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EUR/USD forecast: Dollar should survive before it thrives
Fundamental U.S. dollar forecast for today
Investors do not believe in the U.S. economy and sell off the U.S. dollar
When the U.S. economy looks like a bubble, the dollar can’t but fall. Investors have not been confused by the biggest rise of the U.S. manufacturing PMI since February 2019. The U.S. employment in the private sector added 165,000 jobs in July, sharply missing expectations of more than 1 million new jobs. The number of jobless claims, according to the experts polled by the Wall Street Journal, should continue rising. When people had money granted by the government, they spent it. Now, they have run out of money. Democrats and Republicans can’t reach an agreement on the extra financial aid package, and this is a big problem.
Dynamics of U.S. employment
Source: Wall Street Journal The $600 unemployment boost expired on July 31. It will result in a sharp decline in household spending and a slowdown in the U.S. GDP recovery. In the middle of summer, over 12 million people received benefits, which allowed them to pay rent, utilities, auto, and other loans. Now, financial aid has finished, and the debts continue growing. The unemployment benefits, supporting consumer spending, is only the tip of the iceberg. The US labor market is weak, which kills the hope for the V-shaped GDP rebound. According to the poll of the National Federation of Independent Business, about 20% of firms plan to lay off workers after using the loans from the Paycheck Protection Program. According to Cornell University, one in four workers, recruited back through the program, received a notice that they could be fired again. The grim outlook of the U.S. economy contrasts with the confidence in a soon rebound of the euro-area GDP, which is signaled by the euro-area PMI report, which is stronger than the flash data.
Dynamics of euro-area PMIs
Source: Bloomberg According to the Societe Generale, there is no doubt the dollar has made a cyclical turn now and should continue falling amid the current Fed’s monetary policy stance and the outlook for the U.S. growth over the next few years. 33 of 62 experts surveyed by Reuters said the USD bear trend would continue for at least another six months. 15 analysts, said it would be less than six months. While 11 said it would be less than three months, just three respondents said it was already over. The consensus view suggests the EUUSD will be trading at 1.18 in August 2021, which is the highest in a year. In my opinion, the market is too fast. It starts pricing the weak data on the U.S. nonfarm payrolls in July. As a result, volatility risks are growing. The euro could grow first, and, next, it could fall even faster, as big traders should be exiting longs. However, we should see the publication of the U.S. jobless claims data, which can push the EUUSD up above 1.192. I recommend holding the long positions opened at level 1.173 and preparing for exiting a part of trades. For more information follow the link to the website of the LiteForex https://www.liteforex.com/blog/analysts-opinions/eurusd-forecast-dollar-should-survive-before-it-thrives/?uid=285861726&cid=79634
funny to see that subject pop up again. it was what drove me insane enough to find this sub in the first place. at any rate, the problem is not the bots. I thought it was, but those are just part of the parasitic ecosystem. but to get that, first we need to take a few steps back on web history, ad serving, UX, tracking technology and media advertising. too lazy to gather links, but you know, do your googlin'. I assume that most of you are fairly web literate here, but I'll try to go down into the bare bones as much as possible for those who aren't. so let's start with a basic question - what is a web visitor anyway? from the standpoint of a normal person, that would be a person browsing a given website or piece of content. from the standpoint of technology however all you know is that some device has downloaded content from your server using the http protocol. thanks to the wonderful technology of web browsers, you can plant browser cookies on a visitor - stuff that's used to remember if they logged in, what their preferences are, stuff that your service can read from the device. it also serves usually very basic telemetry like last visit time, session time, and so on. this, over time has evolved in what we call browser fingerprinting, a convoluted bunch of technology that allows websites and web services to uniquely identify you. it still doesn't know if you're a human or not, but from the standpoint of the web technology, you're a visitor. now back in ye old days of the web, when the first banner ads were springing up, these were important questions. most consumers were still to be reached on traditional media channels, and ad spend would have to be justified somehow on the risky ventures of online business. so beyond traditional polls that would infer the value of visitors, websites would start tracking number of visitors, time on page and so on. these were used to milk the advertising cow so to speak, and it gave in to some funny developments like the creation of the popup ad - if I recon correctly on geocities, where they would just but the ads everywhere until some big auto company noticed that they're appearing on porn sites. so - put the ad in the popup, and you can claim it's not in the context of porn! around this point in time the online ad business is still pretty low tech. you actually have to call a physical human being, they send you ppts and pdfs, you send back image files and excel sheets, you wire money, the ads run, and so on. this is called direct sales, and it's tracked again by counting a bunch of visitors, and telling you how much impressions and clicks your marvelous creatives and ad budget generated. now enter google - or more precisely, a technology firm called doubleclick that was to be acquired by google. they developed a tool for automatic ad serving, later to be called programmatic advertising, that keeps the pesky sales dude out of the loop and achieves reasonable amounts of scale for a more hefty price - after all, if the sales are automated, you get a bidding war for attention between different advertisers, and you're paying for clicks. so you can see how this was a strategic move for google - they already had the most valuable data available in this situation. they were seeing in real time what people were searching for, and using the programmatic ad serving system, you could effectively bid not just for general attention - but for attention with an intent to buy. ...and the way that google got this data is because they indexed the web, using bots. at least GoogleBot would identify itself as a site visitor, but in the meantime they developed a service for websites to comprehensively track their own visitors and where they were coming from and what they were doing on your website. incidentally, you could also put on google's ads on your webpage to earn quite a bit of money, as content relevant ads would be shown through the doubleclick system. this kicked off two things: one, the ability to classify your website visitors into different clusters and segments allowed businesses to start tailoring the appearance of the website or service to fit that specific audience segment, starting off the great fracture - segmentation of the web (in the sense that two people viewing the same website at the same time were not seeing the same thing) two, it created a very strong financial incentive for people to trick google into thinking they were having actual human visitors that would click on ads, when in fact they were bots. in an even funnier twist, some of them were from browser hijackers, commonly known as malware at the time, which google cross-financed. look up download valley and crossrider. at the cross section of the above two, you had one interesting twist: websites that would appear differently to the security bots or the compliance officers of Google as they would to fake visitors or malware jacked human beings. the former would get a benign looking website, while the latter would get bombarded with auto clicking ads. this kicked off the billion dollar arms race called online advertising fraud. I'm not here to shed a tear for big money corps bleeding money. the real fallout lay somewhere else, but for that you have to understand that you never really saw the real internet, you only saw your corner and the one that was personalized for you. but if you ever had the pleasure of watching daytime TVs or off channels and witnessing the ads, you could kind of infer what kind of audience must be watching these shows generally. from quite clear rip offs to magic number lotteries and television fortune telling, these sorts of programming was aimed at the most gullible, bought for pennies, where the smallest audience portion had to be converted into a money making operation. ...and with audience segmentation and data gathering, that was now possible at unprecedented scale, automatically. so big was the scale in fact, that it gave birth to an entire new beast of an industry called affiliate marketing, where instead of a regular payroll, you'd get a cut of the sale should you figure out an angle on where to push whatever fucking bullshit the vendors were offering to whoever the fuck would be dumb enough to click on an ad and buy. (the funniest story I recall was someone pulling five figures a month because he figured out that if you buy ads on anime-hentai pages and sell PUA shit courses and e-books you'd make a killing) at any rate, affiliate marketing brought with it the killer landing page, the thing that's supposed to hammer the nail in the coffin once you get through the banner ad. the earliest form of deceptiveness in memory comes from various pirate sites, that had fake download buttons as banner ads and virus alerts as the landing pages. but then at some point, some schmuck realized that for certain type of products, like diet pills or forex trading or whatever, the best lander is in fact a fake news page that comes packed with comments and all. that would convert like crazy, because it had the appearance of social proof. until at least the lawsuits came raining down, and these sorts of landing pages and campaigns for being banned left right and centre on all platforms. which just launched a new arms race as the campaigns would be disguised for the bots doing the checkups, and aged facebook profiles would start selling for like 5K USD - these people were making 30-40k a day, they could afford to spend that much to continue running the shop. speaking of facebook - it came just about the right time for the shit to brew max total. first they were unprecedented in the amount of data they were getting off of their users, and they came just in time to catch the full swing of what we call the 'responsive web' - that no user at the same time would see the same thing on their page, it was all allocated through an intricate web of recommendations, running real time, based on previously gathered and forecast behavioral data. it also ran on one simple premise: take over the starting page position from google for most people, then they do not have to justify, ever, any ad spend that takes place on their platform, as long as it performs. furthermore, it was completely lacking any revenue share sort of scheme (save for the short period of facebook gaming, see Zynga), thus there was no incentive for the amount of bot traffic that the previous internet era had bred. instead, it came with an entirely different one - bots that would offer social proof in the way of shares and likes, but would not directly risk the business model, thus giving no incentive for facebook to fight them. (note that google didn't do much jack shit either besides indiscriminately penalizing websites it deemed suspicious when they reached critical payout thresholds) the rest of the story you kind of sort of know. how the obama campaign was brilliant in using the new social media to inspire hope and blah blah blah, kicking the door open for big money politics who could hire the best snake oil salesmen in the market, who had the data and as you can see from the above, had the ethical standards of a shoe. at around 2014-2015 the press (the mainstream media) started to raise question about the duopoly, the buzzword of filter bubbles started appearing, not entirely unrelated to the fact that facebook by this time cannibalized their traffic with a fucking embedded share / like button and started charging money for them to reach their own audience. after 2016 the cries of fake news were everywhere, because there was no online space left which everyone was viewing the same way, and you had no way to verify what the person next to you was looking at. since then, we've all become grandpa yelling at the television set, with nobody around us seeing what we're seeing on the screen, so we're being accused as bots and looking for bots under the carpet. but it's been a long way coming, and the bots are honestly the least of our worries. trust me, I went bankrupt over that one. truth or fake doesn't even begin to describe the magnitude of the problem: more like we entered the phase where every word, event or picture is defined by who ever the fuck wins the auction over it, as the marketers of human attention grind the gears of the money mill without even understanding how fast they're digging towards hell. don't believe me? look around the marketing and advertising related subs these days. the priests are eating the indulgences, and we're only now entering the period of deep fakes, good algo generated audio and good enough NLP. and in the meantime, the shadowrunners running up between two corp headquarter-highrises are skinning your belief systems. so the best you can do is really, not litter the remnants of cyberspace which are not being mined, astroturfed or being pulled apart by the algos. no human connections on a nuclear trash heap mate.
Do the completed Forex trading robots really work?
These forex robots are made of a few algorithms and programs that trade for you. With these robots, trading is done automatically without any difficulty. All you need to do is choose a forex auto trading robot software, and set it as per the numbers of time you want trading regularly.
I initially applied for a completely different position off of Indeed. The recruiter had an auto-message sent to me asking for me to email my resume to them. The next day, the recruiter told me the position was already taken (now it is off of Indeed itself). The recruiter referred me to a different email / position, but supposedly by the same company, within a couple of hours I received this email. I believe this is a scam, looking more on the internet. I am however going to leave this up (if that's okay) since there are a couple different types of email drafts. https://www.vice.com/en_ca/article/59k43n/how-i-got-caught-in-a-terrible-personal-assistant-scam- "Here’s how one of these typically goes down: Someone contacts you through an old job posting, saying something to the tune of, “Hey, the position you applied for has been filled, but I need a personal assistant.” https://www.indeed.com/community/interview-tips/new-personal-assistant-scam/td-p/974771- has a bunch of different email drafts, one extremely similar to this one as well Hello, Thank you for your application, your resume was received and I must say I am impressed. Your position will be confirmed and your duties will include but are not limited to; Running errands, shopping, supervisions and monitoring, scheduling programs, flights and keeping me up to date with my schedule. You will also act as an alternative telephone correspondence when I'm away, Make regular contacts and drop-offs on my behalf and most importantly handle and monitor my financial activities. My name is (Redacted). I'm a retired engineer and I have been a local and international successful entrepreneur, I presently deal into Forex Trading which deals with Stock Exchange. I will maintain a fair degree of flexibility in terms of working around your other commitments. I will provide clear set of instructions for each task I need done and sufficient funds to cover all errands. Currently, I am in Ontario meeting with business partners. I will be back by month end to arrange a formal interview with you and for necessary paperwork. Please note that this position is not office-based for now because of my frequent travels and tight schedules. It is a part-time job, and some weeks you will be busier than others, although the pay stays constant. I do have a number of things you could help me with this week if you will be within reach for me. The pay is $650 weekly and you can to get to work at your flexible hours as this means this won’t affect your present job already if you have one. If you are interested, get back to me with the following information below: Full Name : Address (P.O box Not allowed): Apt #: City: State: ZipCode: Mobile (For SMS): Current Occupation : Email : I understand most of the information requested is in your resume already but I am asking again so I can verify to see everything is correct. Best Regards, (Redacted)
Traders are in debate to what the simplest Forex trading strategies are for years. That debate is probably going to continue for several more years to return . What most of the people that are new Forex trading want to understand is what's the simplest and the way can we identify it because the best. i would like to first of all consider what a trading strategy is then check out two differing types and asses them both. A Forex trading strategy or system is just a group of rules a trader will use to enter, exit and adjust his trade. The strategy may consider fundamental analysis, technical analysis or a touch of both. the solution to which is that the best can't be determined by simply watching the results of a technique but by watching the trader also . Psychology is that the single biggest issue traders' face when completing a winning or losing trade. the power to be ready to stick with your own rules during a losing or winning trade are often challenging. it's for this reason many traders will address automated trading systems to beat the psychological issues they're faced with. Auto trading using EA's has its benefits but it's a incontrovertible fact that markets are actually random which suggests a technique working today might not work tomorrow. What a few mixture of both? You could be the simplest analyst within the world and still be a terrible trader! what percentage times have you ever taken a trade with all of your analysis in your head then exited early or not taken the trade in the least . a standard scenario isn't taking the planned trade because you could not commit then taking a random trade that wasn't planned and losing. Sounds ridiculous once you read that scenario but it happens a day . Imagine a system where you'll use your own analysis to line up a trade then use a trading system to require over and perform your settings so you did not have the Psychology to affect . Surely this is able to be the simplest Forex trading system. the great news is these trading systems are about but not many of us are giving them away. You could, however, have a program coded for you that takes trades supported your rules and eliminates the psychology. If you've got a system that works on a manual basis but only works with certain market conditions then this might be the simplest Forex trading strategy. Adam discovered very early that trading forex required a significant approach so as for it to be of future profitability. Adam has now been trading for 12 years independently and using his hybrid strategy of automated and manual to form a significant take advantage of the Forex market and claims it because the best forex strategy. https://preview.redd.it/6ggf8w682wr41.png?width=140&format=png&auto=webp&s=b0c225fe804151672cd29e946806bfab5a91cc08
It’s time for the delayed release of MAME 0.210, marking the end of May. This month, we’ve got lots of fixes for issues with supported systems, as well as some interesting additions. Newly added hand-held and tabletop games include Tronica’s Shuttle Voyage and Space Rescue, Mattel’s Computer Chess, and Parker Brothers’ Talking Baseball and Talking Football. On the arcade side, we’ve added high-level emulation of Gradius on Bubble System hardware and a prototype of the Neo Geo game Viewpoint. For this release, Jack Li has contributed an auto-fire plugin, providing additional functionality over the built-in auto-fire feature. A number of systems have had been promoted to working, or had critical issues fixed, including the Heathkit H8, Lola 8A, COSMAC Microkit, the Soviet PC clone EC-1840, Zorba, and COMX 35. MMU issues affecting Apollo and Mac operating systems have been addressed. Other notable improvements include star field emulation in Tutankham, further progress on SGI emulation, Sega Saturn video improvements, write support for the CoCo OS-9 disk image format, and preliminary emulation for MP3 audio on Konami System 573 games. There are lots of software list additions this month. Possibly most notable is the first dump of a Hanimex Pencil II cartridge, thanks to the silicium.org team. Another batch of cleanly cracked and original Apple II software has been added, along with more ZX Spectrum +3 software, and a number of Colour Genie cassette titles. That’s all we’ve got space for here, but there are lots more bug fixes, alternate versions of supported arcade games, and general code quality improvements. As always, you can get the source and Windows binary packages from the download page.
MAMETesters Bugs Fixed
02932: [Graphics] (tutankhm.cpp) tutankhm, tutankhms: Background stars are missing in attract mode. (Couriersud)
cgenie_cass: Abenteuerland, Adressdatei II, Africa, Ballon, Basic-Packer 2.13 (alternate), Benchmark Test, Botschaft, Brücke, Bumm Bumm, CIA-Agent, Cave Man, Charset, Chess Machine, Crazy Chaser, Deathstar, Deathtrap, Defender, Der Flohwalzer, Dez-Hex, Die Juwelen des Grafen Dracula, Die Physik des Transistors, Disastrous Villa, EBASIC (32k version), Editor fuer definierbare Zeichen, Empire, ExReversic, Extended Copy, Extra-Basic, Fast Food, Genie I II / TRS 80 Cassettenlader, Gorilla, Hektik (alternate), Horror Castle, House of Death, Joker Poker, King, Kniffel, Labyrinth of Fear, Las Vergas Spiel-Automat, Länder-Quiz, Madtree, Mord im Zeppelin, Mysterious Tavern, NODOS 80, Nato Morsing Standard Code, Peng, Primzahlsuche, Real-Compiler, Santa Paravia und Fuimaccio, Schiff des Grauens, Schnick Schnack Schnuck, Screen Editor (incl. Adventure screen), Shift Transformation, Sprite-Editor, Tape-Edit, Trash-Man, Utilities Package Ver. 2.0, Wurm, Zalaga [Dirk Best]
ibm5170: The Final ChessCard [hap]
neogeo: Viewpoint (prototype) [Brian Hargrove]
ngpc: Rockman - Battle & Fighters (Jpn, Demo), Sonic the Hedgehog - Pocket Adventure (World, Oct 22 1999 Prototype) [The Hidden Palace]
pcw: CP/M Plus v1.4 (Swe) work copy [Edström]
pencil2: Treasure Hunt / Le Plongeur a la Recherche du Tresor [silicium.org, David Viens]
specpls3_flop:
1943, 3D Pool, 6-Pak Vol 1, The Alkatraz Protection System v 2.2, Answer Back Factfile 500 - General Science, Arcade Muscle, Ball Breaker, Bionic Commando, Chart Attack, Crack Down (Spa), DICE v2.0, Fun School 4 For The Under-5s, G1WVN ZX Pak Term v3.0 Beta Test, Granny's Garden, Hercules - Slayer Of The Damned, Judge Dredd, Lords Of Chaos Expansion Kit One, Lords Of Chaos Expansion Kit One (alt), M3 Unlock, Mercs, Motor Massacre, Navy SEALs, Obliterator (alt), Outcast, Outlet issue 058, Outlet issue 063, Outlet issue 075, Outlet issue 076, Outlet issue 078, Outlet issue 085, Outlet issue 117, Pirate, Platinum, Puffy's Saga, Rock Star Ate My Hamster, Shoot-Out, Skate Crazy, Skate or Die, The Spanish Tutor, The Star Wars Trilogy, Starship Quest + Helvera - Mistress of the Park, Strider, The Sunflower Number Show, Switchblade, SWIV, Tiger Road, Tops and Tails, Ultimate Play The Game: The Collected Works, Winners [Antonio M, Fede Jerez, Gorski, Jaime González Soriano, José Manuel, Marino Arribas, Metalbrain, robcfg, Simon Owen, Syx, Zup, TZX Vault, ICEknight]
LC-10 Colour Screen printer v 1.1 (+2a/+3) [Guy Bearman, ICEknight]
vsmile_cart: The Batman - Gotham City Rescue (UK), Disney Aladdin - Il magico mondo di Aladdin (Italy), Disney Topolino - Le Magiche Avventure di Topolino (Italy), Disney's Cinderella - Cinderella's Magic Wishes (UK), Disney's The Little Mermaid - Ariel's Majestic Journey (UK), Disney/Pixar Cars - Rev It Up in Radiator Springs (UK), Disney/Pixar Toy Story 2 - Operation-Rescue Woody! (UK), DreamWorks Shrek - Het Verhaal Van Draakje (Netherlands), Noddy - Detective for a Day (UK), Spider-Man & Friends - Missioni Segrete (Italy), Thomas & Friends - Engines Working Together (UK), Winnie the Pooh e la caccia al miele (Italy) [Walter Agazzi]
Software list items promoted to working
c64_cart: The Final ChessCard (Ger, v0.9/v1.0) [hap]
gameboy: Game Boy Test Cartridge (Euro, USA) [ClawGrip]
icanguit: Barbie Guitar Party (K9901), Rock 101 (K9906) [Sean Riddle, David Haywood]
leapfrog_leappad_cart: Disney Princess - Princess Stories (UK), Disney's Pooh Gets Stuck (UK), Leap 1 - Reading - Cartoon Network Scooby-Doo! and the Disappearing Donuts (UK), Richard Scarry's Best Little Word Book Ever! (UK), Sed de Saber - Libro 1 - Spanish as a second Language Edition (UK), Sed de Saber - Libro 2 - Spanish as a second Language Edition (UK), Sed de Saber - Libro 3 - Spanish as a second Language Edition (UK), Sed de Saber - Libro 4 - Spanish as a second Language Edition (UK), Sed de Saber - Libro 5 - Spanish as a second Language Edition (UK), Sed de Saber - Libro 6 - Spanish as a second Language Edition (UK), Toy Story 2 (UK) [TeamEurope]
vsmile_cart: Bob The Builder - Bob's Busy Day (UK), DreamWorks Shrek the Third - Arthur's School Day Adventure (UK), Scooby-Doo! - Funland Frenzy (UK), Scooby-Doo! - Funland Frenzy (UK, Rev. 1?), Thomas & Friends - Engines Working Together (UK, Rev. 1?) [Walter Agazzi]
Source Changes
Added very preliminary Intel 82355 bus master interfaces controller device. [AJR]
miniboy7: Fixed lamp blinking. [AJR]
ti89, ti89t, ti92p, v200: Corrected Flash memory type and size. [AJR]
unidasm: Allow hexadecimal values for -skip with 0x prefix. [AJR]
m68000: Read the initial SP and PC from memory after rather than during machine reset time. [AJR]
Removes the need for many drivers to reset the CPU an extra time to load the correct vector.
z100 improvements: [AJR]
Render video through CRTC instead of working around it by caching registers, and map video RAM using PROM module.
Added 8253 timer and associated interrupt, cursor, video interrupt, and Centronics port.
Converted keyboard to low-level emulation, and added keyboard click/beep sound.
Corrected numerous clocks.
m68705: Don’t register debug state entries for non-existent port latches and direction registers. [AJR]
Added Adaptec AIC-565 device. [AJR]
Added preliminary emulation of Toshiba T6963C and related LCD controllers [AJR]
bmcbowl: Added missing video-related interrupt, and re-guessed VIA clock. [AJR]
5clown: Documented how to access the hidden settings table. [AJR]
pk8020.cpp updates: [AJR]
Emulated programmable logic device used for banked address decoding.
Improved serial port/USART hookup, added save state support.
Trump Didn’t Kill the Global Trade System. He Split It in Two.
This article is taken from the Wall Street Journal written about nine months ago and sits behind a a paywall, so I decided to copy and paste it here. This article explains Trump's policies toward global trade and what has actually happened so far. I think the article does a decent job of explaining the Trade War. While alot has happenedsince the article was written, I still think its relevant. However, what is lacking in the article, like many articles on the trade war, is it doesn't really explain the history of US trade policy, the laws that the US administration is using to place tariffs on China and the official justification for the US President in enacting tariffs against China. In my analysis I will cover those points.
SUMMARY
When Trump entered the White House people feared he would dismantle the global system the US and its allies had built over the last 75 years, but he hasn't. He has realign into two systems. One between the US and its allies which looks similar to the one built since the 1980s with a few of quota and tariffs. As the article points out
Today, Korus and Nafta have been replaced by updated agreements(one not yet ratified) that look much like the originals. South Korea accepted quotas on steel. Mexico and Canada agreed to higher wages, North American content requirements and quotas for autos. Furthermore, the article points out Douglas Irwin, an economist and trade historian at Dartmouth College, calls these results the “status quo with Trumpian tweaks: a little more managed trade sprinkled about for favored industries. It’s not good, but it’s not the destruction of the system.” Mr. Trump’s actions so far affect only 12% of U.S. imports, according to Chad Bown of the Peterson Institute for International Economics. In 1984, 21% of imports were covered by similar restraints, many imposed by Mr. Reagan, such as on cars, steel, motorcycles and clothing. Protectionist instincts go so far in the US, there are strong lobby groups for both protectionist and freetrade in the US.
The second reflects a emerging rivalry between the US and China. Undo some of the integration that followed China accession to the WTO. Two questions 1) How far is the US willing to decouple with China 2) Can it persuade allies to join.
The second is going to be difficult because China's economic ties are greater than they were between the Soviets, and China isn't waging an ideological struggle. Trump lacks Reagan commitment to alliance and free trade. The status quo with China is crumbling Dan Sullivan, a Republican senator from Alaska, personifies these broader forces reshaping the U.S. approach to the world. When Mr. Xi visited the U.S. in 2015, Mr. Sullivan urged his colleagues to pay more attention to China’s rise. On the Senate floor, he quoted the political scientist Graham Allison: “War between the U.S. and China is more likely than recognized at the moment.” Last spring, Mr. Sullivan went to China and met officials including Vice President Wang Qishan. They seemed to think tensions with the U.S. will fade after Mr. Trump leaves the scene, Mr. Sullivan recalled. “I just said, ‘You are completely misreading this.’” The mistrust, he told them, is bipartisan, and will outlast Mr. Trump. both Bush II and Obama tried to change dialogue and engagement, but by the end of his term, Obama was questioning the approach. Trump has declared engagement. “We don’t like it when our allies steal our ideas either, but it’s a much less dangerous situation,” said Derek Scissors, a China expert at the American Enterprise Institute whose views align with the administration’s more hawkish officials. “We’re not worried about the war-fighting capability of Japan and Korea because they’re our friends.”
The article also points out unlike George Kennan in 1946 who made a case for containing the Soviet Union, the US hasn't explicitly made a case for containing the Soviets, Trump's administration hasn't, because as the the article explains its divided Michael Pillsbury a Hudson Institute scholar close to the Trump team, see 3 scenarios
New Cold War with drastically reduced economic ties
China resolve their tensions, integrate and run the world together
Transactional US-China relationship of the sort during the 1980s
Pillsbury thinks the third is most likely to happen, even though the administration hasn't said that it has adopted that policy. The US is stepping efforts to draw in other trading partners. The US, EU and Japan have launched a WTO effort to crack down on domestic subsidies and technology transfers requirement. US and Domestic concerns with prompted some countries to restrict Huawei. The US is also seeking to walloff China from other trade deals. However, there are risk with this strategy
Other countries like Japan and South Korea to dependent on China. Too integrated.
Raise objections to Belt and Road. But no alternative
My main criticism of this article is it tries like the vast majority of articles to fit US trade actions in the larger context of US geopolitical strategy. Even the author isn't certain "The first goes to the heart of Mr. Trump’s goal. If his aim is to hold back China’s advance, economists predict he will fail.". If you try to treat the trade "war" and US geopolitical strategy toward China as one, you will find yourself quickly frustrated and confused. If you treat them separately with their different set of stakeholders and histories, were they intersect with regards to China, but diverge. During the Cold War, trade policy toward the Soviet Union and Eastern Bloc was subordinated to geopolitical concerns. For Trump, the trade issues are more important than geopolitical strategy. His protectionist trade rhetoric has been fairly consistent since 1980s. In his administration, the top cabinet members holding economic portfolios, those of Commerce, Treasury and US Trade Representative are the same people he picked when he first took office. The Director of the Economic Council has changed hands once, its role isn't as important as the National Security Advisor. While State, Defense, CIA, Homeland Security, UN Ambassador, National Security Advisor have changed hands at least once. Only the Director of National Intelligence hasn't changed. International Trade makes up 1/4 of the US economy, and like national security its primarily the responsibility of the Federal government. States in the US don't implement their own tariffs. If you add the impact of Treasury policy and how it relates to capital flows in and out of the US, the amounts easily exceed the size of the US economy. Furthermore, because of US Dollar role as the reserve currency and US control of over global system the impact of Treasury are global. Trade policy and investment flows runs through two federal departments Commerce and Treasury and for trade also USTR. Defense spending makes up 3.3% of GDP, and if you add in related homeland security its at most 4%. Why would anyone assume that these two realms be integrated let alone trade policy subordinate to whims of a national security bureaucracy in most instances? With North Korea or Iran, trade and investment subordinate themselves to national security, because to Treasury and Commerce bureaucrats and their affiliated interest groups, Iran and the DPRK are well, economic midgets, but China is a different matter. The analysis will be divided into four sections. The first will be to provide a brief overview of US trade policy since 1914. The second section will discuss why the US is going after China on trade issues, and why the US has resorted using a bilateral approach as opposed to going through the WTO. The third section we will talk about how relations with China is hashed out in the US. The reason why I submitted this article, because there aren't many post trying to explain US-China Trade War from a trade perspective. Here is a post titled "What is the Reasons for America's Trade War with China, and not one person mentioned Article 301 or China's WTO Commitments. You get numerous post saying that Huawei is at heart of the trade war. Its fine, but if you don't know what was inside the USTR Investigative report that lead to the tariffs. its like skipping dinner and only having dessert When the US President, Donald J Trump, says he wants to negotiate a better trade deal with other countries, and has been going on about for the last 35 years, longer than many of you have been alive, why do people think that the key issues with China aren't primarily about trade at the moment.
OVERVIEW OF THE UNITED STATES TRADE ORIENTATION
Before 1940s, the US could be categorized as a free market protectionist economy. For many this may seem like oxymoron, how can an economy be free market and protectionist? In 1913, government spending made up about 7.5% of US GDP, in the UK it was 13%, and for Germany 18% (Public Spending in the 20th Century A Global Perspective: Ludger Schuknecht and Vito Tanzi - 2000). UK had virtual zero tariffs, while for manufactured goods in France it was 20%, 13% Germany, 9% Belgium and 4% Netherlands. For raw materials and agricultural products, it was almost zero. In contrast, for the likes of United States, Russia and Japan it was 44%, 84% and 30% respectively. Even though in 1900 United States was an economic powerhouse along with Germany, manufactured exports only made up 30% of exports, and the US government saw tariffs as exclusively a domestic policy matter and didn't see tariffs as something to be negotiated with other nations. The US didn't have the large constituency to push the government for lower tariffs abroad for their exports like in Britain in the 1830-40s (Reluctant Partners: A History of Multilateral Trade Cooperation, 1850-2000). The Underwood Tariffs Act of 1913 which legislated the income tax, dropped the tariffs to 1850 levels levels.Until 16th amendment was ratified in 1913 making income tax legal, all US federal revenue came from excise and tariffs. In contrast before 1914, about 50% of UK revenue came from income taxes. The reason for US reluctance to introduced income tax was ideological and the United State's relative weak government compared to those in Europe. After the First World War, the US introduced the Emergency Tariff Act of 1921, than the Fordney–McCumber Tariff of 1922 followed by a Smoot-Hawley Act of 1930. Contrary to popular opinion, the Smoot-Hawley Act of 1930 had a small negative impact on the economy, since imports and exports played a small part of the US economy, and the tariffs were lower than the average that existed from 1850-1914. Immediately after the Second World War, when the US economy was the only industrialized economy left standing, the economic focus was on rehabilitation and monetary stability. There was no grandiose and ideological design. Bretton Woods system linked the US dollar to gold to create monetary stability, and to avoid competitive devaluation and tariffs that plagued the world economy after Britain took itself off the gold in 1931. The US$ was the natural choice, because in 1944 2/3 of the world's gold was in the US. One reason why the Marshall Plan was created was to alleviate the chronic deficits Europeans countries had with the US between 1945-50. It was to rebuild their economies so they could start exports good to the US. Even before it was full implemented in 1959, it was already facing problems, the trade surpluses that the US was running in the 1940s, turned to deficits as European and Japanese economies recovered. By 1959, Federal Reserves foreign liabilities had already exceeded its gold reserves. There were fears of a run on the US gold supply and arbitrage. A secondary policy of the Bretton woods system was curbs on capital outflows to reduce speculation on currency pegs, and this had a negative impact on foreign investment until it was abandoned in 1971. It wasn't until the 1980s, where foreign investment recovered to levels prior to 1914. Factoring out the big spike in global oil prices as a result of the OPEC cartel, it most likely wasn't until the mid-1990s that exports as a % of GDP had reached 1914 levels. Until the 1980s, the US record regarding free trade and markets was mediocre. The impetus to remove trade barriers in Europe after the Second World War was driven by the Europeans themselves. The EEC already had a custom union in 1968, Canada and the US have yet to even discuss implementing one. Even with Canada it took the US over 50 years to get a Free Trade Agreement. NAFTA was inspired by the success of the EEC. NAFTA was very much an elite driven project. If the Americans put the NAFTA to a referendum like the British did with the EEC in the seventies, it most likely wouldn't pass. People often look at segregation in the US South as a political issue, but it was economic issue as well. How could the US preach free trade, when it didn't have free trade in its own country. Segregation was a internal non-tariff barrier. In the first election after the end of the Cold War in 1992, Ross Perot' based most of independent run for the Presidency on opposition to NAFTA. He won 19% of the vote. Like Ross Perot before him, Donald Trump is not the exception in how America has handled tariffs since the founding of the Republic, but more the norm. The embrace of free trade by the business and political elite can be attributed to two events. After the end of Bretton Woods in 1971, a strong vested interest in the US in the form of multinationals and Wall Street emerged advocating for removal of tariffs and more importantly the removal of restrictions on free flow of capital, whether direct foreign investment in portfolio investment. However, the political class embrace of free trade and capital only really took off after the collapse of the Soviet Union propelled by Cold War triumphalism. As mentioned by the article, the US is reverting back to a pre-WTO relations with China. As Robert Lighthizer said in speech in 2000
I guess my prescription, really, is to move back to more of a negotiating kind of a settlement. Return to WTO and what it really was meant to be. Something where you have somebody make a decision but have it not be binding.
The US is using financial and legal instruments developed during the Cold War like its extradition treaties (with Canada and Europe), and Section 301. Here is a very good recent article about enforcement commitment that China will make.‘Painful’ enforcement ahead for China if trade war deal is reached with US insisting on unilateral terms NOTE: It is very difficult to talk about US-China trade war without a basic knowledge of global economic history since 1914. What a lot of people do is politicize or subordinate the economic history to the political. Some commentators think US power was just handed to them after the Second World War, when the US was the only industrialized economy left standing. The dominant position of the US was temporary and in reality its like having 10 tonnes of Gold sitting in your house, it doesn't automatically translate to influence. The US from 1945-1989 was slowly and gradually build her influence in the non-Communist world. For example, US influence in Canada in the 1960s wasn't as strong as it is now. Only 50% of Canadian exports went to the US in 1960s vs 80% at the present moment.
BASIS OF THE US TRADE DISCUSSION WITH CHINA
According to preliminary agreement between China and the US based on unnamed sources in the Wall Street Journal article US, China close in on Trade Deal. In this article it divides the deal in two sections. The first aspects have largely to do with deficits and is political.
As part of a deal, China is pledging to help level the playing field, including speeding up the timetable for removing foreign-ownership limitations on car ventures and reducing tariffs on imported vehicles to below the current auto tariff of 15%. Beijing would also step up purchases of U.S. goods—a tactic designed to appeal to President Trump, who campaigned on closing the bilateral trade deficit with China. One of the sweeteners would be an $18 billion natural-gas purchase from Cheniere Energy Inc., people familiar with the transaction said.
The second part will involve the following.
Commitment Regarding Industrial Policy
Provisions to protect IP
Mechanism which complaints by US companies can be addressed
Bilateral meetings adjudicate disputes. If talks don't produce agreement than US can raise tariffs unilaterally
China uses joint venture requirements, foreign investment restrictions, and administrative review and licensing processes to require or pressure technology transfer from U.S. companies.
China deprives U.S. companies of the ability to set market-based terms in licensing and other technology-related negotiations.
China directs and unfairly facilitates the systematic investment in, and acquisition of, U.S. companies and assets to generate large-scale technology transfer.
China conducts and supports cyber intrusions into U.S. commercial computer networks to gain unauthorized access to commercially valuable business information.
In the bigger context of trade relations between US and China, China is not honoring its WTO commitments, and the USTR issued its yearly report to Congress in early February about the status of China compliance with its WTO commitments. The points that served as a basis for applying Section 301, also deviate from her commitments as Clinton's Trade Representative Charlene Barshefsky paving the way for a trade war. Barshefsky argues that China's back sliding was happening as early as 2006-07, and believes the trade war could have been avoided has those commitments been enforced by previous administrations. I will provide a brief overview of WTO membership and China's process of getting into the WTO. WTO members can be divided into two groups, first are countries that joined in 1995-97, and were members of GATT, than there are the second group that joined after 1997. China joined in 2001. There is an argument that when China joined in 2001, she faced more stringent conditions than other developing countries that joined before, because the vast majority of developing countries were members of GATT, and were admitted to the WTO based on that previous membership in GATT. Here is Brookings Institute article published in 2001 titled "Issues in China’s WTO Accession"
This question is all the more puzzling because the scope and depth of demands placed on entrants into the formal international trading system have increased substantially since the formal conclusion of the Uruguay Round of trade negotiations in 1994, which expanded the agenda considerably by covering many services, agriculture, intellectual property, and certain aspects of foreign direct investment. Since 1994, the international community has added agreements covering information technology, basic telecommunications services, and financial services. WTO membership now entails liberalization of a much broader range of domestic economic activity, including areas that traditionally have been regarded by most countries as among the most sensitive, than was required of countries entering the WTO’s predecessor organization the GATT. The terms of China’s protocol of accession to the World Trade Organization reflect the developments just described and more. China’s market access commitments are much more far-reaching than those that governed the accession of countries only a decade ago. And, as a condition for membership, China was required to make protocol commitments that substantially exceed those made by any other member of the World Trade Organization, including those that have joined since 1995. The broader and deeper commitments China has made inevitably will entail substantial short-term economic costs.
What are the WTO commitments Barshefsky goes on about? When countries join the WTO, particularly those countries that weren't members of GATT and joined after 1997, they have to work toward fulfilling certain commitments. There are 4 key documents when countries make an accession to WTO membership, the working party report, the accession protocol paper, the goods schedule and service schedule. In the working party report as part of the conclusion which specifies the commitment of each member country what they will do in areas that aren't compliant with WTO regulations on the date they joined. The problem there is no good enforcement mechanism for other members to force China to comply with these commitments. And WTO punishments are weak. Here is the commitment paragraph for China "The Working Party took note of the explanations and statements of China concerning its foreign trade regime, as reflected in this Report. The Working Party took note of the commitments given by China in relation to certain specific matters which are reproduced in paragraphs 18-19, 22-23, 35-36, 40, 42, 46-47, 49, 60, 62, 64, 68, 70, 73, 75, 78-79, 83-84, 86, 91-93, 96, 100-103, 107, 111, 115-117, 119-120, 122-123, 126-132, 136, 138, 140, 143, 145, 146, 148, 152, 154, 157, 162, 165, 167-168, 170-174, 177-178, 180, 182, 184-185, 187, 190-197, 199-200, 203-207, 210, 212-213, 215, 217, 222-223, 225, 227-228, 231-235, 238, 240-242, 252, 256, 259, 263, 265, 270, 275, 284, 286, 288, 291, 292, 296, 299, 302, 304-305, 307-310, 312-318, 320, 322, 331-334, 336, 339 and 341 of this Report and noted that these commitments are incorporated in paragraph 1.2 of the Draft Protocol. " This is a tool by the WTO that list all the WTO commitment of each country in the working paper. In the goods and service schedule they have commitments for particular sectors. Here is the a press release by the WTO in September 2001, after successfully concluding talks for accession, and brief summary of key areas in which China hasn't fulfilled her commitments. Most of the commitments made by China were made to address its legacy as a non-market economy and involvement of state owned enterprises. In my opinion, I think the US government and investors grew increasingly frustrated with China, after 2007 not just because of China's back sliding, but relative to other countries who joined after 1997 like Vietnam, another non-market Leninist dictatorship. When comparing China's commitments to the WTO its best to compare her progress with those that joined after 1997, which were mostly ex-Soviet Republics. NOTE: The Chinese media have for two decades compared any time the US has talked about China's currency manipulation or any other issue as a pretext for imposing tariffs on China to the Plaza Accords. I am very sure people will raise it here. My criticism of this view is fourfold. First, the US targeted not just Japan, but France, Britain and the UK as well. Secondly, the causes of the Japan lost decade were due largely to internal factors. Thirdly, Japan, UK, Britain and France in the 1980s, the Yuan isn't undervalued today. Lastly, in the USTR investigation, its China's practices that are the concern, not so much the trade deficit.
REASONS FOR TRUMPS UNILATERAL APPROACH
I feel that people shouldn't dismiss Trump's unilateral approach toward China for several reasons.
The multilateral approach won't work in many issues such as the trade deficit, commercial espionage and intellectual property, because US and her allies have different interest with regard to these issues. Germany and Japan and trade surpluses with China, while the US runs a deficit. In order to reach a consensus means the West has to compromise among themselves, and the end result if the type of toothless resolutions you commonly find in ASEAN regarding the SCS. Does America want to "compromise" its interest to appease a politician like Justin Trudeau? Not to mention opposition from domestic interest. TPP was opposed by both Clinton and Trump during the election.
You can't launch a geopolitical front against China using a newly formed trade block like the TPP. Some of the existing TPP members are in economic groups with China, like Malaysia and Australia.
China has joined a multitude of international bodies, and at least in trade, these bodies haven't changed its behavior.
Trump was elected to deal with China which he and his supporters believe was responsible for the loss of millions manufacturing jobs when China joined the WTO in 2001. It is estimate the US lost 6 Million jobs, about 1/4 of US manufacturing Jobs. This has been subsequently advanced by some economists. The ball got rolling when Bill Clinton decided to grant China Most Favored Nation status in 1999, just a decade after Tiananmen.
China hasn't dealt with issues like IP protection, market access, subsidies to state own companies and state funded industrial spying.
According to the survey, 39 percent of the country views China’s growing power as a “critical threat” to Americans. That ranked it only eighth among 12 potential threats listed and placed China well behind the perceived threats from international terrorism (66 percent), North Korea’s nuclear program (59 percent) and Iran’s nuclear program (52 percent). It’s also considerably lower than when the same question was asked during the 1990s, when more than half of those polled listed China as a critical threat. That broadly tracks with a recent poll from the Pew Research Center that found concern about U.S.-China economic issues had decreased since 2012.
In looking at how US conducts relations foreign policy with China, we should look at it from the three areas of most concern - economic, national security and ideology. Each sphere has their interest groups, and sometimes groups can occupy two spheres at once. Security experts are concerned with some aspects of China's economic actions like IP theft and industrial policy (China 2025), because they are related to security. In these sphere there are your hawks and dove. And each sphere is dominated by certain interest groups. That is why US policy toward China can often appear contradictory. You have Trump want to reduce the trade deficit, but security experts advocating for restrictions on dual use technology who are buttressed by people who want export restrictions on China, as a way of getting market access. Right now the economic concerns are most dominant, and the hawks seem to dominate. The economic hawks traditionally have been domestic manufacturing companies and economic nationalist. In reality the hawks aren't dominant, but the groups like US Companies with large investment in China and Wall Street are no longer defending China, and some have turned hawkish against China. These US companies are the main conduit in which China's lobby Congress, since China only spends 50% of what Taiwan spends lobbying Congress. THE ANGLO SAXON WORLD AND CHINA I don't think many Chinese even those that speak English, have a good understanding Anglo-Saxon society mindset. Anglo Saxons countries, whether US, UK, Canada, Australia, New Zealand and Ireland are commerce driven society governed by sanctity of contracts. The English great philosophical contributions to Western philosophy have primarily to do with economics and politics like Adam Smith, John Locke, David Hume and Thomas Hobbes. This contrast with the French and Germans. Politics in the UK and to a lesser extent the US, is centered around economics, while in Mainland Europe its religion. When the Americans revolted against the British Empire in 1776, the initial source of the grievances were taxes. Outside of East Asia, the rest of the World's relationship with China was largely commercial, and for United States, being an Anglosaxon country, even more so. In Southeast Asia, Chinese aren't known for high culture, but for trade and commerce. Outside Vietnam, most of Chinese loans words in Southeast Asian languages involve either food or money. The influence is akin to Yiddish in English. Some people point to the Mao and Nixon meeting as great strategic breakthrough and symbol of what great power politics should look like. The reality is that the Mao-Nixon meeting was an anomaly in the long history of relations with China and the West. Much of China-Western relations over the last 500 years was conducted by multitudes of nameless Chinese and Western traders. The period from 1949-1979 was the only period were strategic concerns triumphed trade, because China had little to offer except instability and revolution. Even in this period, China's attempt to spread revolution in Southeast Asia was a threat to Western investments and corporate interest in the region. During the nadir of both the Qing Dynasty and Republican period, China was still engaged in its traditional commercial role. Throughout much of history of their relations with China, the goals of Britain and the United States were primarily economic, IMAGINE JUST 10% OF CHINA BOUGHT MY PRODUCT From the beginning, the allure of China to Western businesses and traders has been its sheer size I. One of the points that the USTR mentions is lack of market access for US companies operating in China, while Chinese companies face much less restrictions operating in the US.
China uses joint venture requirements, foreign investment restrictions, and administrative review and licensing processes to require or pressure technology transfer from U.S. companies.
China deprives U.S. companies of the ability to set market-based terms in licensing and other technology-related negotiations.
Trade with China has hurt some American workers. And they have expressed their grievances at the ballot box. So while many attribute this shift to the Trump Administration, I do not. What we are now seeing will likely endure for some time within the American policy establishment. China is viewed—by a growing consensus—not just as a strategic challenge to the United States but as a country whose rise has come at America’s expense. In this environment, it would be helpful if the US-China relationship had more advocates. That it does not reflects another failure: In large part because China has been slow to open its economy since it joined the WTO, the American business community has turned from advocate to skeptic and even opponent of past US policies toward China. American business doesn’t want a tariff war but it does want a more aggressive approach from our government. How can it be that those who know China best, work there, do business there, make money there, and have advocated for productive relations in the past, are among those now arguing for more confrontation? The answer lies in the story of stalled competition policy, and the slow pace of opening, over nearly two decades. This has discouraged and fragmented the American business community. And it has reinforced the negative attitudinal shift among our political and expert classes. In short, even though many American businesses continue to prosper in China, a growing number of firms have given up hope that the playing field will ever be level. Some have accepted the Faustian bargain of maximizing today’s earnings per share while operating under restrictions that jeopardize their future competitiveness. But that doesn’t mean they’re happy about it. Nor does it mean they aren’t acutely aware of the risks — or thinking harder than ever before about how to diversify their risks away from, and beyond, China.
What is interesting about Paulson's speech is he spend only one sentence about displaced US workers, and a whole paragraph about US business operating in China. While Kissinger writes books about China, how much does he contribute to both Democrats and the Republicans during the election cycle? China is increasingly makING it more difficult for US companies operating and those exporting products to China.
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It’s time for the delayed release of MAME 0.210, marking the end of May. This month, we’ve got lots of fixes for issues with supported systems, as well as some interesting additions. Newly added hand-held and tabletop games include Tronica’s Shuttle Voyage and Space Rescue, Mattel’s Computer Chess, and Parker Brothers’ Talking Baseball and Talking Football. On the arcade side, we’ve added high-level emulation of Gradius on Bubble System hardware and a prototype of the Neo Geo game Viewpoint. For this release, Jack Li has contributed an auto-fire plugin, providing additional functionality over the built-in auto-fire feature. A number of systems have had been promoted to working, or had critical issues fixed, including the Heathkit H8, Lola 8A, COSMAC Microkit, the Soviet PC clone EC-1840, Zorba, and COMX 35. MMU issues affecting Apollo and Mac operating systems have been addressed. Other notable improvements include star field emulation in Tutankham, further progress on SGI emulation, Sega Saturn video improvements, write support for the CoCo OS-9 disk image format, and preliminary emulation for MP3 audio on Konami System 573 games. There are lots of software list additions this month. Possibly most notable is the first dump of a Hanimex Pencil II cartridge, thanks to the silicium.org team. Another batch of cleanly cracked and original Apple II software has been added, along with more ZX Spectrum +3 software, and a number of Colour Genie cassette titles. That’s all we’ve got space for here, but there are lots more bug fixes, alternate versions of supported arcade games, and general code quality improvements. As always, you can get the source and Windows binary packages from the download page.
MAMETesters Bugs Fixed
02932: [Graphics] (tutankhm.cpp) tutankhm, tutankhms: Background stars are missing in attract mode. (Couriersud)
cgenie_cass: Abenteuerland, Adressdatei II, Africa, Ballon, Basic-Packer 2.13 (alternate), Benchmark Test, Botschaft, Brücke, Bumm Bumm, CIA-Agent, Cave Man, Charset, Chess Machine, Crazy Chaser, Deathstar, Deathtrap, Defender, Der Flohwalzer, Dez-Hex, Die Juwelen des Grafen Dracula, Die Physik des Transistors, Disastrous Villa, EBASIC (32k version), Editor fuer definierbare Zeichen, Empire, ExReversic, Extended Copy, Extra-Basic, Fast Food, Genie I II / TRS 80 Cassettenlader, Gorilla, Hektik (alternate), Horror Castle, House of Death, Joker Poker, King, Kniffel, Labyrinth of Fear, Las Vergas Spiel-Automat, Länder-Quiz, Madtree, Mord im Zeppelin, Mysterious Tavern, NODOS 80, Nato Morsing Standard Code, Peng, Primzahlsuche, Real-Compiler, Santa Paravia und Fuimaccio, Schiff des Grauens, Schnick Schnack Schnuck, Screen Editor (incl. Adventure screen), Shift Transformation, Sprite-Editor, Tape-Edit, Trash-Man, Utilities Package Ver. 2.0, Wurm, Zalaga [Dirk Best]
ibm5170: The Final ChessCard [hap]
neogeo: Viewpoint (prototype) [Brian Hargrove]
ngpc: Rockman - Battle & Fighters (Jpn, Demo), Sonic the Hedgehog - Pocket Adventure (World, Oct 22 1999 Prototype) [The Hidden Palace]
pcw: CP/M Plus v1.4 (Swe) work copy [Edström]
pencil2: Treasure Hunt / Le Plongeur a la Recherche du Tresor [silicium.org, David Viens]
specpls3_flop:
1943, 3D Pool, 6-Pak Vol 1, The Alkatraz Protection System v 2.2, Answer Back Factfile 500 - General Science, Arcade Muscle, Ball Breaker, Bionic Commando, Chart Attack, Crack Down (Spa), DICE v2.0, Fun School 4 For The Under-5s, G1WVN ZX Pak Term v3.0 Beta Test, Granny's Garden, Hercules - Slayer Of The Damned, Judge Dredd, Lords Of Chaos Expansion Kit One, Lords Of Chaos Expansion Kit One (alt), M3 Unlock, Mercs, Motor Massacre, Navy SEALs, Obliterator (alt), Outcast, Outlet issue 058, Outlet issue 063, Outlet issue 075, Outlet issue 076, Outlet issue 078, Outlet issue 085, Outlet issue 117, Pirate, Platinum, Puffy's Saga, Rock Star Ate My Hamster, Shoot-Out, Skate Crazy, Skate or Die, The Spanish Tutor, The Star Wars Trilogy, Starship Quest + Helvera - Mistress of the Park, Strider, The Sunflower Number Show, Switchblade, SWIV, Tiger Road, Tops and Tails, Ultimate Play The Game: The Collected Works, Winners [Antonio M, Fede Jerez, Gorski, Jaime González Soriano, José Manuel, Marino Arribas, Metalbrain, robcfg, Simon Owen, Syx, Zup, TZX Vault, ICEknight]
LC-10 Colour Screen printer v 1.1 (+2a/+3) [Guy Bearman, ICEknight]
vsmile_cart: The Batman - Gotham City Rescue (UK), Disney Aladdin - Il magico mondo di Aladdin (Italy), Disney Topolino - Le Magiche Avventure di Topolino (Italy), Disney's Cinderella - Cinderella's Magic Wishes (UK), Disney's The Little Mermaid - Ariel's Majestic Journey (UK), Disney/Pixar Cars - Rev It Up in Radiator Springs (UK), Disney/Pixar Toy Story 2 - Operation-Rescue Woody! (UK), DreamWorks Shrek - Het Verhaal Van Draakje (Netherlands), Noddy - Detective for a Day (UK), Spider-Man & Friends - Missioni Segrete (Italy), Thomas & Friends - Engines Working Together (UK), Winnie the Pooh e la caccia al miele (Italy) [Walter Agazzi]
Software list items promoted to working
c64_cart: The Final ChessCard (Ger, v0.9/v1.0) [hap]
gameboy: Game Boy Test Cartridge (Euro, USA) [ClawGrip]
icanguit: Barbie Guitar Party (K9901), Rock 101 (K9906) [Sean Riddle, David Haywood]
leapfrog_leappad_cart: Disney Princess - Princess Stories (UK), Disney's Pooh Gets Stuck (UK), Leap 1 - Reading - Cartoon Network Scooby-Doo! and the Disappearing Donuts (UK), Richard Scarry's Best Little Word Book Ever! (UK), Sed de Saber - Libro 1 - Spanish as a second Language Edition (UK), Sed de Saber - Libro 2 - Spanish as a second Language Edition (UK), Sed de Saber - Libro 3 - Spanish as a second Language Edition (UK), Sed de Saber - Libro 4 - Spanish as a second Language Edition (UK), Sed de Saber - Libro 5 - Spanish as a second Language Edition (UK), Sed de Saber - Libro 6 - Spanish as a second Language Edition (UK), Toy Story 2 (UK) [TeamEurope]
vsmile_cart: Bob The Builder - Bob's Busy Day (UK), DreamWorks Shrek the Third - Arthur's School Day Adventure (UK), Scooby-Doo! - Funland Frenzy (UK), Scooby-Doo! - Funland Frenzy (UK, Rev. 1?), Thomas & Friends - Engines Working Together (UK, Rev. 1?) [Walter Agazzi]
Source Changes
Added very preliminary Intel 82355 bus master interfaces controller device. [AJR]
miniboy7: Fixed lamp blinking. [AJR]
ti89, ti89t, ti92p, v200: Corrected Flash memory type and size. [AJR]
unidasm: Allow hexadecimal values for -skip with 0x prefix. [AJR]
m68000: Read the initial SP and PC from memory after rather than during machine reset time. [AJR]
Removes the need for many drivers to reset the CPU an extra time to load the correct vector.
z100 improvements: [AJR]
Render video through CRTC instead of working around it by caching registers, and map video RAM using PROM module.
Added 8253 timer and associated interrupt, cursor, video interrupt, and Centronics port.
Converted keyboard to low-level emulation, and added keyboard click/beep sound.
Corrected numerous clocks.
m68705: Don’t register debug state entries for non-existent port latches and direction registers. [AJR]
Added Adaptec AIC-565 device. [AJR]
Added preliminary emulation of Toshiba T6963C and related LCD controllers [AJR]
bmcbowl: Added missing video-related interrupt, and re-guessed VIA clock. [AJR]
5clown: Documented how to access the hidden settings table. [AJR]
pk8020.cpp updates: [AJR]
Emulated programmable logic device used for banked address decoding.
Improved serial port/USART hookup, added save state support.
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