I have used a fall in exports to show how constrained Beijing's policy choices are, but I could just have easily done the same using as an example any change
in the currency regime, the reform of the hukou system, the de-industrialization of the bankrupt northeast provinces, the development of the OBOR and Silk Road projects, changes in interest rates or minimum reserves, protecting the stock market from crashing, the provincial bond swaps, changes in the tax regime, improving energy and environmental policies, and so on.
Not exact matches
Instead of correcting course to avoid further catastrophe, the Maduro
regime is attempting to circumvent sanctions through the Petro digital
currency — a ploy that Venezuela's democratically - elected National Assembly has denounced and Treasury has cautioned U.S. persons to avoid,» Mnuchin said
in a statement.
The Treasury Department warned investors
in January to steer clear of the digital
currency, calling it «another attempt to prop up the Maduro
regime, while further looting the resources of the Venezuelan people.»
China, for example, still imposes many restrictions on foreign capital, and its
currency regime restricts companies from trading
in the yuan.
The current oil crisis will see
regime changes
in strategic places, and a
currency crisis is
in the offing.
Or,
in a similar vein, consider the international financial market reaction to China's decision to alter its foreign exchange rate
regime and how the RMB is managed relative to the dollar versus a broader basket of foreign
currencies.
But from our point of view, the world is filled with dislocations, and decoupling is likely
in different interest - rate
regimes and different
currency regimes.
Ultimately the goal of any regulatory
regime should be to increase efficiency using technology, and this is what innovators are hoping regulators keep
in mind when addressing virtual
currency regulation.
We are moving into a «virtual» economy where workers are spread across the world living
in different countries, their paychecks and expenses traveling across
currencies and tax
regimes.
Examples of these risks, uncertainties and other factors include, but are not limited to the impact of: adverse general economic and related factors, such as fluctuating or increasing levels of unemployment, underemployment and the volatility of fuel prices, declines
in the securities and real estate markets, and perceptions of these conditions that decrease the level of disposable income of consumers or consumer confidence; adverse events impacting the security of travel, such as terrorist acts, armed conflict and threats thereof, acts of piracy, and other international events; the risks and increased costs associated with operating internationally; our expansion into and investments
in new markets; breaches
in data security or other disturbances to our information technology and other networks; the spread of epidemics and viral outbreaks; adverse incidents involving cruise ships; changes
in fuel prices and / or other cruise operating costs; any impairment of our tradenames or goodwill; our hedging strategies; our inability to obtain adequate insurance coverage; our substantial indebtedness, including the ability to raise additional capital to fund our operations, and to generate the necessary amount of cash to service our existing debt; restrictions
in the agreements governing our indebtedness that limit our flexibility
in operating our business; the significant portion of our assets pledged as collateral under our existing debt agreements and the ability of our creditors to accelerate the repayment of our indebtedness; volatility and disruptions
in the global credit and financial markets, which may adversely affect our ability to borrow and could increase our counterparty credit risks, including those under our credit facilities, derivatives, contingent obligations, insurance contracts and new ship progress payment guarantees; fluctuations
in foreign
currency exchange rates; overcapacity
in key markets or globally; our inability to recruit or retain qualified personnel or the loss of key personnel; future changes relating to how external distribution channels sell and market our cruises; our reliance on third parties to provide hotel management services to certain ships and certain other services; delays
in our shipbuilding program and ship repairs, maintenance and refurbishments; future increases
in the price of, or major changes or reduction
in, commercial airline services; seasonal variations
in passenger fare rates and occupancy levels at different times of the year; our ability to keep pace with developments
in technology; amendments to our collective bargaining agreements for crew members and other employee relation issues; the continued availability of attractive port destinations; pending or threatened litigation, investigations and enforcement actions; changes involving the tax and environmental regulatory
regimes in which we operate; and other factors set forth under «Risk Factors»
in our most recently filed Annual Report on Form 10 - K and subsequent filings by the Company with the Securities and Exchange Commission.
The President highlighted some of the obstacles to realizing the roadmap for the implementation of a single
currency in the sub-region to include, diverse and uncertain macro — economic fundamentals of many countries, unrealistic inflation targeting based on flexible exchange rate
regime and inconsistency with the African Monetary Co-operation Programme.
These measures were adopted as a necessary condition of imposing necessary disciplines on the fiscal
regimes of member states
in order to convince the markets that the euro would be a viable
currency.
The collapse of Bretton Woods system
in 1973 and the shift of major
currencies to floating exchange rate
regimes lessened the reliance on the SDR as a global reserve asset.
With over 80 % of the bitcoin trading volume expressed
in the Chinese
currency, CryptoNinjas feels that a weak yuan
regime provides a tailwind for the
currency.
Recorded Future, an intelligence research firm backed by Google Venture and
In - Q - Tel (a venture capital firm funded by the CIA), reported that North Korea began «mining» bitcoin on May 17 and could be using the digital
currency to generate income for the
regime.
In a country where the fiat
currency is worth little and sanctions from the U.S. continue to mount, a state - sanctioned cryptocurrency may cause Venezuela — a typically restrictive
regime — to become one of the most progressive countries on cryptocurrency regulations (even if only to further sales of petro).
On the famously confusing US state - by - state licensing
regime front, we learned
in August that California had completely overhauled its proposed digital
currency bill, effectively kicking the can down the road till next year.
The ability of
regimes like Kim Jong Un's North Korea to mine or steal cryptocurrencies such as bitcoin is a new reason to be cautious
in treating these commodities as
currencies.
The U.S. dollar is being tipped to rise to euro parity on belief that President - elect Donald Trump will ditch current policy
in favor of a high - spend, low - tax
regime; Bitcoin has been the best performing
currency in the world for 5 of the past 6 years; US Patent and Trademark...