"The Treasury case against a post-independence currency union between Scotland and the rest of the UK has been dismantled as 'misleading', 'unsubstantiated' and 'the reverse of the truth' by one of the world's leading economists. Professor Leslie Young, of the Cheung Kong Graduate School of Business in Beijing, accused the UK Government of relying on a 'lurid collage of fact, conjecture and fantasy' in making its argument." (The Herald, 23 March 2014)
In the video above, Crawfurd Beveridge explains, in three minutes and 36 seconds, patiently, succinctly and in a straightforward way (if I can understand it, you will) why the Nobel prize winning economists and others on the Scottish Government's Fiscal Commission Working Group came to the conclusions they did about an independent Scotland's currency and about why, after a Yes vote and whatever they say now, the British government will agree to a currency union.
He explains that the Fiscal Commission group comprises "four very eminent economists, two Nobel prize winners". They thought that there were in fact "lots of options" for Scotland: "You could have your own currency. You could have a currency that's pegged. You could make it free-float. You could go and join the euro. You could do sterlingisation. They're all very, very serious options." The Fiscal Commission experts "analysed them every which way from Sunday" (I believe he must have spent some time in the US) not just from the point of view of Scotland but of the rest of the UK as well. The "overwhelming conclusion" was that, in the interests of both sides, there ought to be a currency union. But didn't George Osborne say there couldn't be?