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Just a little something to show how hypocritical the French are.
1 posted on 02/06/2004 9:59:55 PM PST by mark_interrupted
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To: Grampa Dave
More concrete evidence of what you get for listening to the French.

EUrope, beware.
2 posted on 02/07/2004 9:51:58 AM PST by George W. Bush (It's the Congress, stupid.)
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To: mark_interrupted
Look, I think "it is good to hate the French" as much as the next guy, but this is marxist bilge. France has many sins and some of them are in Africa (patrons of the Hutus anyone?) - but providing a sound currency to countries that would be basket cases on their own is not one of them. Inflation is not a good thing poor Africans are being kept out of.

The article is also incoherent. It blames the French for capital flight and for capital entry. If high interest rates aren't merited by the real risks, then why is capital flight a problem? Do locals not want in on such a good thing? The reality is the risks are high, and the rates are free market ones. Those rates provide real capital, not internal looting displacements from one class to another, which is all inflating the currency can accomplish.

The author also confuses a need to go through France with actual inconvertability, toward the end. If african francs have to first be traded into francs (or Euros), that doesn't stop anything. You just sell the francs or euros you traded them for, for whatever else.

As for continental government led by the likes of Nasser, sure that would have helped (sarcasm alert). Marxist tyrants would like the run the place themselves, loot all foreign capital already there, and inflate like mad to steal from their own populace. Look at Zimbabwe if you want to see where that leads.

3 posted on 02/07/2004 9:53:26 AM PST by JasonC
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To: mark_interrupted
Illuminati.
5 posted on 02/07/2004 10:45:57 AM PST by Happy2BMe (U.S. borders - Controlled by CORRUPT Politicians and Slave-Labor Employers)
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To: mark_interrupted
Why don't these African countries just adopt the Euro then?

A few countries in this hemisphere have decided to peg their currency to the US Dollar. Ecuador and Panama, for instance. These countries actually use the US Dollar. Argentina had pegged its currency to the dollar, but kept spending too much, so had to remove the peg. But these countries should practice sound monetary policy, and I don't think that the French should be blamed for that.

6 posted on 02/07/2004 10:49:04 AM PST by Koblenz (There's usually a free market solution)
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