chapotraphouse

For the record Burkino Faso has an overhanging 1.2 TRILLION CFA-denominated debt. For all the talks about Sahel leaving the CFA franc zone (which is itself pegged to euro), it turns out that China still comes in and added more fuel to the fire.

How do you think these countries are ever going to get out of French imperialism? They are now even more entrenched to the French colonizers because of the debt owed to a currency they have no sovereignty over. They now have to earn more by selling to the French to pay back their Chinese creditors.

China needs to lend in yuan (a currency that China can print) or even better yet, pay off their debt and flood these countries with yuan in a Marshall Plan style, if they really want to help free African countries from Western imperialism.

However, China has so far refused to take that role as a leader of anti-imperialism because they still want to be a net exporter country that runs huge trade surpluses (which benefits greatly from the US running huge trade deficits), so they don’t want to create more yuan than needed to maintain this advantage over others. Instead, the dollars and euro they accumulated from selling cheap goods to Western consumers were turned into loans to the developing countries, further entrenching Western imperialism over the Global South.

Compare this approach to Russia’s, a far far weaker economy, going around and canceling whatever debt they can that the Global South owed to Russia and the USSR. Russia seems to be the only country who has the right idea on how to fight Western imperialism, being infested by liberals notwithstanding.