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This quiz consists of 5 multiple choice and 5 short answer questions through Section VI. Time Travel into the Future, Chapters 24-26 Doomsday Mechanisms; A Pessimistic Scenario; A Realistic Scenario.

Multiple Choice Questions

1. Who was the mastermind behind the Federal Reserve?
(a) Alexander Hamilton was the mastermind behind the Federal Reserve.
(b) Paul Moritz Warburg was the mastermind behind the Federal Reserve.
(c) Thomas Jefferson was the mastermind behind the Federal Reserve.
(d) Henry Kissinger was the mastermind behind the Federal Reserve.

2. Why did governments favor banks based on a fiat money system?
(a) Governments liked the fiat money because it allowed them to hoard gold.
(b) Governments liked the fiat money because it allowed them to raise taxes.
(c) Governments liked the fiat money because it was a way of confiscating wealth from the rich and redistributing it to the poor.
(d) Governments liked the fiat money because it was a way of confiscating wealth from the citizens without raising taxes.

3. What happened to many homeowners when the housing market bubble burst?
(a) Suddenly people owed more money on their properties than they did when they took out the loan.
(b) Many homeowners were forced into foreclosure.
(c) Many homeowners had to take out second mortgages on their properties.
(d) Suddenly people owed more money on their properties than they were worth.

4. What role did J. P. Morgan have in Milner's secret society?
(a) J.P. Morgan financed the sides of political struggles that agreed with his liberal views.
(b) J.P. Morgan financed the sides of political struggles that agreed with his conservative views.
(c) J.P. Morgan financed all sides of political struggles so that no matter who won, that side would be beholding to him and his organizations.
(d) J.P. Morgan financed all sides of political struggles to boost his chances for elective office.

5. What was the location of the meeting where the concept of the Federal Reserve was developed?
(a) The concept of the Federal Reserve was developed on Alcatraz Island.
(b) The concept of the Federal Reserve was developed in the Hawaiin Islands.
(c) The concept of the Federal Reserve was developed on Long Island.
(d) The concept of the Federal Reserve was developed on Jekyll Island.

Short Answer Questions

1. What happens when the Federal Reserve System prints new money?

2. Why was the "Federal Reserve System," so named?

3. What unreasonable conclusion does the author make about the IMF and World Bank?

4. The Federal Reserve System was designed to control what element of member banks?

5. Why was the use of fiat money disallowed in the United States?

(see the answer key)

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