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THE TRIANGLE OF POVERTY AND ENSLAVEMENT OF FRANCAFRIQUE: CFA-DICTATORSHIP-COLONIAL EXPLOITATION (See diagram at the bottom) 

 

I like to thank all of our people who have engaged in this debate on the CFA. We need all the different views and perspectives to come together and work on the pressing issues of our times. And at the center of Francophone Africa’s development is the CFA, a substandard French currency, owned by France, managed exclusively by France, printed in France, controlled exclusively by France, operated exclusively in France, but only used by the so called FrancAfrique countries in sub-Saharan Africa.

 

 

It must be noted that no other countries in world have such a strange and flawed currency agreement with another country, and certainly not with a colonial master. So the uniqueness of this strange currency stance –in the 21st century--  begs for the question: why ?

Do we really believe that a group of white French guys sitting in Paris, France, managing the CFA --their property-- really care about us ? Do we really think they will put the Negro's interest first ? Brothers, think hard ! Open your eyes !!

Make no mistake, this currency debate is the centrality of our struggles to free our country from the shackles of post-colonial exploitation. It is the very essence of our sovereignty, our economic and political independence as a country. Our fight for freedom, economic and political independence must fundamentally alter our relationship with France, and the CFA is the linchpin, the nexus that perpetuates post colonial slavery and exploitation of the FrancArique.

But, let us settle the –incomplete-- argument that, ridding our country of the CFA and creating a vanilla brand new currency will solve all of our problems, because it will not.  A new currency is a tool or a means, not an end. We must all agree with that. A currency must go with very sound monetary principles, well thought policies and a modern institution to manages it. The technicalities and complexities of managing a currency will have to be dealt with. We all get that, and I can certainly appreciate those who have raised that argument. But that’s why we have Economists to warn us of the dangers of senseless and reckless currency manipulations.

The good news is that, we have plenty of examples on the African continent to learn from. We can learn from Nigerias Niara  --next door--, Ghanian Cedi, South Africa Rand and more. We can also learn from the consequences of the Zaire’s laughable and abject failure, with Mobutu’s conspicuous record of reckless management for 32 years in power.

So, we need our economists to educate themselves on the operational mechanisms of these currencies, --successes and failures--, to learn from it, to write about it, to educate our people, and advise our leaders on the potential ramifications of an ill-conceived monetary policy.

The theories of monetary economics are not new in the 21st century. They have been around for centuries. --the principles of offer vs demand, inflation, deflation, growth, recession, depression,  have been in the books for centuries now--. And the African intellectuals, and the African economists in particular have no excuse not to get it right, given the vast array literature and examples and implementations on the African continent and abroad to learn from.

The sub-Saharan African people no longer have any excuses for their ignorance, their incompetence, their inactions and their inabilities to create a currency of their own, and to build a modern institution to manage it.  They no longer have any excuse not to create a society for their people, that dignifies their humanity, as President Sarkozy belittled these FrancAfrique Presidents in Dakar in 2007.

 

“Je ne suis pas venu, jeunes d'Afrique, pour pleurer avec vous sur les malheurs de l'Afrique. Car l'Afrique n'a pas besoin de mes pleurs. Je ne suis pas venu, jeunes d'Afrique, pour m'apitoyer sur votre sort parce que votre sort est d'abord entre vos mains. Que feriez-vous, fière jeunesse africaine de ma pitié ? ………….. L'Afrique a sa part de responsabilité dans son propre malheur. On s'est entretué en Afrique au moins autant qu'en Europe."

---excerpts of President Sarkozy speech in Dakar---

 

Some have insinuated that Cameroonians --and FrancAfrique-- economists are incapable and do not understand the technicalities of a currency, --and I don’t believe that is the case-- but if that's true, well, there are other Africans Economists who can help us. There are independent economists in the US, in China, and all over the world who are begging to show us how.

Creating a currency is not rocket science in the 21st century. If the people of Rwanda can do it, then Cameroon, with all of its human resources can certainly do it too.

So, I will urge the African people not limit the debate of a new currency to an intellectual exercise or an academic adventure. Don’t spend your energy and time, trapped in the theories and abstractions of your colonial education. Use your common sense, use your judgment, use your positive instincts, use empirical knowledge, use observation on the ground. These God given faculties strengthen your knowledge.

Currency means everything. Currency means economic and political sovereignty, Currency is money, and money is investment, money is industrial and economic development, money controls politics.

If you ask the Cameroonian government: Why are we not building roads and bridges, water and power plants, hospitals,  public housing and other infrastructures ? Your Government will tell you, well, we  don’t have the money right ? --"on n'a pas les moyens"--. Why don’t we have the money?  Because France, who owns the CFA, holds and controls the purse, our pocket book, through the “Comptes d’Opeartion” in Paris, France. Why isn’t France releasing our money ? Well go figure..

When we get our own currency, we can print our own money –in accordance with the quantitative principles of monetary economics--, pay our people, put our people to work and build all these infrastructures, necessary for economic and industrial revolution. Think about it. Nigeria, Ghana, South Africa, Kenya have built more infrastructure than all of the FrancAfrique countries. Why ? Because they have control over their currency. They control their economic destiny and they are doing much better than all the countries of FrancArique.

Currency is simply money. And money is the fuel the creates the alchemy, the synergy that sets an economy in motion, generating jobs, putting people to work, making housing  and construction projects possible, making investments, profits and wealth a reality. There are Billionaires in Dollars in Nigeria, Ghana, South Africa and Kenya. There is not a single Billionaire in Dollars in the whole of FrancAfrique. Why ? This may sound simplistic, but it is an economic metric.

So, beyond the intellectual abstraction of the debate, beyond the academic virtues of this topic, Economics remains a practical science and not just an abstraction of intellectual exercise. An economist must validate the theories he has studied, the knowledge he has acquired, through gathered statistics, experiments, empirical knowledge and observation. Besides all the technicalities of whether or not we need our own currency, we must make an exhaustive examination of the effects and affects of the CFA in the so called FrancAfrique.

We must understand the correlations and interdependencies between the CFA, Dictatorship, and Colonial Exploitation in FrancAfrique. I submit that the elements of the vicious triangle –CFA, Dictatorship, Exploitation—are inextricably interlinked. We have to break one element of the triangle to dismantle it. And the CFA is the weakest link that we must break.

Even if we assume for a moment that the CFA in and of itself as currency is not necessarily a bad thing, then we are left with its relationship with its creator, France, who uses the currency as absolute tool to exploit our resources and hold our country in perpetual bondage.

We must understand how France uses the CFA as its absolute weapon against the countries of  FrancAfrique:

1- France created this currency (1945 Bretton Woods) along with the “Compte d’Operation” and the 4 operational principles that we now know about. No Africans were at the table. France imposed this currency to its African colonies, without their consent and approval.

2- France has exclusive ownership over this currency  (exclusive Control of “Comptes d’Opeartion”). The currency was devalued in 1994 without the consent of the FrancArique presidents. They were not even informed or consulted. This is monetary terrorism !

3- France uses this currency to remove Presidents of  FrancAfrique out of power, even when they are democratically elected (Pascal Lissouba, Laurent Gbagbo).

4- France uses this currency to keep dictators in power indefinitely in exchange for loyalty. Hence the shameful epithet:  “Bon eleve de la France”. In some cases Fathers are succeeded by sons, with flagrant disdain and disregard to the country’s constitution.

5- France uses this currency to auction our country in Paris to the lowest bidder, through the principle of “Free and unlimited transferability of capital to France”. ELF, TOTAL, BOLORE and others can exploit our resources and repatriate all their money to France. They don’t have to invest anything in Cameroon. In some cases, they don’t even pay taxes. (Ali Bongo vs ELF Gabon).

So the CFA is the nexus, the umbilical cord, the linchpin that holds this vicious scheme on enslavement and generational poverty of the Sub-Saharan people now for half a century. And it is the weakest link that we, the people can break.

We can not get the Dictator out of power, we can’t stop ELF, TOTAL, BOLORE and others from repatriating all their profits --100%-- to France, but we, the people can drop the CFA, hence breaking the vicious cycle.

Brothers, in any struggle, you need a strategy and dropping the CFA is a strategy, and it is perhaps the only viable strategy. The CFA is the weakest link. Break it and Freedom will ring !

This fight against the CFA is not new. It was the backdrop of the fight during independence. Um Nyobe, Ernest Oundie, Felix Moumie and many others, all fought this fight and paid with their blood. And we lost. And after 50+ years of independence, after 32 years of one man clinging obstinately to power with the help of France, we have no choice but to pick this fight. If you don’t fight it now, I assure you that our children will someday have to fight for this very same cause.

When the story is all told, there is overwhelming evidence that this currency has hurt our countries very badly. I have tried hard to find one advantage of the CFA and I couldn’t find any. Some have said, well France guaranties this currency. Well, who benefits from that ? Is this not why France, a small country with no natural resources still has a seat in G7 ?

I am advocating for our own currency, our own Central Bank, along with the a modern institution to manage it. With our own currency, we will work to transform our Natural resources locally, rebuild our country, --build new water and electrical plants, build public housing for our people, build new highways, build first class hospitals, revolutionize our agriculture, build industrial infrastructures—using our money and our labor. And in so doing we invest in the lives of our people and in the future of our children and our country will be better off.

With all the natural and human resources that our country possesses, this has the potential to spark an Economic and industrial revolution of our country, --as was the case for China, South Korea, Vietnam and other South East Asian countries,-- and restore the hope that our people desperately need.

So, I think the case for our own currency has been made with abundant clarity, supported by verifiable evidence and facts that we all know. –FrancAfrique is home of: Poverty, disease, enslavement, corruption, embezzlements, massive colonial exploitation, poorest countries of the world, Dictatorship, longest serving dictators chosen by France and not the people. All this is supported by the revolving "triangle of generational poverty and enslavement":  “CFA-Dictatorship-Colonial Exploitation”.

I respect the opinion of those who may be reluctant to join this cause, but I challenge them to find one good thing –a single good thing--  that the CFA has done to Cameroon or any country of the FrancAfrique. The burden of proof is yours.

For the skeptics, I like to end with one question: Do you really think that a group of white French guys sitting in Paris, managing the CFA --their currency-- really care about you ? Do you really think they give a damn about our people and the future of our children ? Think hard brothers ! Open your eyes !!

 

 

“The CFA is the nexus, the umbilical cord, the linchpin that holds the vicious scheme that has enslaved the Sub-Saharan people now for a more than half a century. And it is the weakest link that we, the people must break to reclaim our freedom.”—ANST—

 

 

“The elements of the vicious triangle –CFA, Dictatorship, Exploitation—are inextricably interlinked. We have to break one element of the triangle to dismantle the triangle. And the CFA is the weakest link that we must break.”--- ANST—

 

 

 Do we really believe that a group of white French guys sitting in Paris, France, managing the CFA --their property-- really care about us ? Do we really think they will put the Negro's interest first ? Brothers, think hard ! Open your eyes !!” –ANST--

 

 

 

 

 

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