Amigoss:

West troll farm

Ibime:


Of course you know what it is. Look at these guys. They expect to have a currency without foreign reserves, to eat their cake and have it. No clue about how monetary policy works, just shouting "colonial tax". The saying "a little information is a dangerous thing" was invented for narratives like this. It is better to have no knowledge of something than to have a little knowledge and misuse it.





Make I clear una. Every country keeps foreign reserves to maintain stability of their currency. Nigeria keeps around $30-$40bln historically of which it spends over $10bln per year defending the Naira (buying Naira by selling dollar), yet Naira has gyrated from N22 to $ to N950 today since 1994

14 West African countries keep $19 billion of their foreign reserves in a private French bank in order to stabilise the CFA and CFA has not moved one cent against Franc or Euro from 1994 till date. France has heavily subsidised CFA for the last 30 years in order to keep that stability. France has even asked for them to nominate 2 African banks to keep the money, they don't trust each others banks to keep that money safe.

Leaving or joining CFA is of your own free volition. Mali and Guinea left in the 1960s and begged to rejoin the 1980s after failing to keep their currency stable. Equitorial Guinea and Guinea Bissau who aren't even French colonies begged to join in the 1980s and were accepted.

We read from JP Morgan how Naira is gyrating because the true state of our reserves is only $3.3bln, yet 14 countries are perfectly defending CFA without blemish since 1994 for an average of just over $1bln per country

So the question now is if you outsource your monetary policy to an entity to protect your currency, where will you store the reserves needed to defend the currency. Who will bell the cat and open themselves up to false narrative? France do not keep nor use the reserves. It is kept in a private French bank which the CFA countries trust over their own banks. Eurozone ECB reserves are administered from Frankfurt, yet we don't read about Poles, Lithuanians, Spanish and co complaining of neocolonial tax to Frankfurt. You can only push such narratives amongst a poorly educated populace with a persecution complex.

Niger, Burkina Faso and Mali have their "independence" and have refused to float their own currency to escape this "neocolonial" tax. Why? Because they are the ones taxing France to keep their currency stable. France spends its own money to keep their currency stable and even French parliament are complaining about it. I for like see how desert countries overrun by jihadists who are net importers of food won't suffer widespread famine without the purchasing power CFA offers them.

Unfortunately for France, you cannot easily kick a country out of a common currency as they should do to the likes of Niger and co. Even Nigeria is free to ditch Naira and use CFA or dollar if they want, that's why countries use dollar when their currency becomes useless eg Ecuador, El Salvador, Zimbabwe use dollar fully and don't have their own currency, and countries like Argentina are planning to go that route. You don't need permission to use another man's currency. If e sure Niger, Burkina Faso and Mali, they should simply ditch CFA and use their own currency. We saw Robert Mugabe shouting "West, West, West", same Robert Mugabe ditched Zimbabwe currency for dollar in 2009 after all his ranting. True definition of hypocrisy.

If you think keeping foreign reserves with your currency issuer is a tax, please advise the African countries pictured to run their foreign reserves to zero.

grandstar:


I have always argued that France must spend a fortune defending the CFA. I also argued that France spends more money on Francophone countries than it derives from them.

The only reason why France holds on to these countries is to project an image of global power (I'll need someone here to use the right term for me)

But as you can guess, I am always shut down as people prefer s narrative that suits them, of the West ruthlessly exploiting poor nations and wanting to keep them poor.

Spy360:

If the West have no business then why did France ask to invade Niger? Why does France keep a military base in Africa? Why are the Niger people and other Francophone countries pointing fingers at France?

Tell me how the West has no business in Africa.

popizaino:

the only way which i have been able to bail myself was to ask him that how come France 🇫🇷 managing the economy of cote d'ivore been able to maintain inflation to the barest minimum with a price stability that is comparable to Europe? Price of items you bought in Cote D'Ivoire,Togo,Benin in 2000 was the same price in 2019 till the pandemic. He will usually end our convo with "Oga go and read 📚 the book how Europe 🇪🇺 underdeveloped Africa. 😀

Ibime:


That book "how Europe underdeveloped Africa" is the book that underdeveloped Africa. You can't read it with any understanding of how economics works and not have a headache within the first 2 pages.

No surprise you have relative price stability in CFA countries. Imagine Nigerians who have lost 83% on Nairas exchange value against CFA in the last 20 years arguing against CFA. Even the rebels refused to leave CFA just talking Cho Cho Cho but will never mention leaving CFA.

larride:


Same as the Targayen that marries from their family or from the family of Velaryon before the dance of the dragon.

It was after the dance of the dragon where most of their dragon perished that they started marrying other powerful houses in Westeros like Dorne and Vale.

afrodoc2:


The Targaryens like you said were marrying that way to keep the Valyrian bloodline pure. Their focus was on bloodline purity. Nothing concerns the Julio-Claudians with pure bloodline. They married like that for political purposes not genetic purity. Many of them married family members that they didn't have blood connections with but purely to shore up support.

larride:


I hope you've seen House of Dragon season 1? I'm waiting for season 2 for the dance of dragon to start. Hopefully they don't disappoint.

larride:


I hope you've seen House of Dragon season 1? I'm waiting for season 2 for the dance of dragon to start. Hopefully they don't disappoint.

afrodoc2:


Yeah i have seen it. I had read the book before. The Season 1 was a bit of a disappointment. The cast and writing were both inferior to GOT in my opinion. I wasn't too surprised the writing was sub-par because GRRM did not write the source book the way he wrote ASOIAF.

iamoyindamola:

But the same hotd 2 of targeryan grandchildren doesn't have white hair

popizaino:
Abraka needs roads.......Remind how much is needed to fix this roads again and how much did James Ibori steal again?


Oh sorry,let's invade the British Museum in London and collect all out artifacts,this Abraka roads will magically fix itself.

https://twitter.com/Akinjoshua2017/status/1697189417985712523?t=reaUK5UT8zp97fYyo3HAXg&s=19

popizaino:
Macron probably must have asked Ali Bongo to bring these money 💰 to France 🇫🇷 as french are dead broke...........The West you do this one.


https://twitter.com/Princeujay/status/1697189250918166852?t=ikAIfuxfsbTOM3OCbWjb3w&s=19

obainojazz:
I blame France

OkpaNsukkaisBae:
Imagine an African defending colonial masters.. Wonders shall never end....abi una wey dey abroad dem 0yibos dey vet una social media presence.

popizaino:
Abraka needs roads.......Remind how much is needed to fix this roads again and how much did James Ibori steal again?


Oh sorry,let's i[b]nvade the British Museum in London and collect all out artifacts[/b],this Abraka roads will magically fix itself.

https://twitter.com/Akinjoshua2017/status/1697189417985712523?t=reaUK5UT8zp97fYyo3HAXg&s=19

GloriousGbola:


it gets worse

the purported savior of gabon

this is not a revolution. like Niger, this is just a palace coup . nothing more.

OkpaNsukkaisBae:
Imagine an African defending colonial masters.. Wonders shall never end....abi una wey dey abroad dem 0yibos dey vet una social media presence.

GloriousGbola:


the irony is that the only reason those artifacts are of any value is because the british took them in the first place.

if the british had left any of those items now in their museums, they would have been destroyed ages ago.