CFA Franc: Franceâs Colonial Currency
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- Äas pĆidĂĄn 23. 11. 2022
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Tensions over migrants in Europe has once again led to accusations that France is using Neo-Imperialist strategies to exploit the wealth of African nations. So is the CFA Franc an exploitative currency union or an economic benefit to member countries?
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1 - www.bbc.co.uk/news/world-afri...
2 - www.dw.com/en/africa-and-fran...
3 - jacobin.com/2021/03/africa-co...
4 - en.wikipedia.org/wiki/CFA_franc
5 - en.wikipedia.org/wiki/CFA_franc
6 - Growth and Convergence in the CFA Franc Zone
7 - en.wikipedia.org/wiki/Guinean...
8 - www.jstor.org/stable/161484
9 - www.theoxfordblue.co.uk/2022/...
10 - edition.cnn.com/2019/12/23/af...
11 - www.assemblee-nationale.fr/14...
12 - www.rts.ch/info/monde/1044646...
13 - www.foi.se/rest-api/report/FO...
14 - ecfr.eu/special/sahel_mapping...
15 - www.west-africa-brief.org/cont...
16 - www.europenowjournal.org/2018...
17 - www.stopblablacam.com/economy...
CORRECTION: It turns out Meloni's comments weren't in response to the recent migrant-related spat between France and Italy: they were actually from an interview in 2019, but they're just reappeared in the context of the recent spat between the two countries. Apologies, we shouldn't be making these mistakes, and hope you nonetheless found the rest of the video informative!
can you please update your description accordingly then ? :)
great video btw, very informative
can you also talk about belgium's influence in the DR Congo ?
Make BAGUETTE đ„ Great Againđ
I was actually wondering why would Meloni link this CFA situation to the migrants, but in fact there was no link
@@Vercixx literally the currency they use for life that keeps crushing their economic growth everytime the euro surges but yeah no links to people fleeing. Your minds works in wonderful ways. How is a currency that deliberately keeps people under the control of another country not linked to the terrible economic prospects in said country?
@Apsoy Pike this is a western propaganda machine and that would of been too revealing to whitewash.
Worth noting that the initial valuation of 1.7 Franc to 1 CFA Franc (later 2:1) caused an overvaluation of the CFA Franc. This meant that the export-based economies of Africa became very uncompetitive relative to other countries in Central America and Southeast Asia and the CFA Franc countries could basically only export with France, who benefited from the frictionless conversion between their two currencies. The overvaluation also made French manufactured goods quite cheap for CFA Franc countries, which provided an economic revitalization for France's wavering industry post-WW2. It's for those two relationship dynamics that are why many people argue that the currency is neo-colonialist; France imposes upon CFA Franc countries monetary policy that perpetuates the economic relationship between colony and colonizer in which the colony exports raw materials exclusively to the colonizer, who uses it to expand markets to the colonies with cheap, manufactured goods.
Sure. But the only viable alternative is massive investment into autonomous industrial capacity in West and Central African countries. But for this money to come in (no one is queueing up to invest at that scale) the fundamentals have to improve tremendously. Only a small minority of former French colonies in West and Central Africa have had democratic cycles of power ; most have only experienced coups and dictatorship and France's hand wasn't required in most of these cases. The literacy rate is still very low and the average worker's skills are not fit for anything beyond the primary and secondary sectors. There is also a deep-seated cultural makeup that hampers discipline and sees corruption part of the social fabric at every level, and on a massive scale. Fixing these deficiencies will take a few generations - Rome wasn't built in a day. None of this exist as a fundamental, African-specific handicap ; when Africans escape the gridlock and weight of their native societies, they routinely show they can grow without limits in the rest of the world. So the burden in Africa is societal and cultural, and it will take time to evolve to the level it needs in order for its industrial sector to become self-sufficient in most of its domains of activity and consumption. Easily 100 years. It's the customary thing in Africa to blame foreigner for all of one's ills... but making one's own critique is far less common. It requires a level of awareness and political courage that is all but obfuscated by African demagoguery (as bad there, if not more, than it is in Europe) and a propensity to shrug about anything and everything. But Nature always finds its way, and African nations will eventually reach the state beyond which they will become creators and net exporters of a broad variety of engineered goods and ideas.
@@phpn99 The only other alternative is to leave them and their resources alone and allow them to organize themselves properly. This might take time, and this will obviously not benefit us, but it is the right path of action. As long as we got a post colonial worldorder the west just continues to oppress the resources of "everyone else" under the premise of "they can't do it themselves". But they can't do it themselves because we never let them do it themselves.
@@phpn99 it truly bothers me that african emigrants (especially west africans) form some of the most successful ethnic groups in the world, spreading as far and wide as east asians or western europeans, yet the state of africa is so poor. i cant imagine that the brain drain is helping the situation if theres never any reason to go back for the emigres.
The idea that the relationship between France and its former colonies is important for France may make sense on CZcams but is belied by the fact that trade with CFA countries represents about 0.6% of France international trade.
To be honest, I think that was inevitable. The economic potential of Africa is honestly not that big, despite its large population. The main reason for this is transportation costs, which are much higher than elsewhere because Africa has very few navigable rivers that are suited to large scale transportation all year round. This matters because water transport is at least 6 times cheaper than rail transport (trucking is usually twice as expensive as rail), and will always be significantly cheaper. As a result, accumulating capital in Africa, is much slower as potential profits (which can be reinvested) are eaten up by high transport costs. If you're a rich person in Africa and you want to grow your wealth, you are much better off investing most of it somewhere else. This will likely always be the case as the transportation issue is a geographic one unlikely to be solved by technology, even with massive capital investment.
Hi TLDR, you left out an important part in the Guinea story. The Guinea currency only failed because France imported fake money to the country to inflate its currency causing a bad economic recession.
Frances did this to teach a lesson to the other African countries on what will happen if they leave to currency.
True itâs very important facts
Was about to mention that
I was exactly going to say the same thing, France sabotaged the Guinea Franc so no other French colony would think of building their own currency, making CFA the "safe" currency in Africa
They are white, they will always forget these facts đ
â@@jewelryforhimGuinea Bissau joined CFA franc voluntarily though it was colonized by Portugal.
It's important to say that this is not a "meloni" take or a right wing take here in Italy, everyone thinks that France is still a colonizing force in Africa. When you see so many french speaking refugees you start to wonder why they are all leaving and the short answer is that France is and has been supporting governments that don't want to benefit their people. It's a human right's issue plain and simple
That is true but also France has been replaced by Russia forces in some of those countries. Not sure which one is worse.
@@the0ne809 does it matter which one is worse? Can't they just both be bad?
@@the0ne809 Being worse or not isn't the issue. The point is that France is still controlling the economies of these countries (without any benefits behind). Denying it won't help.
There are a lot of English and Arabic speaking refugees too. Strange to make it seem itâs only francophone Africans.
@@the0ne809 You're comparing France colonialism which has killed many African leaders that doesnt agree with France to Russia ? Thats like comparing the effect of Japanese colonialism on Koreans and then comparing it to American troops stationed there
Being a âvoluntaryâ member of the CFA. There are some pretty heavy air quotes with that
Well theyâre sovereign countries, officially. Why accepting the corruption if there is any.
@@savinobodei4656 Macron supposedly ended the deposit in 2019 for the western part. And this video does not say that france couldnât âofficiallyâ use it. I know it sounds easy and stupid and crazy, but why not manning up and say no. Wouldnât you rather die if it was for your nation? Europeans, uncluding uk, France, Italy, and Germany, Russia. are all in Africa for their economic interest. Should we talk about china? Theyâre more there than both france and the uk these days. Qatar reportedly takes gold etcâŠ.
I am not saying I support it. But you know, business. Africa has to stand up, otherwise, naturally, others will enjoy.
Membership is indeed voluntary. Some countries that never were French colonies use the CFA. Many former French colonies don't. Placing one's reserves under the control of the Banque de France governor is a loss of control, but the African Central Bank governors have been under the influence of local politicians and often forced to behave irresponsibly. Basically, locally held reserves divide countries with weak governance, in Africa and beyond, between a few well connected who can change money at official rates at the Central Bank, and those buying hard convertible currencies on the black market.
@@alaindumas1824 'under the influence of local politicians'...soo being under the influence of foreign politicians is somehow better? The cognitive dissonance is strong here. Neo colonialist paternalism at its finest
@@savinobodei4656 European politicians have lost control over the value of their national currencies through arrangements known as Serpent Monetaire aka Snake in a Tunnel, European Monetary System, ECU and the Euro. French politicians like Giscard d'Estaing, Mitterrand and Delors were largely responsible for this evolution.
The difference between Central Banks under the influence of African politicians or governed by a technocratic Banque de France governor is reflected in currencies valuations. Fifty years ago, 1 CFA was worth 0.02 Algerian DZD, 0.1 Guinean GNS or 0.2 Madagascar Ariary. Today the CFA is worth 0.33 DZD, 13.6 GNS or 6.6 Aryaris.
Another non cognitive difference is convertibility. One can sell an apartment in Senegal, change the proceeds and send the Euros to a foreign bank account for a small fee. Such transactions are illegal in Algeria, Guinea, Madagascar or even more prosperous Morocco.
I am usually a fan of these TLDR videos, but the characterization here of what happened in Guinea is a grossly negligent understatement that I cannot ignore. France did its best to make an example of Guinea by aggressively assaulting that country through covert economic and military tactics that included tearing out infrastructure, flooding the country with fake currency, and arming rebels all in an effort to destabilize Guinea. Operation Persil isnât even mentioned in this video. Then to say after this that participation in the CFA is voluntary? Why would any other CFA countries try to be economically independent of France after what France did to Guinea? Shameful description. Do better, TLDR. Do better.
Cancel your subscription. They intentionally lied. No need to give them anymore attention.
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Agreed. Also the offhanded remark about the CFA Franc countries doing economically better (than other African economies) till the 1980s was a disgustingly disingenuous way of suggesting that the CFA Franc supported their economic development. I would have welcomed a nuanced discussion of the actual economic dynamics of how the CFA Franc influenced economic development. But they simply just correlated the two, whitewashing a multitude of other factors that could have contributed to their superior growth.
What you expect from channel run by gays.
Yeah, Iâve seen a lot of lack of info in their videos recently. Iâve recently seen the Iran video and there definitely is a lot of biases in what he puts in the videos
Now would be a good time to call out the coup that happen when African countries try to drop the CFA franc.
Yes indeed. Cancel your subscription with them as I did after watching this video.
Guinea left the CFA Franc zone and there was no coup and obviously they fucked their economy along the way
Guinée and Mauritania leaved without any problem, stop complotism
@@fritoss3437 Perhaps but Thomas Sankara in Bukino Faso was assassinated and replaced when he was moving to do it. And there are numerous other examples or coincidences that can be pointed to as well
@@fritoss3437 and Thomas Sankara was murdered by pro-french forces. France will destabilize countries for trying to distance themselves. Not as bad as it used to be. But it happens
France or, as CGP Grey would call her, "The Queen of not letting go".
Greetings from Cameroon, a country using the CFA Franc, Team TLDR. đđŸ
Given that you're a local, what are your opinions on Georgia Meloni's statements? And the CFA Franc in general?
@@apdanielski As a Cameroonian myself,I believe Meloni is just posturing in order to justify her immigration policy.
As for her actual statements or accusations, I would mostly agree with them (apart from the obvious inaccuracies and the conspicuous fact that Italy's involvement in Africa is not mentioned as well). That being said, she's saying nothing revolutionary, she's just repackaging panafricanist talking points and emptying it of them of their substance.
@@rasho2532 As a European I`d say she probably sees Africans as barbarians that she doesn`t want in her country. No offence to you guys but I wouldn`t want you people either. As for France, they just want to use diplomacy and force to secure their energy and natural resources needs. The best compromise we Europeans can make is to find a way to just keep taking your stuff but not allowing you into Europe while finding a way to morally grandstand at the same time. We are hypocrites that way.
That being said you people are probably just gonna have to take it coz you`re weak, corrupt and backwards and so don`t really have a say in the matter. At then end of the day the spoils go to the victor and right now Africans are too weak to win.
Greetings from a fellow Cameroonian
â@@rasho2532 Wow a well measured and concise summary. Don't see a lot of those on the internet these days, especially not on CZcams
I enjoyed this. I felt the part on Guinea would have benefited from adding a bit more context with regard to the repercussions from breaking ties with France. France was directly instrumental in stifling Guinea's development and destroyed all the infrastructure as a signal to other French colonies in Africa, thinking of breaking ties. Perhaps Guinea would have had a better start without such vengeful acts by France
Yeah, unfortunately, that's pretty much textbook colonizers' playbook. Either you play by our rules and let us in or we sink you. The US does the same with many countries in South America.
Not really because France didn't develop anyting in the start. Guinea was also help by USSR when the dictator saw that France want to dominate.
Guinea has an illiteracy rate of 70%. That's only Guineas fault. Ni country will ever develop or be strong with 70% illiteracy. Guinea was failed by its own leadership first and foremost. Africans generally need to start to demand competent governance or things will never change. You can't control what others do. France will always be France. The whole world knows it. You can only ever fix the problems that are in your control. And there is a lot that could be done. But if you only focus on evil France and ignore what could be fixed internally the will never be progress.
It is notable to address that the Guinea economic growth was stagnant and the economic crisis was a precisely orchestrated ploy from france and not a product of the currency/country decisions and policies.
Opération Persil was a 1959 covert operation by the French government aimed at destabilising the post-independence government of Guinea due to Guinean president Ahmed Sékou Touré's rejection of the CFA franc and his successful campaign for Guinean independence.
This is just an example of what france has done to the country and Macron has the audacity to come and lecture african nations about their deals with China.
That was 63 years ago. Macron wasn't even born.
Yeah, though I am worried deals with China is just changing one colonizing overlord to another.
I really hope the African Union can create a solid and independent power structure for the Continent.
@@albevanhanoy Macron continues it
@@themsky8905 No.
@@davidbodor1762 No. As a Nigerian who have seen my country suffer for decades. Tell me why shouldn't we go with China? Back in the days no one gave the slightest shit about us but now that China is doing business with us, everyone is anti china.
Don't fall for the propaganda, China investments are very much useful and improve our standard of living everyday. I drive on the road china built for us everyday. It took 7 hours to travel to a close by state but now but now with the train built and financed by China It only take 2 hours tops(and we have already paid back most of the loans as we have seen great benefit). And these are just a few. Not mentioning the refineries they have financed, oil rigs and everything else.
I hate using the word hypocritical, but from our POV, the Westerners look that way. And let's even say the Chinese loans are a debt trap (which is NOT, go read the documents instead of watching dumb CZcams videos). Tell me what should our choice be? Continue living a miserable life or take the slightest chance of success no matter how small?
TLDR Africa when? I realise the viewership might not be big enough for that today, but I know I'd be watching.
so... More videos about Africa please! Best way to see if there's enough interest for a TLDR Africa channel is probably to see how many views TLDR Global videos about Africa get :)
Considering they're already considering deleting their tldr US channel despite it having hundreds of thousands of subscribers and getting 10s of thousands of views, I seriously doubt there will be tldr Africa any time soon
I'd doubt they're able to actually pull off competent coverage on Africa the way they're doing with Europe. This video is very much a perfect example of that.
honestly problem would be size. many topics would just fall off (remember they are a small team)
Free Africa from western Eropa . #western hypocrisy
@@michelangelobuonarroti4958 how come this video isnt as competent as others? I hope u are not refering to the Melonis part. For me it was a good watch , because it was balanced as usual and before watching i only ever saw the pure evil in france`s shenanigans in africa, not thinking about the people in africa who want to engage with france and be part of this currency.
Also, French neo-colonialism is more overt and obvious. Its funny how you say being part of CFA is voluntary when there is clearly an aspect of coercion that you yourself admit to towards the end.
Voluntary as in " I am making you a offer you cannot turn down ".
@@adhirbose9910 and if you turn down i will murder your leader and replace him with other puppet
Itâs crazy how small this is as a topic in Europe.
@@quanghuyvo6112 do checkout the movie Godfather....
Proberbly just to show u can leave if u want even if here may be coercion not to all tho Iâm suprised he didnât mention France flooding the country that left the country with money crashing there economy I hink they did something bad to it I heard
I really dont like Milloni (definitely spelling that wrong) but she isnt wrong here
Meloni
Don't worry, It's near enouth XD
Wow I've been aware of this for decades, and it's not just France they are just the worst perpetrators.
@@97Corvi thx
@@scotandiamapping4549 its like melons, but spelled in an italian way, meloni. If you remember the melon part you won't forget about her name in a long time
@@TileBitan thatâs unfortunate because I really want to forget her đ
This video doesn't seem balanced. The claim that CFA zone countries saw growth and stability as a result of using the currency contradicts the facts you reveal towards the end of the video about what that GDP growth actually represents (cheap exports to France with close to zero profits or rise in living standards in the CFA zone countries). It isn't really "growth" when it's simply an improvement in the rate at which resources are plundered
That's the issue with only caring about GDP
a stronger currency makes it good to import, not export, doesnât it?
Yes, and the hosts are centre-left people from the mainstream culture. aka soulless neo-liberals.
Line go up mentality (and buying a pride flag with an extra colour each year) is all that matters to the political mainstream. Not human welfare.
@@AgusSimoncelli it doesnt address inequality.
@clockpenalty just cancel your subscription with them as I did!
He forgot to add that France was attempted to crumble the Guinea economy for leave the CFA
Even though i will say most people would like a new currency, being pegged to a stable western currency has allowed our currency to stay relatively stable to the USD, while the Ghana Cedi and the Nigerian Naira took HUGE plunges.
Well China wants a cheap currency because it provides jobs to it's citizens. But most African countries don't have a workforce of a billion people.
@@peach7469 All*
Totally true. Look at Nigeria, a rich country on oil and gas.foreign investors fleed when their currency dicreased.
Then why are Francophone countries much poorer than either of the two countries you listed?
@@unsavedprogress1419 they are not. You are comparing countries with ressources with some without. Gabon which has oil is richer. During decades Ivory Coast was âthe exceptionâ with a country developed by Houphouet Boigny. A francophone country.
Small point : Mayotte and La RĂ©union 's statues are different (and both are very different from old west African colonies). While Mayotte is a "special territory" with some independence from France, La RĂ©union is a "department" which means it is basically France (even though it has some special status as it is overseas). Having military there is as normal as having military in Corsica.
Mayotte is also a french departement since 2011 (I'm not sure of the date), there is only one notable difference qwith the rest of France : the immigration law.
They weren't french originally & were colonised same with the overseas departments of Guadelopue, Martinique, & French Guiana
@@Lando-kx6so I think that La RĂ©union wasn't inhabited before France established a colony. But yes, some were colonies taken by France. Doesn't change the fact that those two are considered integrated part of France. It is very different to have military there than to have military in foreign nations (even old colonies). Wouldn't you agree ?
@@Lando-kx6so Reunion was uninhabited before the French arrived, so it is as French as a territory can be.
@@JMJfat itâs probably more French then Corsica I guess
next time you hear a European complaining about immigrants and how they want their countries back, show them this video...
very true... You can't exploit a whole region and expect no one will leave, people want to happy and successful.
Your analysis of Guinea really doesn't hold up after you see what France did to that country in response to them leaving the CFA Franc
France did nothing. Stop conspiracy theories. Same for Mauritania. They took bad decisions. They face the consequences.
French overflowed Guinée with fake money, armed rebelles and opposition...
That was immediately after they left. Guineaâs recession lasted until mid 1980s
â@@mint8648 Most of our countries in Africa are too tie to white countries (economy, trade...). And these white countries practice ethnic solidarity. when one of them has a conflict with an African country, they practice economic blocus...
That's what franSS has done to Guinee. Even with my country, MALI, frnaSS is doing the same thing, since we have removed the frenSS disgusting criminal army from our country. So franSS pused EU and other Africna organization to sanction my country...
Now African countries learn to trade with non white countries (China, India, Brazil, Iran, RUSSIA...).
frnaSS is the msot disgusting evil criminal white country !
@@mint8648 franSS should start to give back all our religous and cultural artefact, they have stolen...
It's funy how they call themselves 1st world, civilized... but they are the one puting humanity though slavery, world wars, invading/bombing/stealing people lands and resources...
If you control the currency you don't care who sits on the throne. France is incentivized to do this because it benefits France as alot of the infrastructure and biggest companies in these countries are French or French suppliers.
Benefits ? French economy is in recession since 2010
@@Jamirio wtf are you talking about
@@notliquid1448
Tell me what stuff you smokin
@@Jamirio Do you even know what is a recession? France's economy has not been "in recession since 2010".
@@Jamirio do you know the definition of recession? Negative growth % / contraction. France isn't that
I get the reasons why France created the CFA Franc and its convertibility rate. But how does the EU allow France to keep doing this when now the CFA Franc is pegged to the euro? Surely this convertibility of CFA Francs with euros also affects other European countries and wider EU institutions, right?
France is garant for those countries. So if something bad happen, France will be the only one to pay for the difference.
@@user-pc3nc3hg6w oh, thank you for explaining, that makes sense. But seems a big risk they are taking by becoming the guarantor of so many countries
@@markdowding5737 It's not that much risky honestly. It has been just fine up to now and I really REALLY hope the situation in those countries won't get any worse that it already is. In top of that, the 50% deposite of those countries in the french bank was used as a protection for France since it was meant to be used as financial aid if it was ever needed. And more importantly, it's not so much the money as the natural resources (oil, uranium,...) of those african countries that interest France. So if things really go bad, France could still easily request exploitation right of extraction sites or even simply land territories. So no matter what happen, France is covered.
@@markdowding5737 France owns french guinea which gives the EU access to south American fishing rights
@@user-pc3nc3hg6w France has gained and is still gaining more out of this neo-colonial deal more than the 14 member countries combined
I wonder if the UK had a similar dynamic over other countries that stuck with the pound as a currency (I remember Cyprus, Palestine and Egypt in particular using this)
Nope.
Egyptian pound is independent from British pound.
Don't know about Palestine and Cyprus
Yes everyone country do the same thing
Nah. They just have similar names. Like dollar. There are a lot of currencies named dollar.
â@shohankazi2989 the palastain pound eventually turned into the isareli shakel and now the new isareli shakel back In like 1970 , ya it took isarel 30 some years to leave the pound alone , sighting incomnic insecurities and unstable currency system much Like Canada and Australia did
Not sure about The Palastain territory tho , pretty sure they just use forginer currencies such as the NIS or the US dolor
Wait up⊠to this day total is owned by North America first: 30%; france of course 15,1%; uk 10.9%, rest of Europe: 17.1%, rest of the world 5.4%
Yes. The French are not as subtle as the British, who do the same thing using their network of " overseas territory's " and offshore banking, and controlled elite of the weaker and politically unstable former colonies.
Nigeria. Pakistan and Brunei are fine examples of " independent " former British colonies, and it's probably just a coincident that they are still serving the economic and strategic interests of the former masters.
How are the British doing neo colonialism then?
Ummm preety sure he British donât do this we donât have a currency in those countries sure they might align with us on some stuff thatâs not colonism hats allies
Thats
@@maxdavis7722 British companies in Africa controlling the economy of those nations although the British aren't as wicked, greedy and unfair as the French.
@@vervetech9395 thatâs not neo colonialism tho.
Yes. Saved you 8 minutes there.
I literally finished reading a book about this yesterday. Africa's Last Colonial Currency The CFA Franc Story by Fanny Pigeaud and Ndongo Samba Sylla. It covers this in a lot more detail, such as the reason Guinea didn't do well after they left was because France made sure they didn't in order to deter other countries from leaving. Countries such as France, the UK and the USA have foreign policy that consists of two positions. 1: 'Fcuk with us and we'll bomb you flat' and 2: 'Fcuk with us and we'll starve you to death'. The CFA franc is a prime example of the latter.
Thank you! I'm surprised by the quality of this channel recently. It's like the just took a quick Wikipedia summary and made a video
Got it recently too, it reviews the situation quite well, France really is still the very same centralist imperialist meddler that it was back on the 80's.
This book has been largely criticised for the several lacks. A lot of economists are not agree with it.
@@walideg5304 Not only does the book not agree with 'a lot of economists', it doesn't agree with this video. I recommended the book so viewers of this video can become better informed by exposing themselves to different points of view on a subject.
Economists who criticised this book are rich and living well while this book explains OUR REALITY what African faces when they request " REAL INDEPENDENCE "
Funny thing is: France has had a very heavy-handed approach in its former African colonies during the later half of the 20th century (propping up friendly autocrats, exerting military and non-military pressure, etc...). However, in recent years, it has grown gradually more reluctant to continue doings thing that way. Rebuilding the trust it lost with more than half a century of pursuing its own interests on the continent with little to no regard for the people living there is going to take some time...
if by the end of all of this, France would care at all.
Chinese are actually trying to do what France did in Africa.. in worse
That's also why France is trying to be better. But overall, i would say that french people respect africans, but french politicians not necessarily
@@ahouais5620 How exactly is China doing the same to Africa but worse?
Take some time? Your delusional. Itâs over. To little to late .
âââ@@nogent4213but unlike France they don't get involved in countries politics or supporting dictators and have build very important infrastructure unlike France.....and yes they have brought jobs to Africa unlike France who all the do is exploit
So when France has a currency somewhere else itâs called colonial while the dollar in many countryâs would be Oke
No, everyone have heard about american imperialism and how America uses economic blackmail to impose its interests.
Because it's different. West African countries have tried to leave multiple times. However have been met with heavy consequences
@@mavinc1723 and some things you can commercially only buy with usd, oil for example is mostly traded with the usd... ows that different if you have no choice but use the usd?
@@alexanderlipowsky6055 It's different, because it's agreed to use the USD as it's the most stable currency. It makes practical sense, even I prefer holding money in USD.
@@mavinc1723 who agreed upon the usd? not me, not my country nor half my neighbours countries... yes it makes practical sense, just like the cfa does does that change anything abt the fact that most of the aflicted ppl didnt agree to use the usd?
Britain, France, Belgium, Netherlands, Germany, Portugal, Spain⊠none of them ever owned up to their colonial crimes.
Meanwhile Japan đ
The deposit is given back with a 0,75% rate according to the agreement
1:05 France was not in control of southern morocco or "western sahara" nor the north part of Morocco. + the Thunmbnail is misleading as the cfa frank is not used in any North African country.
Brilliant!! Love this channel. Thank you, very thourough and impartial
The answer is yes
The fact that the CFA Franc holds France, the former colonial power, as guarantor is highly problematic and I agree that it can only be perceived as neocolonialism. The French military presence in Africa is another subject, though. Non-French readers cannot even begin to imagine the impact that the Rwandan genocide had on the French collective conscience. I remind you that France has been accused (unjustly, according to my personal research, but I am French) of being nothing less than an accomplice of the Hutu and that this guilt is still debated throughout the world. As a result, the French population is extremely reluctant to send troops to Africa (everybody goes wondering : âwhat is going to happen this time, is it going to blow in our face againâ ?). And of course, our government, which knows very well the resentment of the population and cannot ignore the risk of becoming embroiled in one way or another in another large scale massacre, is probably not particularly happy to send paratroopers, marines and legionnaires to fight Jihadists in Africa - not to mention the fact that these actions make metropolitan France an obvious target for terrorist attacks.
France is a looting machine there is nothing like helping with France . France is only in the Sahel to protect their own economic interest under the gaise that they are removing terrorist that's why people hate France so much coz all it does is take and take in whichever means possible whether militarily or moniterily everything that France enjoys has been taken from Africa.
France was not partner in crime or part of the genocide but did few to stop it and sometimes blind their eyes on the crimes committed by the Hutu
Then why has France not worked in conjuction with the UN mission in the Sahel? There continues to be active concerns over the presence of ISIS in the Sahel which the UN mission in the Sahel is positioned against - ostensibly the same aim of the French military. Yet France, perceiving the direct threat to the pro-Paris governments abated (but not to the threat to the communities on the frontline) has begun drawing down troops from the region. One must ask is France's military presence about jihadists, or is ISIS just another item on the list of threats to the French colonial puppet regimes that the French military has to protect against. I do agree they have a positive role v-a-v terror movements in the region. However that does not change the character of French military presence to be an imperial one.
France maintains these mechanisms solely because it gets enormous economical benefits from African countries. France looks for rulers who are easily corruptible and helps them stay in power for their own benefit, regardless of the welfare of the African population. Its so obvious that a primary school kid can realize that
I know someone that doesât appreciate how the tide is turning in Europe. I have to recognise that Macronâs friends negotiated well the Brexit deal ^^, remember your both countries are still married jiji haha. Youâll be back soon honey ;).
When oldish empires collapse a shadow lingers. It was true when the western Roman Empire fell, the Mongolian empire, Persian, Russian/Soviet etc. It is a rather interesting sociology phenomenon. I wonder what shadows will linger in the future.
Soviet is federation except for the 3 Baltic states
â@@carkawalakhatulistiwa A dictatorial federation which annexed countries, enforced it's rule in neighboring countries and was willing to commit crimes against humanity to stay in control.
You're right, it was worse than an empire.
Le me, a Croat (Balkaner): heh... yeah, I wonder too xD
Short answer yes
Saved me 8 minutes đ
Wow France created the wish version of the eurozone
Lol
Which is older than the Eurozone so doesnt work
đ
Lol đ
How could you leave out the requirement of control over infrastructure projects and raw resources that France imposed?
A common currency is worth it, deposit is ended in west Africa and anyway had to be refunded . If the French donât, then goodbye. Foreign factories from non African countries are the issue⊠We need politicians that kick, Chinese, america, Middle East and Europe out of Africa.
After reading some comments I think, that although your analysis not bad, it lacks many important deatials.
TDLR you're a very wrong,nothing is voluntary about CFA
"Voluntary" you mean
These arenât fees, itâs a deposit, given back with interest. A deposit that was ended by macron, so maybe it was too expensive for france. Operation persil happened 60 years ago, the video does not state it. So saying that france keeps sabotaging people to get their currency is nonsense. Equatorial Guinea, an ancient Spanish colony joined it. And it wasnât Franceâs business. Moreover, most of the west franc cfa region is forecasting a 6% average growth this year. Nigeria cannot say the same, Ghana either.
It's funny how you say that countries can just leave. The definition of political influence is that you can't do what might have otherwise been in your interest and there is not doubt France have a large part of theirs in Africa
You can't also forget. They HAVE tried multiple times. Isn't France involved in tons of African assinations
I wonder what would of happen if the Gold dinar came into effect.
They killed Ghadaffi for that reason because if Ghadaffi's gold dinar for the whole of Africa came into effect making Africa independent from Neo-colonialism, the economy of France would have crippled in a very short time.
@@vervetech9395 that absolutely stupid.Any gold standard would reverse africa 50 years back in term of development,an in no instance it will block any french ventures in the continent
A new currency, a United States of Africa, socialism - man, Gaddafi really wanted to get himself killed
@@ASLUHLUHCE can you define socialism ?
@@mathyeuxsommet3119 I believe he defined his kind of socialism in a book
The deposit is handed to the French treasure but handed back with almost 1% more a year⊠the video should be mended. Macron decided to cancel this operation in this zone in 2019. Colonial? At least not according to officials from both parts. Maybe these remarks are true and macron ended it for the image of his country or maybe they were wrong and these countries were too expensive lol
Using Guinea as an example of how the CFA franc has helped countries is the most out of touch knowledge ever
Great stuffs. This is completely new to me.
There's a lot of context missed
Anglokids talk politely about their father sins.
Like million African live lost and young generation flooded with drugs like nothing.
Hypocrites, all of them. I'm not mad at Russia, they simply do their business, a powerful country creates it's own reality, while vassal states can only bark about "bad imperialism"
When will Africa wake up?
Well is there an alternative to the CFA?
Dudes, research. Stop admiring Meloni so much. That currency clip is from 2019. And the only reason why it surfaced is because of immigration spats between Italy and France. Meloni doesn't care about Africa at all.
Great video providing context on a rarely discussed but for millions of people really important topic! đđ
Oh mate, you guys didn't even mention French support for the genocidal regime in Rwanda in 1994. That one was next level. 800,000 people died.
No evidence. Donât put everything that went bad in Africa on the French. They have no reason to kill an ethnicity for another African one.
short answer: yes
long answer: oui oui, mon ami
Well researched and balanced explanation. Thank$ for helping me under$tand the motivation$ behind the current coup in Niger.
France has been kicked out of Mali, Burkina Faso, Chad, CAR and more to come. Africans are tired of the West.
And now Niger, Cameroon is next to free themselves
... Why'd you think they destroyed Libya for?
That was more of a US deed
The CFA is voluntary, lol.
Lol đ
French guns on head
Top 10 African countries most
rich in 2018 according to the Banque
Africaine de développement (BAD)
1-Nigeria ($581 billion)
2-South Africa ($276 billion)
3-Egypt ($264 billion)
4-Algeria ($170 billion)
5-Sudan ($124 billion)
6-Morocco ($121 billion)
7-Angola ($104 billion)
8-Ethiopia ($93 billion)
9-Kenya ($77 billion)
10-Tanzania ($52 billion)
Noticed :
No country using the CFA franc
figure in this ranking and each
countries included in this ranking
has its own currency.
Learnt a lot thanQ
The only thing I would blame France for that is mentionned in this video is the support of dictators. It may have been a "smart" short term decision back then (if you see it from a pure economical windows), but definitely not in the long term. We see today that it's backfiring.
The franc CFA being voluntary, I don't see how it's France taking advantage, if any given country is not happy with it they can leave, some actually did for better or worst. For me it's just a deal, you take it or not.
And regarding military interventions, I'll talk just about the one in Mali that I know off, people were begging France to intervene due to the Jihad issues, France came as a "saviour" at the begining, I remember many videos showing the crowds dancing to hear that French military is coming to find Djihadists. The problem is that they didn't really succeed so people there got upset and are now blaming France for all their problems...
How can you call this a "voluntary" choice if our corrupt African elites in charge of deciding wether to keep or ditch the CFA are demonstrably bought and controled by Western elites? And even if we do manage to ditch the CFA we would have to deal with economic reprissals from the West (as was the case with Guinnea). In what way is that a choice free of coercion?
Also average Africans were never cheering on the presence of French military forces in their country, quite the opposite. These french forces were there at the request of the government (those corrupt elites I talked about earlier), the average person was told to simply tolerate their presence as it would improve the security situation (which it clearly did not).
@@elite7329 Hmmm! You're right. Obviously having corrupt leaders kind of biases the whole thing. I think that's the main problem, African leaders, those countries should get rid of their current leaders to have ones that work on the best interest of their country. The problem I see is that the few that did this ended up having worst leaders than the ones before, and got closer to Russia or China to contradict France which for me is just the worst decision you can make. It's like managing to get out of a sad marriage only to marry someone abusive.
I'm not sure however that "the west" will sanction countries that leaves Franc CFA... most Europeans (even the french people) are critics of the system as it is today.
I have not seen a small but important point to the presentation : every currency deposed in french BDF from any CFA African country générates interests that are given back to African countries...
My mans out here really using Guinea as a comparison without talking about how De Gaul, pissed that Guinea wasn't going to play ball, crippled the Guinean economy by flooding it with counterfeit bills. Every time I watch this guy's videos on French-African geopolitics, I always hope that he won't oversimplify just how nasty the French government was to their former colonies. Still here eye-rolling.
France GDP is more than 10 times that of all CFA members combined, the idea that it would dedicate so much efforts & resources just to plunder those countries is asinine. As of today the CFA is entirely under the control of African nations using it and they're no longer required to deposit their reserves in the Bank of France.
1 out of every 3 French lightbulbs is fueled by Niger's uranium while over 80% of people in Niger don't have electricity. The neocolonialism is so obvious. Africa is underdeveloped because they are over exploited
As we all say kids
"Never trust the french"
Meloni should retake Savoy and Corsica fr fr
đ
She better do it quickly, if not those regions will turn African real quick.
Remember the destruction of libya?
France was responsible for it.
But we already forgot it.
Brits are not one to talk with there commonwealth nonsense.
Itâs not neo-imperialism, itâs just an awful lot of goodwill.
Says the former dictator of France.
So true Francophile
@@IkeOkerekeNews who is not seen as a dictator in france...
Only the French enjoy it.
We don't want your forced "goodwill", leave us alone.
Post colonial relations between these countries and metropolitan France have been fractured and met resistance on the French part. Security forces provided by France have perhaps gone on too long and should be scaled back doubtless leading to US logistics decline as well. But they seem unable or unwilling to thwart ISIS al shabob infiltration/exploitation which the US would be well advised to not get involved in combat with them,
What the funk ? đ€Ł
You are clearly not African!
Another CNN baby brain... turn off faux news !
I wonder what actions France took that might have sabotaged the Guinnie franc?
Correction: Does France control parts of West Africa. Why do Westerners insist Africa being a single entity. Its the second largest continent with different regions with unique cultures and ethnicities.
I'm with the Italian pm here
I'm sooo happy you've covered this!
Free Africa from western Eropa . #western hypocrisy
@@carkawalakhatulistiwa And Free Africa from China.
@Zaydan Alfariz Eastern Europe canât stop fighting each other
As an act of rebellion, hopefully those Africans will strip the French language of any official (or favoured) status.
In mayotte and reunion island there is not franc CFA but euros. these islands are recognised as french departments
Their english counterparts in North west Africa are in a worst situation. Ghana cannot keep up with Gabon.
Nigeria has a volatile money and grew by 3 % while having a huge and surging population. Meaning none. Nigeria's growth is distorted. Franc CFA region grew by 6% in average every year in the past 5 years (forget covid year), which is more healthy. One Can see in per capita.
Lastly, mali left for 20 years but decided to go back to it willingly. Let's not even talk about guinea.
I should add and it's not said here that Macron ended the deposit in 2019.
@@m3x910 no I meant the currency isn't good there bro. Too volatile. Me too I believe in interference, however one can't Say that english speaking countries in North west Africa are prosperous. They have a volatile currency. Each of them. And I don't know how France could interfere in that.
Whataboutism.
Gabon is not a good representative of the french speaking Africa. Its population is too small and it is blessed with extremely large oil reserves. You just have to look at Mali, CAR, Chad, Congo to get a less rosier picture
@@rasho2532 it is , I'm Talking in per capita. Tchad is enclaved. So is RDC which uses another currency. In the past 5 years, Congo , not RDC rose as well. Nigeria wants to apply to franc CFA, and Ghana has been hesitating
@@arnobrunelbrunel5577 I know you're talking per capita. Gabon has a lot of oil for a population that is smaller than that of the capital cities of other Africans countries. It's unfair to expect other Africans countries (whether french speaking or English speaking) to have a similar levels of HDI while they have way more people for a similar amount of raw materials and land
Aren't there plenty of former British colonies that peg either to the UK or the US? Also almost all countries that are on the UN list of non-self governing territories (aka still existing colonies) are "British" (aka English). For some reasons this is never discsussed. And with Scotland and Northern Ireland there are even to English colonies in Europe under control of London. Although it seem it won't last much longer.
Scotland is an English colony? I wouldnt let anyone from Scotland hear you say that.
@@charly03090309 with the same argument mad here. So were did. the North Sea Oil belong to. Scotland could have been like Norway. But all the income somehow went away.
@@tobiwan001 You do know that England and Scotland unified by having a Scottish king rule over both kingdoms, right ? Scotland wasnât conquered and most certainly wasnât colonized. Ireland is another topic though.
@@kasty4255 it was a forced union and not one of equals. Itâs not a federation, it is just English rule imposed on Scotland. The devolved parliament has very little power.
â@@tobiwan001 it was a Union that benefited Scotland way more than England. Scotland was a backwater shithole country that became bankrupt as a result of a failed colonization attempt to one of the most advanced and intellectually rich countries in the planet in the 19th and early 20th centuries. They also had an oversized influence and representation in the empire.
The 15 member countries of the CFA zone, which are not all former French colonies, could come out of the CFA franc at any time, it is their power. The information, as what, France would collect a financial fee on this currency is a shameless lie, peddled by movements of right or totalitarian extremes, hostile to France. It is enough to compare inflation in the member countries of the CFA group, and the situation in other African countries, to understand why African countries using the CFA franc are dragging their feet to get out of this system.
They had to pay fees to France to borrow their own money. Is there anything else that needs to be said?
Itâs not fees, itâs a deposit which was given back with interest
The deposit is offered back with interest. It's not a colonial currency. TDLR is smart , they know how to talk about controversial things for their views ;) . And it Works , I just subscribed :)
Some say crisis in Guinea was a revenge for it's not being loyal enough. Is this detail worth mentioning I wonder.
TLDR saying African country volountry accepted the CFA currency is so f*cking lie , i am unfollowing them.
Private "rescue" ships should be impounded and destroyed.
This is worrying
They could replace it with their own area common currency if they wish, but they would need stronger governance and frameworks to do so, and in coordination with the AU.
Last time a country tried this, it's government was overthrown by a French backed coup. So, yes they can, but they would face consequences
And then, all the central banks of these states are required to deposit some of their money in the French central bank, so that if they got independent, they would permanently lose their national money.
This is pure plundering and hustling
@@Omer1996E.C sources ?
@@mathyeuxsommet3119 haven't you ever read about the CAF members histories? Mali and Guinea-Bissau coup? Or Burkina faso assassination? Or even many other African leaders telling that they were being threatened by France? But still, we can't prove or disprove, but it's still strange
@@mathyeuxsommet3119 common sense and a small google search?
Itâs not worth the cost. Just let those African countries run their own currencies. And see long that will last.
It certainly is worth the cost. At least for french business.
It may last but is only a facade. African currencies are not convertible, meaning they are not accepted outside the issuing country. All serious African trade is still done in US$, Euros or Franc CFA. In these countries, getting hold of a convertible currency either means having access to Central Bank reserves if you are very well connected, or buying it at the less advantageous black market rate.
This is a great video to watch right after the CaspianReport's video on the same subject
I first encountered TDLR news via updates on the situation in Ukraine. I actually purchased a membership on Nebula so I could access all of the TDLR videos and I have to say I'm quite happy with the investment! I recommend it to everyone! (and I'm just a dude from Texas, USA - I'm not trying to sell their product, I'm just "reviewing."
Lots of countries have their currencies pegged to a reliable foreign one (almost always the USD) without these unequal bilateral agreements.
It would be great if you quote the source of numbers and stats.
Itâs so good to see Italy standing up against French and âhumanitarianâ hypocrisy. Meloni will likely be the best prime minister in Italy
Lol ,hypocrisy is from italians. They have a lot of investments these days in Africa as well. You are....european. secondly, from a girl that supported Mussolini openly it's a bit rich. Now I know she won't do anything Bad anytime soon to her country since she is tied to Europe as she wants to enjoy the 150 billions euros covid package so as to make italy a nordic country all over again. And don't forget who pays lol
@@elimassouhk2935 shalom
It is important to specify that all countries in the world deposit their foreign exchange reserves in the central banks of other countries. And also you forgot to mention that the African member states of the CFA Franc have the advantage of earning interest through their deposit at the Banque de France, while the other central banks in the world do not remunerate the foreign exchange reserves of these states.
And the poorest countries in Africa, whose citizens are most desperate are former Francophone
@@jouvertalandwa5337 I fact checked this and its genuinely insane how spot on you are! Fuck the french man!!
â@@jouvertalandwa5337 Ethiopia ? Somalia ? Mozambique ? Sierra Leone ?
@@jouvertalandwa5337 not trueâŠ
@@damienpeladan481 Ethiopia has been one Fastest growing economies in Africa despite its many challenges. Sierra Leone and Somalia have been plagued by years of Civil strife. However looking at former French colonies even the most peaceful ones, they under perform economically and remain very poor. That is the reason why many illegal immigrants from Africa to Europe are from French speaking African Countries.
They might as well adopt the Euro. That would circumvent all of the issues with the CFA Franc but keep the advantages of a stable currency. They will all be able to keep 100% of their revenue.
Except the EU would never accept to let them join the eurozone.
These countries would lose their ability to have a monetary policy of their own, Europe would be calling the shots.
@@elite7329 Do they have monetary policy now
Countries like Ecuador and Zimbabwe do not have own currency, they do use US Dollar instead.
They do have a point, France's presence in Africa is neo-imperialist.
Neo British imperialism is worse
@@fvcctghvf7991 it is though?
@@danielc9967 this video is biased. He is British. French people removed their troops before the uk when it comes to barkhane operation. He marries these images with Areva and total.
In terms of ugly business presence, British people are cunning. They invested massively in Franceâs ancient colonies to look clean. Shell and bp (uk) are the same than total. Endeavour industry (uk) extracts the gold in French speaking nations.
Video fails to mention France's retaliation against Guinea for leaving the CFA wreaking havoc on the Guinean economy.
Italy was a much worse colonizer, they differ from France only because they had less colonies, because they formed Italy a bit too late to make big gains on Berlin conference. Now former Italian colonies of Libya, Somalia and Eritrea are all comparable to literal hell on Earth, abandoned by Italy both financially and militarily.
Is French military presence in Africa bad? Yes, but they fought against radical islamists in Azawad, independent Nigeria is a good example of the alternative - constant terrorist acts and Boko Haram insurrections, and Central African Republic is a perfect example of that russian army (supposedly good for not having African colonies in the past) are much, much worse (Bongboto massacre, Aigbado massacre, countless loot and rap accusations)
What about Ethiopia do they count as a colony?
Or did they I mean before ww2
You do know these countries are facing more terrorism problems than Nigeria? Nigeria is a better alternative to France.
@@jaybee4577 not according to statistics. According to "Global Terrorism Index 2021", Nigeria scored as the country #6 by GTI , having a bit worse situation than in Mali, which is #7 (the one who had Azawad problem). The only African countries that have worse situation than Nigeria are Burkina Faso (#4) and Somalia (#3).
@@gothicgolem2947 Italy controlled Ethiopia for less than 5 years. I thought it would be unfair to place them together with Lybia or Somalia.
"The world has never needed more smart thinkers"?
Thinking, it's a dangerous pastime
Please do more of these . Everything she said a 100% true
They have and will for a long long time.