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JSPES, Vol. 32, No. 2 (Spring 2007)
pp. 51-59

Policy Failures of the Federal Reserve System and a Proposed Competitive Money System

George W. Trivoli

Jacksonville State University

Between 1995 and 2001, the U.S. economy experienced a wrenching boom-bust cycle spawned in part by the Federal Reserve System. This paper briefly reviews the actions of the Fed that led to the boom-bust cycle, utilizing Austrian business cycle theory. Next, this paper sets forth an approach that would introduce a private competitive money system based upon a concept suggested by F.A. Hayek.