" (Byrne, 2003) Also, since the dominant form of real money in the economy consists of checkable deposits, it means that the private sector creates most of the money for the legitimate part of the economy, not the federal government. The increased private sector competition in recent years, intensified by the increase in international commerce and market fluidity, born of improved technology through which private shares can be traded has further made the Fed less relevant, according to Byrne. This is not necessarily a bad thing, since Byrne blames a more powerful FED for what he calls the "engineered recession of 1980-82."(Byrne, Aug 2003) Works Cited

Byrne, Donald. (6 Aug 2003) "What Recession?" An Economics Newsletter for the...

Prepared by New Economic Paradigm Associates. Retrieved 21 Nov 2006 http://byrned.faculty.udmercy.edu/Newsletter%20Vol%202003%20Issue%201.htm
Byrne, Donald. (31 Dec 2003) "The Federal Reserve System." An Economics Newsletter for the New Millennium. Prepared by New Economic Paradigm Associates. Retrieved 21 Nov 2006 http://byrned.faculty.udmercy.edu/2003%20Volume,%20Issue%205/newsletter%20fiveA.htm

Byrne, Donald. (18 Nov 2003) "The National Debt" An Economics Newsletter for the New Millennium. Prepared by New Economic Paradigm Associates. Retrieved 21 Nov 2006 (http://byrned.faculty.udmercy.edu/2003%20Volume,%20Issue%204/Newsletter%20Volume%202003%20Issue%204%20(4th%20Newsletter)%2011-22-03.htm