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History came to Edinburgh on Monday, when UK Prime Minister David Cameron and Scottish First Minister Alex Salmond signed a landmark agreement allowing Scotland to hold a referendum on independence in 2014.

Negotiate is the key operative—a "yes" vote doesn't mean instant independence. Scottish and UK leaders would have to sort out a host of issues, including: Who gets the North Sea oil? How much of the UK's national debt does Scotland assume? How would a Scottish defense force break off from the UK military — will Scotland keep Royal aircraft and ships? Which government assumes liability for the RBS [Royal Bank of Scotland] bailout? Negotiations on these and other issues could take a very, very long time.

I hope they don't ask Obama about any of this, since he would like to see the North Sea Oil go to Putin and for Scotland and the UK to double their debt while cutting their defense forces in half.

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