French → English transcript

So I want to talk about the global

So I want to talk about the global

financial revolution that is underway… …

and that has just experienced a a, uh, considerable leap.

un bond euh

So of course, nobody is talking about it here,

So of course, nobody is talking about it here,

So of course, nobody is talking about it here,

right, it is way too interesting for anyone to talk about it. Well. Uh since

pour qu'on en parle. Bon.

China has just snatched away

africains...

...il en manque un...

au système euh

American- European SWIFT banking system. Well. And, uh… … so it is a,

bancaire SWIFT.

Bon. Et euh...

it is a tipping point, it is actually a

global pivot of an entire African continent… … uh to the side of China.

...euh du côté

And in terms of sheer scale here, something has just happened. Uh and obviously,

And in terms of sheer scale here, something has just happened. Uh and obviously,

il y a quelque chose qui vient de se passer.

Euh et évidemment

uh well we, we are not talking about it… … but still, fifty- three African countries

parle pas...

...mais quand

même 53 pays

have just said goodbye or in any case… … uh it is no longer at all

have just said goodbye or in any case… … uh it is no longer at all

adieu ou en

tout cas...

...euh ce n'est plus du tout

exclusive for them… uh of having to deal with the SWIFT financial

...euh d'avoir affaire au système

SWIFT euh financier

Western system… … uh and they chose China. So they signed an

Western system… … uh and they chose China. So they signed an

agreement which is actually historic with Beijing.

agreement which is actually historic with Beijing.

Uh and it is a commercial vision but also a political one,

it goes far beyond trade, actually. It is it is also what uh, by the way,

C'est c'est aussi ce dont euh d'ailleurs Xi

Xi Jinping and his foreign minister… …

talked about at the beginning of last September… … uh when there were the big

...euh lorsque il y avait eu les grandes cérémonies euh

ceremonies, uh, in Beijing… … uh and when uh the Chinese

...euh et que euh les

had developed, I talked about it in a Mondoscopie… … their vision for a new global

had developed, I talked about it in a Mondoscopie… … their vision for a new global

...leur vision

pour une nouvelle gouvernance

governance. Well. So uh why are African countries doing this? Well because uh…

Donc euh pourquoi les pays africains font-ils ça ?

… in fact they see uh what happens when you are uh bound hand and foot to the

… in fact they see uh what happens when you are uh bound hand and foot to the

euh pieds et poings liés avec le système SWIFT.

SWIFT system. Russia was cut off from it, wasn't it, by force,

débranchée,

n'est-ce pas,

uh, in 2022… …

and well of course it is managing, uh, contrary to what we thought… …

and well of course it is managing, uh, contrary to what we thought… …

à ce qu'on croyait...

it is even managing quite well, it has to be said.

Uh but nevertheless for African countries, it was a fairly decisive signal.

Uh but nevertheless for African countries, it was a fairly decisive signal.

ça a été un signal

assez décisif.

And so those who are still looking for insurance for, uh, their products

l'assurance pour euh leurs

to be able to have access… … uh without customs duties, without sanctions,

to be able to have access… … uh without customs duties, without sanctions,

...euh sans droits de douane,

without pressure, uh… …

without pressure, uh… …

not only to the Chinese market but, uh,

to the Chinese market in the broad sense… … uh well they

made a choice. There you go.

And this choice obviously has consequences, the consequences, well,

And this choice obviously has consequences, the consequences, well,

are a weakening… …

of the positions of the American dollar on the African continent… …

obviously, and of the euro, naturally…

… in the transitions from now on……

because everything will now be done for these countries in Chinese yuan. And besides

Et par ailleurs

uh there are major Chinese maneuvers to actually, uh… …

if I understood correctly uh eventually end up backing the yuan with gold.

if I understood correctly uh eventually end up backing the yuan with gold.

euh finir par adosser le

But anyway…… I will tell you more about that in my“ Clé du Monde.”

But anyway…… I will tell you more about that in my“ Clé du Monde.”

So why is this crucial? Why is what just happened really very important?

crucial ? Pourquoi c'est c'est vraiment très important ce qui vient de se passer ?

Well, because right now,

uh it obviously cannot use its local currency. So what does it do? It first has to

uh it obviously cannot use its local currency. So what does it do? It first has to

Donc qu'est-ce qu'elle fait ? Elle doit d'abord euh le convertir en dollars...

so it is expensive, obviously… … there are fees every time… … time is lost,

so it is expensive, obviously… … there are fees every time… … time is lost,

so it is expensive, obviously… … there are fees every time… … time is lost,

there are delays and uh there is actually a dependency… … a vulnerability,

there are delays and uh there is actually a dependency… … a vulnerability,

there are delays and uh there is actually a dependency… … a vulnerability,

uh financial, with respect to foreign banks… … and to Western banks.

uh financial, with respect to foreign banks… … and to Western banks.

...et aux banques occidentales.

There. Uh and and and obviously, uh it is not,

Euh et et et

évidemment euh c'est pas on n'est pas simplement dépendant des banques...

we are dependent on the political system behind them.

we are dependent on the political system behind them.

c'est le système euh américain

and European system. Well.

So in the end it is the United States and the European countries… …

that decide which country can

or cannot access the global financial system.

It is the same for loans with institutions like the World Bank or the IMF.

So there is a geopolitical and political grip, uh

and economic of course… … and a vulnerability, uh of all these countries

and economic of course… … and a vulnerability, uh of all these countries

de tous ces pays depuis des décennies...

for decades… … uh of course to our

sûr euh à notre

to our to our financial system… … and ultimately to our

...et finalement à nos

to our our willingness to deal with them or not, and under certain conditions.

traiter ou pas et à certaines conditions avec eux.

Depending on what they do, for example uh politically or

euh politiquement ou

uh in terms of foreign policy… … with our adversaries. You see what I mean.

...avec nos

adversaires.

Right. So there you have it,

Right. So there you have it,

there is in fact a vulnerability to American and European arbitrariness…

there is in fact a vulnerability to American and European arbitrariness…

there is in fact a vulnerability to American and European arbitrariness…

… that African countries have decided to throw in the trash.

So, then obviously people will say, well it is the Chinese thief’s tactic…

… that is, the the Chinese did this quietly, since even at the last BRICS summits… …

… that is, the the Chinese did this quietly, since even at the last BRICS summits… …

they told us that it was complicated, that it was slow… …

that we were not at all yet at the point of having a currency, a truly

that we were not at all yet at the point of having a currency, a truly

that we were not at all yet at the point of having a currency, a truly

autonomous system…

… that can just be offered like that uh, dumped on everyone.

Well, we talk about it, uh, when it’s done, actually. There.

c'est fait,

And when it is, quote- unquote, too late to react, uh, as usual. Well, that’s

And when it is, quote- unquote, too late to react, uh, as usual. Well, that’s

tard pour réagir euh comme d'habitude. Bah c'est ça la technique du voleur chinois.

… it’s the famous mantelpiece with a vase in the middle that uh, every day… …

… it’s the famous mantelpiece with a vase in the middle that uh, every day… …

euh chaque jour...

uh, moves very very slightly by a centimeter or two. So we always have, visually,

légèrement d'un

centimètre ou deux. Donc on a toujours visuellement, optiquement, si vous voulez,

the impression that the vase is on the mantelpiece. And then one fine day, well,

it disappears, it has reached the end…

it disappears, it has reached the end…

… but we did not really notice it and poof, it is whisked away.

There. So that is what is happening and it is, in a cer— certain way,

There. So that is what is happening and it is, in a cer— certain way,

very often also the attitude of the Russians too. That is, uh, there you go,

C'est-à-dire euh voilà,

we do what we have to do discreetly, surely, calmly… … without making big

sûrement, tranquillement...

thundering, bombastic declarations as the Anglo- Saxons would say.

thundering, bombastic declarations as the Anglo- Saxons would say.

comme diraient les les Anglo-Saxons.

Uh uh and then when we are really sure of ourselves and when we are really sure

it is going to work… … uh there you go,

we make a small, a small announcement. Well. So uh so indeed I think that

we make a small, a small announcement. Well. So uh so indeed I think that

Donc euh donc effectivement je pense que l'Afrique

Africa tipped over well from the moment… …

when there was the special military operation uh in Ukraine. Because what happened?

Parce que que s'est-il passé ?

Well the Western countries and uh and in particular the Europeans, by the way… …

euh et notamment les Européens d'ailleurs...

but with American agreement and encouragement,

and then the Americans are much less concerned… …

still froze nearly 300 billion dollars in Russian assets, isn't it? Uh and that,

n'est-ce pas ?

uh, is worrying for emerging economies because, well… … if we can do it to Russia,

...si on peut le

we can obviously do it uh to less powerful countries… … uh in Africa, anywhere.

puissants...

...euh en Afrique,

So China, it is proposing another system called CIPS, which is funny because

So China, it is proposing another system called CIPS, which is funny because

elle propose un autre

système qui s'appelle le CIPS,

it is quite close… … uh uh phonetically. The Cross- Border

it is quite close… … uh uh phonetically. The Cross- Border

...euh euh phonétiquement.

Interbank System, quite simply.

Interbank System, quite simply.

Which is already used by nearly 5,000 financial institutions, so banks,

Which is already used by nearly 5,000 financial institutions, so banks,

various credit organizations… … in nearly 190 countries, 187.

various credit organizations… … in nearly 190 countries, 187.

...dans près de

190 pays, 187.

Uh in Africa, it is Egypt that set the tone, that was the first to take

Uh in Africa, it is Egypt that set the tone, that was the first to take

qui a été la première à franchir le pas...

uh and and and the central banks of the two countries,

uh of of of China and Egypt had signed agreements… … to trade exclusively in yuan.

...pour échanger exclusivement en yuan.

But Egypt, obviously,

and then by smaller ones…… because after that there are logics of influence, uh,

subregional, if you like, spheres of influence. So South Africa, Nigeria,

subregional, if you like, spheres of influence. So South Africa, Nigeria,

Donc l'Afrique du Sud,

well, big rich countries, you know. Angola, uh, everyone joined the movement.

well, big rich countries, you know. Angola, uh, everyone joined the movement.

L'Angola, euh tout le monde a

rejoint le le mouvement.

Uh and obviously this is a this is a slap in the face for the United States.

Because, uh, Trump, who kind of looks down on Africa a bit,

Because, uh, Trump, who kind of looks down on Africa a bit,

takes it lightly, uh, and, uh… … talks nonstop,

...parle sans arrêt,

threatens everyone with customs barriers, uh cuts development aid…

euh coupe l'aide au développement...

… closes diplomatic missions et cetera, et cetera… … uh and well, in fact, he has

et cetera et cetera...

...euh et bien en fait il a

he has neglected and scorned Africa and, besides, the

trade… … that that that are declining,

you know, between the United States and the continent of Africa since already the

africain depuis déjà le milieu des années 2010...

mid- 2010s… … uh and well keep keep keep

continuent à

à à baisser.

Euh et en fait si vous voulez, ce qui se passe,

it is a monetary system and so on…

it is a monetary system and so on…

… that that will allow for much smoother trade…

… but behind that, what is interesting is that there is an important

geopolitical vision… … uh which is very different from that of the West.

geopolitical vision… … uh which is very different from that of the West.

...euh qui est très différente de celle de

When I say the West, once again…

… it is the United States and Europe to varying degrees.

That is to say that, as the Chinese say in major international conferences or

major meetings…… uh the idea is partnership

le partenariat

uh based on a win- win partnership… … based on a mutual benefit… uh, recogni—

win-win quoi...

...basé sur un

bénéfice mutuel...

consideration,

pour l'autre partie... ...même si elle est infiniment plus faible économiquement.

Uh and and and so actually Beijing is really in the process—

Uh and and and so actually Beijing is really in the process—

in fact all this is obviously… … very, very closely tied to the Silk Roads…

...très très

étroitement lié aux Routes de la Soie...

… and is opening up considerable markets for its future. Africa is huge. So.

C'est considérable l'Afrique.

Uh, in fact

pays africains qui ont

access to the Chinese market… … without customs duties,

with completely duty free access. Uh so there is actually a large- scale

with completely duty free access. Uh so there is actually a large- scale

Euh donc y a une en fait c'est un

geopolitical recovery movement.

It is a continental mass, as I told you, that is moving

It is a continental mass, as I told you, that is moving

Uh and we can to say that in the great struggle for the de-

dire que dans la grande lutte pour la dédollarisation du monde,

dollarization of the world, if you like… … Africa is going to actually be an

...l'Afrique va en

accelerator, a considerable help

accelerator, a considerable help

accelerator, a considerable help

for China. There you go.