French Neo Colonialism and the CFA Franc Nonetary System

Upon the large-scale controversy faced by the French gov this year, for deliberately participating in spreading Anti Muslim and Anti Islam propaganda and defending its actions by citing freedom of speech and defending individuality, France has continuously elaborated on how it is the defender of democracy, freedom and equality. However, it seems this democracy, freedom and equality is only for all non-Muslims within France as the French nation continues it's previous criminal colonial ambitions and exploits countless Africans every day.

Of course, profit exploration from French companies is one factor where natural resources are extracted in bulk on dirt-cheap African labor, however, the exploitation discussed here is far more effective at legally getting money out of Africa into France. This exploitation is the CFA Franc monetary system. This is basically an agreement and system France had forced within 14 African nations (The former French colonies) before "granting them independence" (As was demanded by the locals at the time all over Africa in form of uprisings or demonstrations). This agreement in French words gave those countries a stable and central robust currency but it also legally obliged them to put fifty percent of their foreign currency reserves into the French treasury and another Twenty percent for Financial liabilities. In other terms, this meant that those fourteen African nations only retain thirty percent of their own national wealth. 

Making things worse the currency is printed under French supervision so those 14 African states have next to no control over their own financial policies (Expansionary policy or contraction policy). Furthermore, if those nations want to gain access to their own funds that they had given away with the in French treasury, they have to "Borrow" it at fixed return rates. In other words, they have to borrow back their own money and give fixed interest rates to France as if it was French wealth being loaned out. 

There is no other way but to term it, it is mafia exploitation but on an international stage. Fourteen of the poorest/underdeveloped nations in the world have to hand over 70% of their own foreign currency reserves (70% of their wealth) to France and when they feel it is needed which it always is, they are forced to borrow or loan that same money from France at commercial rates and give interest payments.

This carefully crafted mafia system makes sure money keeps flowing in French banks hence the economy and already poor African nations are deprived of their own wealth. This way France can legally and openly extort millions of already poor and underdeveloped Africans while maintaining its previous colonial border in a soft and hard power manner. All this while the French government to pretends to be defending of democracy, equality, and freedom. This is just one of many unjust acts being done by the French as mentioned earlier French companies also separately exploit those countries. It is high time the world recognizes this disgusting form of hypocrisy for what it really is "Modern day colonialism" and forces France to back down from this unjust mafia exploitation.