Currency War: Trump's Games Pose Threat to European Economy

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President Donald Trump is calling for a weaker dollar, a move that threatens to jeopardize Europe's fragile economic upswing. Hungary's healthcare system is almost completely state-run and there is an obligatory social insurance system. Discuss this issue with other readers!

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In , Burks, Goldstine and von Neumann published another report that outlined the design of another type of machine a parallel machine this time that would be exceedingly fast, capable perhaps of 20, operations per second. They pointed out that the outstanding problem in constructing such a machine was the development of suitable memory with instantaneously accessible contents.

At first they suggested using a special vacuum tube —called the " Selectron "—which the Princeton Laboratories of RCA had invented. These tubes were expensive and difficult to make, so von Neumann subsequently decided to build a machine based on the Williams memory. This machine—completed in June, in Princeton—has become popularly known as the Maniac.

The design of this machine inspired at least half a dozen machines now being built in America, all known affectionately as "Johniacs. In the same book, the first two paragraphs of a chapter on ACE read as follows: One of the most modern digital computers which embodies developments and improvements in the technique of automatic electronic computing was recently demonstrated at the National Physical Laboratory, Teddington, where it has been designed and built by a small team of mathematicians and electronics research engineers on the staff of the Laboratory, assisted by a number of production engineers from the English Electric Company, Limited.

The equipment so far erected at the Laboratory is only the pilot model of a much larger installation which will be known as the Automatic Computing Engine, but although comparatively small in bulk and containing only about thermionic valves, as can be judged from Plates XII, XIII and XIV, it is an extremely rapid and versatile calculating machine. The basic concepts and abstract principles of computation by a machine were formulated by Dr.

In , however, an examination of the problems was made at the National Physical Laboratory by Mr. Womersley, then superintendent of the Mathematics Division of the Laboratory.

He was joined by Dr. Turing and a small staff of specialists, and, by , the preliminary planning was sufficiently advanced to warrant the establishment of the special group already mentioned. The First Draft described a design that was used by many universities and corporations to construct their computers. The date information in the following chronology is difficult to put into proper order.

Some dates are for first running a test program, some dates are the first time the computer was demonstrated or completed, and some dates are for the first delivery or installation. Through the decades of the s and s computers generally became both smaller and faster, which led to evolutions in their architecture. This is sometimes called a "streamlining" of the architecture. Larger computers added features for higher performance. The shared bus between the program memory and data memory leads to the von Neumann bottleneck , the limited throughput data transfer rate between the central processing unit CPU and memory compared to the amount of memory.

Because the single bus can only access one of the two classes of memory at a time, throughput is lower than the rate at which the CPU can work. This seriously limits the effective processing speed when the CPU is required to perform minimal processing on large amounts of data. The CPU is continually forced to wait for needed data to move to or from memory. Since CPU speed and memory size have increased much faster than the throughput between them, the bottleneck has become more of a problem, a problem whose severity increases with every new generation of CPU.

Surely there must be a less primitive way of making big changes in the store than by pushing vast numbers of words back and forth through the von Neumann bottleneck. Not only is this tube a literal bottleneck for the data traffic of a problem, but, more importantly, it is an intellectual bottleneck that has kept us tied to word-at-a-time thinking instead of encouraging us to think in terms of the larger conceptual units of the task at hand.

Thus programming is basically planning and detailing the enormous traffic of words through the von Neumann bottleneck, and much of that traffic concerns not significant data itself, but where to find it. There are several known methods for mitigating the Von Neumann performance bottleneck. For example, the following all can improve performance [ why? The problem can also be sidestepped somewhat by using parallel computing , using for example the non-uniform memory access NUMA architecture—this approach is commonly employed by supercomputers.

It is less clear whether the intellectual bottleneck that Backus criticized has changed much since Backus's proposed solution has not had a major influence. As of , a database benchmark study found that three out of four CPU cycles were spent waiting for memory. Researchers expect that increasing the number of simultaneous instruction streams with multithreading or single-chip multiprocessing will make this bottleneck even worse.

Aside from the von Neumann bottleneck, program modifications can be quite harmful, either by accident or design. In some simple stored-program computer designs, a malfunctioning program can damage itself, other programs, or the operating system , possibly leading to a computer crash.

Memory protection and other forms of access control can usually protect against both accidental and malicious program modification.

From Wikipedia, the free encyclopedia. A correction", Proceedings of the London Mathematical Society , 2 published , 43 6 , pp. From Dits to Bits: A personal history of the electronic computer. Edinburgh University Press , 7: Institute for Advanced Study. Alan Turing and his Contemporaries: Building the World's First Computers. Gordon ; Cady, R. A review of the Turing Award Lecture". Sir Isaac Pitman and Sons Ltd. Davis, Martin , Engines of Logic: Mathematicians and the Origin of the Computer , New York: Gordon; Newell, Allen , Computer Structures: The Computer from Pascal to von Neumann.

Engines of the Mind: A history of the Computer. Data dependency Structural Control False sharing. Tomasulo algorithm Reservation station Re-order buffer Register renaming. Branch prediction Memory dependence prediction. President Donald Trump is calling for a weaker dollar, a move that threatens to jeopardize Europe's fragile economic upswing. There's very little the European Central Bank can do to fight back. By Tim Bartz and Martin Hesse.

Von November bis November beim manager magazin. For the past 15 years, Rolf Philipp has manufactured "bones for airplanes" in the town of Übersee on Bavaria's Chiemsee lake.

That's what the founder and CEO of Aircraft Philipp calls the aluminum and titanium parts his company produces for the aerospace industry. His company has a combined employees in Bavaria and at a second German plant in Karlsruhe -- and business is going well, with the family-owned enterprise bringing in over 60 million euros in revenues last year.

Recently, though, developments overseas have been making life more difficult for Philipp. Philipps' most important customers, Airbus and Boeing, sell the majority of their aircraft in dollars, and their sheer power in the marketplace allows them to pass the currency risks on by also paying suppliers in dollars. If the dollar loses value against the euro, Aircraft Philipp's profits also drop because the company's costs are generated largely in euros.

In principle, of course, the euro's rise, which began around a year ago, is good news. It signifies the degree to which the economy on the Continent has recovered after years of weakness. That development has been bolstered by the growing willingness to cooperate among the European Union's core countries that has become visible since the Brexit vote -- primarily because of France's new president.

But the European developments that have strengthened the euro represent just one side of the coin. The flip side is Donald Trump's "America first" policies: The president's policies are laden with enormous risks. Even though the U. On the surface, everything appears to be in good shape. America, Europe and Asia alike are producing, consuming and investing more, and the International Monetary Fund just issued an upward revision of its forecast for worldwide economic growth to 3.

But the speed with which euphoria can turn into panic was on full display at the beginning of last week, when fear suddenly began to spread among markets over excessive government deficits, inflation and interest rate increases, sparking the largest point loss in Wall Street history. Even if the percentage slide on the markets was less dramatic, it is still likely that it bothered Trump a great deal.

But when it comes to the weak dollar, his administration has literally talked it into existence. Trump wants to weaken the currency to promote exports, curb imports and to reduce his country's current accounts deficit -- one of the central pledges he made during the election campaign. Treasury Secretary Steven Mnuchin said that a weak dollar was good for the U.

Trump himself may have sounded a little more conciliatory later on, but the genie was already out of the bottle, and Mnuchin's verbal intervention was already having an effect. The dollar fell rapidly, and the nasty term "currency war" could suddenly be heard in the hallways of Davos.

But there isn't much the ECB can do about it. By pursuing economic policies that ignore the needs of America's trading partners -- an approach economists refer to as "beggar-thy-neighbor" -- Trump has revisited an old American tradition. Lloyd Bentsen, treasury secretary under Bill Clinton, informed the Japanese in that he urgently desired a stronger yen in order to stem the Asian trading partner's high export surpluses. With "America First," Trump has now elevated "beggar thy neighbor" to the status of administration doctrine.

The first part of Trump's economic policy agenda envisions stimulating the economy through tax cuts and public infrastructure investments. That would help American companies, and the rest of the world could also profit initially if the U. But it's the second part of the Trump program that reveals the real strategic thrust. During the same weak that the treasury secretary could be heard preaching the virtues of a weak dollar, the U. The combination of a weak dollar and protectionist measures are aimed at creating a competitive advantage for American companies versus their competitors from around the world.

Loose fiscal policy does in fact create downward pressure on the currency. If taxes are lowered and the government increases its spending, households then have more money at their disposal. Demand increases for goods from abroad, thus weakening their own currency.





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