how many of you guys know about the slavefranc?

[norseamd]

Any one wanna guess what this picture is all about?

My guess is that France might actually start seeing a lot of problems in the 21st century, and maybe the Jihadists have realized it. The timings of this attack in Mali, noted for the French intervention years ago, seem very suspiciously coincidental.

http://www.reuters.com/article/2015/11/20/us-mali-attacks-idUSKCN0T90SK20151120

 

[sm625]

The problem with France is that they grant citizenship (Jus soli) to the colonies in Africa. So they come to France and its all legal. The whole of the French territory in Africa could pour into France and start collecting welfare and the people of France would have bent over and took it. That probably couldnt happen now, which makes you wonder about the true motives of the terrorists.

 

[norseamd]

The problem with France is that they grant citizenship (Jus soli) to the colonies in Africa. So they come to France and its all legal. The whole of the French territory in Africa could pour into France and start collecting welfare and the people of France would have bent over and took it. That probably couldnt happen now, which makes you wonder about the true motives of the terrorists.

Who is doing the bending over here?

 

[sm625]

Who is doing the bending over here?

The chumps who work to pay taxes to support entire enclaves of welfare leeches who dont even learn the language, and make no attempt to assimilate. The chumps, who work to supply that nebulous "other people's money" that the left loves to play around with.

 

[norseamd]

The chumps who work to pay taxes to support entire enclaves of welfare leeches who dont even learn the language, and make no attempt to assimilate. The chumps, who work to supply that nebulous "other people's money" that the left loves to play around with.

Well I guess that means you have no idea what the CFA Franc is at all.

 

[Fern]

What the heck is a "slavefranc"?

What are you even talking about?

Fern

 

[dank69]

What the heck is a "slavefranc"?

What are you even talking about?

Fern

Who knows. This thread isn't getting any traction though so we should start one about the Mali attack.

 

[norseamd]

What the heck is a "slavefranc"?

What are you even talking about?

Fern

It is such an important topic, but I kinda knew no one would know about it, which is why I was purposely being obscure about an obscure topic, one that is probably purposely made obscure in Western society and International news.

The CFA franc (in French: franc CFA [fʁɑ̃ seɛfɑ], or colloquially franc) is the name of two currencies used in Africa which are guaranteed by the French treasury. The two CFA franc currencies are the West African CFA franc and the Central African CFA franc. Although theoretically separate, the two CFA franc currencies are effectively interchangeable.

Both CFA Francs currently have a fixed exchange rate to the euro: 100 CFA francs = 1 former French (nouveau) franc = 0.152449 euro; or 1 euro = 655.957 CFA francs exactly.

Although Central African CFA francs and West African CFA francs have always been at parity and have therefore always had the same monetary value against other currencies, they are in principle separate currencies. They could theoretically have different values from any moment if one of the two CFA monetary authorities, or France, decided it. Therefore, West African CFA coins and banknotes are theoretically not accepted in countries using Central African CFA francs, and vice versa. However, in practice, the permanent parity of the two CFA franc currencies is widely assumed.

The currency has been criticized for making economic planning for the developing countries of French West-Africa all but impossible since the CFA's value is pegged to the Euro (whose monetary policy is set by the European Central Bank).[3] Others disagree and argue that the CFA "helps stabilize the national currencies of Franc Zone member-countries and greatly facilitates the flow of exports and imports between France and the member-countries."[4] The European Union's own assessment of the CFA's link to the Euro, carried out in 2008, noted that "benefits from economic integration within each of the two monetary unions of the CFA franc zone, and even more so between them, remained remarkably low" but that "the peg to the French franc and, since 1999, to the euro as exchange rate anchor is usually found to have had favourable effects in the region in terms of macroeconomic stability.[5]

https://en.wikipedia.org/wiki/CFA_franc

 

[norseamd]

Illicit financial outflows has historically been a scourge for African countries, particularly those in the CFA zone. A study led by the GlobalFinancialInstitute in 2010 showed that the amount of illegal financial outflows in the zone between 1970 and 2008 reached US $48bn. Within this period, US $20bn disappeared between 2000 and 2008.

These outflows are made easier by how the currency works. The CFA franc is freely transferable, allowing capital to exit the CFA zone and enter France without any oversight. Furthermore, there are no limits to its convertibility, meaning that African countries cannot create money themselves. In fact, CFA zone countries have to deposit 50 per cent of their currency reserves into a so-called "operations account" managed by the French Treasury, in order to guarantee the convertibility of the CFA franc into euros.

France's annual budget contains a line concerning the CFA franc called the "Account of financial cooperation - International Monetary Agreements". The 2012 Frenchpublicbudgetstates that: "Given the high levels of reserves held by central banks of the franc zone and the very low probability of a call of guarantee of the State that results, this mission is provided with no credit for 2012, as previous years."

This means that the account in which African countries from the CFA zone deposit part of their financial reserves is usually redundant. This is quite unique in the international monetary system: The issuing of a currency used by 140 million people in 14 different countries is endorsed each year by a foreign parliament - in this case, the French National Assembly and Senate.

By the French parliament's own admission, the monetary system of the CFA franc zone countries is in rather good health. Therefore a devaluation, which is usually justified by the necessity to revive an economically weak state by allowing cheaper exports, does not seem necessary in the case of the 14 western and central African states concerned. (A 15th country, Comoros, has its own central bank that issues Comorian francs, which are pegged to the CFA franc.)

http://www.aljazeera.com/indepth/opinion/2011/12/2011121312953758399.html

 

[dank69]

How has this "important" information transformed your life? What will you differently from now on?

 

[norseamd]

How has this "important" information transformed your life? What will you differently from now on?

It has affected the lives of millions of Africans for 70 years now.