Professor Dowd has (along with Martin Hutchinson) just brought out Alchemists of Loss, which deals with the ongoing financial crisis from a libertarian perspective. Like myself, Professor Dowd is involved with the Libertarian Alliance.
Here's a Scottish-related quote:
As for the banking system, we would suggest that the role model is Scotland pre-1845, when the Scottish banking system was virtually free of state control, unhindered by a central bank, and equally admired and envied across the world – and copied by countries such as Canada and Australia. In all three countries, free banking systems operated highly successful for very long periods of time.
Note the non-role for a central bank and think about the consequent conservative approach to financial engineering.
Next I recommend listening to Professor Andrew Hughes Hallett explaining why Scotland's economic prospects are not quite what we are used to hearing from conventional news sources.
I too think that Scotland's financial position as an independent country would be perfectly viable provided we adopt sound policies. That's the key condition. The folk marching along Princes Street on Saturday would have better employed reading Professor Dowd's book.