Dammit, Owlbread, take a joke
I apologise, I realise how serious I came across when talking about Jamaica there but I thought it was interesting stuff.
Having read your post again Mainiac, you said "these questions need better answers yesterday" to prevent a financial crisis within 25 years but you only raised two from what I can see after cutting through jargon:
1: All legal contracts would require a systematic overhaul which would be difficult, causing a financial crisis within 25 years
2: If you're going to use the Bank of England as your central bank when it is in fact the bank of a foreign nation, won't that lead to problems where the rUK chooses interest rates that are unfavourable to Scotland and will thus cause a financial crisis within 25 years?
In reply to the first question; this is just something nations that become independent have to deal with. Given that 34 countries have become independent since 1990 (about 25 years ago) and the majority of them today are very stable, despite being wholly worse off than Scotland financially, I don't see why you would jump to that conclusion. Unless of course you were just pointing out a difficulty? If so, yeah, we're going to have difficulties. But difficulties are just that - problems to be solved. We get through them.
In reply to the second question; even if we are unable to gain any kind of lobbying power/representation within the Bank of England, why would the rUK choose interest rates that are detrimental enough to the Scottish economy as to drive us into financial crisis? If you hadn't gathered it is not in the rUK's interests for its closest neighbour to go into financial meltdown, just as it wasn't in the rUK's interests for Ireland to go into meltdown without support. That's why, despite not being members of the Eurozone and despite being in very deep financial trouble ourselves, we provided large sums of financial aid to the Irish to help them through their economic crisis. The rUK may set interest rates that are unfavourable to us, causing us problems, but those problems would not be insurmountable. There is a difference between difficulty, the kind Britain faces every day, and financial collapse, the kind Ireland faced in 2008.
Given that the currency-union is a temporary solution to a long-term problem, within 25 years Scotland will most likely have either joined the Euro or formed its own independent currency depending on what is most favourable to us at that point in time. A lot can happen in 25 years too. Who knows, the British economy could be the one taking a nosedive. George Osborne is already massively over-taxing the oil industry in Scotland along with our whisky industry (to the point that it is prohibitive for growth on both counts) just to scrape enough funds together to get by, even then there's an enormous wave of cuts coming over the next few years and I don't see an end to this. Right now Britain is broke. It remains to be seen if we can pull through and I think it'll be quite touch-and-go if we get sucked into another military intervention like we nearly were last year.