Albert Edwards, the insightful but not especially upbeat analyst at Societe Generale SA, writes to warn:
The sequence of events which might flow from a Yes vote may be as unpredictable and as uncontrollable as those of the late 1980s in Eastern Europe, which led to the ultimate demise of the USSR.
Edwards notes how successfully the U.K. currency union worked during the 2008 crisis. The relative strength of the pound worked in favor of two Scottish banks that required bailouts — Royal Bank of Scotland and HBOS Plc (now part of Lloyds Banking Group Plc.).