The Africans on Twitter are very mad at me for calling them Africans in France and got me banned in France. The vast majority of the comments in support of the riots in France were joy and pleasure to see the country burn because France had colonized Africa for so long and apparently did a bad job at it. These people loved to see the country looted —- because France had committed sins in the past — but please do not call them Africans for they are very proud French citizens.
On a related topic, the Franc was used by 14 former colonies in Africa under what was called the CFA, even after the French moved to the euro. The way it worked was simple: France printed money for them in return these nations had to keep more than 50% of their reserves in France. The net result was LOWER inflation than other African nations. However, this austere forced policy prohibited these nations from investing for their future and also gave France the ability to devalue the currency at their will.
In recent years they switched over to what’s called ECOWAS and under this scheme African nations will not have to keep reserves inside France. Africa is a 10% export partner for France, so cultivating friendly ties with Africa is important, which is why they hate Russia’s guts for PMC Wagner helping to overthrow the French friendly govt in Mali.
My point: with 180m people now off the CFA and ability to spend money at will, I do believe inflation will once again rear its ugly face in these former French colonies. The answer is obvious: switch to the Bitcoin standard and avoid the hustle of central banks.
I started the day -120bps in the hole but traded myself back to just -36bps, with over 70% cash now waiting for a fat pitch.
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