-page-48/#comment-807... - try the link for yourself - try voting more than once (just to test whether or not you can......here's a hint you CAN'T)
Alpacaman said:
It was hilarious the other week on Twitter, all the yeSNP numpties were desperately trying to mention Clair as many times as possible, this must be the worst kept "secret" in history.
It may be the worst kept secret in history, but still no announcements in the press, unlike what we would have seen in previous years, before Westminster started to realise they have their jacket on a shoogly peg. A cynic would state that it's a variation of the same trick pulled in 1979. Luckily for the general populace, we live in an information age - where we have many international sources for our news.......unlike back in 1979 where the populace were simply spoon-fed untruths. Even Dennis Healey has said as much (link
http://news.stv.tv/politics/225958-denis-healey-we...As you were Gents......
McWigglebum4th said:
Did this thread go better in your imagination?
Did you see us all screaming that we had seen the light?
Did you expect me to scream i believe i believe i believe
Was i wearing blue face paint?
Was i naked?
To answer your points.....Did you see us all screaming that we had seen the light?
Did you expect me to scream i believe i believe i believe
Was i wearing blue face paint?
Was i naked?
I don't give a monkeys about where the thread goes....
Don't be silly - I know there's no point in trying to change the opinions of the closed of mind.
I don't care what you believe.
You can wear whatever colour of eyeliner you like - personally I don't believe in make-up for blokes - but you can wear whatever makes you feel comfortable. I won't be judgemental.
No, I don't dream about naked blokes..... as you were Wibbles....
Oakey said:
That video talks about injecting a water solution into the wells in order to extract the oil. Sounds like fracking to me, you're against fracking, aren't you?
I'd say the process is somewhat similar. However off-shore, there isn't the potential risk to drinking water that on-shore fracking presents...... pcvdriver said:
Alpacaman said:
It was hilarious the other week on Twitter, all the yeSNP numpties were desperately trying to mention Clair as many times as possible, this must be the worst kept "secret" in history.
It may be the worst kept secret in history, but still no announcements in the press, unlike what we would have seen in previous years, before Westminster started to realise they have their jacket on a shoogly peg. A cynic would state that it's a variation of the same trick pulled in 1979. Luckily for the general populace, we live in an information age - where we have many international sources for our news.......unlike back in 1979 where the populace were simply spoon-fed untruths. Even Dennis Healey has said as much (linkhttp://news.stv.tv/politics/225958-denis-healey-we...As you were Gents......
pcvdriver said:
It's only in this country where any news on the subject seems a bit scarce. In fact even Sir Ian Wood seems to have undergone a remarkable about face, which would make some senior old-school Tories (who have had plenty of Volte-face experience themselves) blush with embarrassment.
Even the NoScotland.net website's poll seems to show a different picture to what Nadhim Zahawi's yougov are sugggesting....
Link: http://noscotland.net/comment-page-48/#comment-807... - try the link for yourself - try voting more than once (just to test whether or not you can......here's a hint you CAN'T)
Okay you have evidence that it will be a YES voteEven the NoScotland.net website's poll seems to show a different picture to what Nadhim Zahawi's yougov are sugggesting....
Link: http://noscotland.net/comment-page-48/#comment-807... - try the link for yourself - try voting more than once (just to test whether or not you can......here's a hint you CAN'T)
Do you have the balls to bet £1000 on it online and post the ticket to show you have the balls to put your money where you mouth is?
pcvdriver said:
It may be the worst kept secret in history, but still no announcements in the press, unlike what we would have seen in previous years, before Westminster started to realise they have their jacket on a shoogly peg. A cynic would state that it's a variation of the same trick pulled in 1979. Luckily for the general populace, we live in an information age - where we have many international sources for our news.......unlike back in 1979 where the populace were simply spoon-fed untruths. Even Dennis Healey has said as much (linkhttp://news.stv.tv/politics/225958-denis-healey-we...
As you were Gents......
So why have the SNP kept quiet over it? Cameron wasn't up in the Shetlands on a secret visit with oil executives, he was up that to reassure the Shetlanders that it was better to be together so that when the Shetlands declare independence from Scotland, they're more than welcome to remain with rUK. http://news.stv.tv/politics/225958-denis-healey-we...As you were Gents......
http://www.shetnews.co.uk/news/8917-david-cameron-...
http://www.telegraph.co.uk/news/uknews/scottish-in...
http://www.dailymail.co.uk/wires/pa/article-270178...
http://www.thecourier.co.uk/news/politics/cameron-...
http://www.itv.com/news/2014-07-23/david-cameron-b...
Jonc said:
So why have the SNP kept quiet over it? Cameron wasn't up in the Shetlands on a secret visit with oil executives, he was up that to reassure the Shetlanders that it was better to be together so that when the Shetlands declare independence from Scotland, they're more than welcome to remain with rUK.
http://www.shetnews.co.uk/news/8917-david-cameron-...
http://www.telegraph.co.uk/news/uknews/scottish-in...
http://www.dailymail.co.uk/wires/pa/article-270178...
http://www.thecourier.co.uk/news/politics/cameron-...
http://www.itv.com/news/2014-07-23/david-cameron-b...
I notice in one of the reports, and it quite clearly states that the Tories didn't even retain their deposit in the 2011 election with a measly 330 votes. And after the Lib/Dem debacle as junior coalition partners, I think their fortunes are on the wane too. http://www.shetnews.co.uk/news/8917-david-cameron-...
http://www.telegraph.co.uk/news/uknews/scottish-in...
http://www.dailymail.co.uk/wires/pa/article-270178...
http://www.thecourier.co.uk/news/politics/cameron-...
http://www.itv.com/news/2014-07-23/david-cameron-b...
Plus bribes of promises of "Jam tomorrow" in reference to lower power bills. It smacks of desperation, rather than any meaningful commitment to the electorate there.
McWigglebum4th said:
Where as inventing a story about top secret flights, meetings and the worlds largest oilfield isn't even vaguely desperation
no not one but
not even slightly
Meanwhile from the pages of Yes Shetland.... http://online.wsj.com/articles/a-currency-solution...no not one but
not even slightly
pcvdriver said:
McWigglebum4th said:
Where as inventing a story about top secret flights, meetings and the worlds largest oilfield isn't even vaguely desperation
no not one but
not even slightly
Meanwhile from the pages of Yes Shetland.... http://online.wsj.com/articles/a-currency-solution...no not one but
not even slightly
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Well done, good bit of planning that.
Mojocvh said:
pcvdriver said:
McWigglebum4th said:
Where as inventing a story about top secret flights, meetings and the worlds largest oilfield isn't even vaguely desperation
no not one but
not even slightly
Meanwhile from the pages of Yes Shetland.... http://online.wsj.com/articles/a-currency-solution...no not one but
not even slightly
The Scottish independence debate has been dominated by one question: What currency would an independent Scotland use? Ever since Chancellor George Osborne ruled out the prospect of a formal currency union between Scotland and the rest of the United Kingdom, Alex Salmond's Scottish Nationalists have evaded the question, threatening their chances of victory in next month's referendum on a split from the U.K.
But if Scots looked to their own history they would find a surprisingly simple solution. The best choice for Scotland, even better than a currency union, would be "adaptive sterlingization"—use of the British pound without a currency union with the rest of the U.K., combined with financial reforms that removed deposit insurance, reserve requirements and central-bank protections from banks.
In a hangover from Scotland's "free-banking" era during the 18th and 19th centuries, Scottish banks still issue their own bank notes. These are backed on a one-to-one basis by million- and hundred million-pound sterling notes—called "Giants" and "Titans," respectively—held at the Bank of England.
After independence, this system could continue, with Scottish banks treating their sterling reserves as base money on which promissory notes could be issued on a fractional basis. The pound sterling would essentially be performing the same role that gold and silver did during the last free-banking era.
With banks free to expand and contract their balance sheets in response to market demand for cash holdings, spending levels would be kept stable. This would avoid demand-side recessions and remove the need for government demand-management policies in economic downturns.
Enlarge Image
Welcome in the pound, even if Scots vote for independence. andy buchanan/Agence France-Presse/Getty Images
To ensure that banks issued notes responsibly, much of the moral hazard that is present in the current financial system would need to be taken away. During Scotland's free-banking era, there was no central bank acting as an unlimited lender of last resort, no deposit insurance and no government bailout for insolvent banks. All of the problems that these regulations are designed to prevent were solved privately through mechanisms such as private clearinghouses to provide liquidity to solvent banks and extended liability on bank shareholders.
Scotland wouldn't be the only country to use another's currency without formal agreement. Panama, Ecuador and El Salvador all use the U.S. dollar outside of a currency union, with no central bank to act as a lender of last resort. Dollarizing stabilized Ecuador's economy in the wake of a financial crisis in the early 2000s, and a 2006 report by the Federal Reserve of Atlanta praised both Ecuador and El Salvador as having healthy financial sectors. According to that report, "official dollarization has played a significant role in improving bank liquidity and asset quality."
Panama may be the best model for Scotland. Panama has been dollarized for more than a century and has no deposit insurance or reserve-requirement laws. It also has an astonishingly healthy financial system. Its banks are the seventh soundest in the world, according to the World Economic Forum, and a 2012 International Monetary Fund report noted that lacking a central bank lender of last resort contributed to the "strength and resilience" of the Panamanian system. Because the country has no central lender of last resort, its banks maintain high reserves to avoid liquidity crises. Were Scotland to follow Panama, it isn't unreasonable to expect that its own banks would follow a similar path.
Critics argue that the largest Scottish banks, RBS and Lloyd's, wouldn't tolerate this and would redomicile to the City of London. But this seems inevitable in any case. EU law requires that banks be domiciled in the country in which they do the most business, and both of these banks have much bigger English customer bases. In any event, even if they moved domicile, for cost reasons it seems unlikely that they would move many jobs south of the border.
Scotland's free-banking era was a golden age. At the beginning of the period, Scots were less than half as rich as their English neighbors. By the end, they were richer. The philosopher David Hume, the poet Robbie Burns, the father of modern economics Adam Smith and dozens of other titans of Western thought all lived through this remarkable flowering of scholarship. The increase in wealth and opportunity was clear to all, prompting Adam Smith to remark: "That the banks have contributed a good deal to this increase cannot be doubted."
The evidence from history and the present day seems clear: Financial systems are at their most prudent when governments don't try to "fix" them with bailouts and liquidity funds. A system of adaptive sterlingization would mean that markets, not the state, would regulate Scottish finance. This may be a difficult pill for Mr. Salmond to swallow. But for an independent Scotland to flourish, its currency and banks must be independent of the state as well.
Mr. Bowman is research director of the Adam Smith Institute in London.
pcvdriver said:
Mojocvh said:
pcvdriver said:
McWigglebum4th said:
Where as inventing a story about top secret flights, meetings and the worlds largest oilfield isn't even vaguely desperation
no not one but
not even slightly
Meanwhile from the pages of Yes Shetland.... http://online.wsj.com/articles/a-currency-solution...no not one but
not even slightly
The Scottish independence debate has been dominated by one question: What currency would an independent Scotland use? Ever since Chancellor George Osborne ruled out the prospect of a formal currency union between Scotland and the rest of the United Kingdom, Alex Salmond's Scottish Nationalists have evaded the question, threatening their chances of victory in next month's referendum on a split from the U.K.
But if Scots looked to their own history they would find a surprisingly simple solution. The best choice for Scotland, even better than a currency union, would be "adaptive sterlingization"—use of the British pound without a currency union with the rest of the U.K., combined with financial reforms that removed deposit insurance, reserve requirements and central-bank protections from banks.
In a hangover from Scotland's "free-banking" era during the 18th and 19th centuries, Scottish banks still issue their own bank notes. These are backed on a one-to-one basis by million- and hundred million-pound sterling notes—called "Giants" and "Titans," respectively—held at the Bank of England.
After independence, this system could continue, with Scottish banks treating their sterling reserves as base money on which promissory notes could be issued on a fractional basis. The pound sterling would essentially be performing the same role that gold and silver did during the last free-banking era.
With banks free to expand and contract their balance sheets in response to market demand for cash holdings, spending levels would be kept stable. This would avoid demand-side recessions and remove the need for government demand-management policies in economic downturns.
Enlarge Image
Welcome in the pound, even if Scots vote for independence. andy buchanan/Agence France-Presse/Getty Images
To ensure that banks issued notes responsibly, much of the moral hazard that is present in the current financial system would need to be taken away. During Scotland's free-banking era, there was no central bank acting as an unlimited lender of last resort, no deposit insurance and no government bailout for insolvent banks. All of the problems that these regulations are designed to prevent were solved privately through mechanisms such as private clearinghouses to provide liquidity to solvent banks and extended liability on bank shareholders.
Scotland wouldn't be the only country to use another's currency without formal agreement. Panama, Ecuador and El Salvador all use the U.S. dollar outside of a currency union, with no central bank to act as a lender of last resort. Dollarizing stabilized Ecuador's economy in the wake of a financial crisis in the early 2000s, and a 2006 report by the Federal Reserve of Atlanta praised both Ecuador and El Salvador as having healthy financial sectors. According to that report, "official dollarization has played a significant role in improving bank liquidity and asset quality."
Panama may be the best model for Scotland. Panama has been dollarized for more than a century and has no deposit insurance or reserve-requirement laws. It also has an astonishingly healthy financial system. Its banks are the seventh soundest in the world, according to the World Economic Forum, and a 2012 International Monetary Fund report noted that lacking a central bank lender of last resort contributed to the "strength and resilience" of the Panamanian system. Because the country has no central lender of last resort, its banks maintain high reserves to avoid liquidity crises. Were Scotland to follow Panama, it isn't unreasonable to expect that its own banks would follow a similar path.
Critics argue that the largest Scottish banks, RBS and Lloyd's, wouldn't tolerate this and would redomicile to the City of London. But this seems inevitable in any case. EU law requires that banks be domiciled in the country in which they do the most business, and both of these banks have much bigger English customer bases. In any event, even if they moved domicile, for cost reasons it seems unlikely that they would move many jobs south of the border.
Scotland's free-banking era was a golden age. At the beginning of the period, Scots were less than half as rich as their English neighbors. By the end, they were richer. The philosopher David Hume, the poet Robbie Burns, the father of modern economics Adam Smith and dozens of other titans of Western thought all lived through this remarkable flowering of scholarship. The increase in wealth and opportunity was clear to all, prompting Adam Smith to remark: "That the banks have contributed a good deal to this increase cannot be doubted."
The evidence from history and the present day seems clear: Financial systems are at their most prudent when governments don't try to "fix" them with bailouts and liquidity funds. A system of adaptive sterlingization would mean that markets, not the state, would regulate Scottish finance. This may be a difficult pill for Mr. Salmond to swallow. But for an independent Scotland to flourish, its currency and banks must be independent of the state as well.
Mr. Bowman is research director of the Adam Smith Institute in London.
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