Vol. 32, No. 2 (Spring
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.