CFA Franc: France’s Colonial Currency

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!

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.

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.

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 isn’t 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.

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

Now would be a good time to call out the coup that happen when African countries try to drop the CFA franc.

Being a “voluntary” member of the CFA. There are some pretty heavy air quotes with that

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

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. 👋🏾

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 :)

next time you hear a European complaining about immigrants and how they want their countries back, show them this video...

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.

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.

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

I really dont like Milloni (definitely spelling that wrong) but she isnt wrong here

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.

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

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)

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?