Macron wants to sell central bank gold … for Africa. Time for an atro slap

After taking us into the future “Green Hell” out of lust for leadership, after being slapped in the face by an unemployed citizen fan of the ancient, noble art of fencing, French President Macron is back at work today, making headlines in his latest press conference.

Building on comments in early May, when Macron hosted African leaders striving to find ways of financing African economies hit by the COVID-19 pandemic and managing the continent's public debt, the French president had an idea to address the Continent's problems: Macron said at a press conference that he would like the sale of gold reserves to help finance this planned aid for Africa.

This is because these continents would not have sufficient resources to relaunch: "The peculiarity of Africa is that today it does not have the financial means to protect and relaunch its economy as all other continents have done", the French finance minister told RFI. Bruno Le Maire in May.

In reality, the heads of state of the G7 have already decided to do a lot, that is to allow African states to make greater use of the SDRs, the funds of the International Monetary Fund composed of a basket of currencies.

"France wants this to go much further by reassigning the SDRs that are (planned) for developed countries," a French presidency official informed reporters ahead of the summit.

Macron said he believes Africa needs a "New Deal" to give the continent a breath of fresh air. The disaster coming with the European Green Deal was not enough, damage must also be caused outside the old continent. Seems legit.

When Gordon Brown in 1999 and the Bank of Canada sold the gold assets, they made very meager deals, enriching only the speculators.

After all, shut up, France is already selling gold …

However, who knows if the other G7 countries will give the French President a good slap in the face….

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This is a machine translation of a post published on Scenari Economici at the URL on Thu, 10 Jun 2021 19:38:04 +0000.