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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. Why was the use of fiat money disallowed in the United States?
(a) The reason the framers of the Constitution elected to eliminate fiat money was because a bank run had recently occurred, and the pain of that was still fresh in the framers' minds.
(b) The reason the framers of the Constitution elected to eliminate fiat money was because rampant inflation had recently occurred, and the pain of that was still fresh in the framers' minds.
(c) The reason the framers of the Constitution elected to eliminate fiat money was because a severe economic downturn had recently occurred, and the pain of that was still fresh in the framers' minds.
(d) The reason the framers of the Constitution elected to eliminate fiat money was because rampant deflation had recently occurred, and the pain of that was still fresh in the framers' minds.

2. What was really behind the Russian Bolshevik Revolution?
(a) The Russian Bolshevik Revolution was not a revolution of and for the people, as history usually asserts, but the manipulations of foreign interests.
(b) The Russian Bolshevik Revolution was not a revolution of and for the people, as history usually asserts, but the manipulations the Axis Powers.
(c) The Russian Bolshevik Revolution was a revolution of and for the people.
(d) The Russian Bolshevik Revolution was not a revolution of and for the people, as history usually asserts, but the manipulations of a handful of financiers.

3. What restricted the the states from using fiat money?
(a) The Constitution specifically restricted the use of fiat money by the states.
(b) The Federal Reserve specifically restricted the use of fiat money by the states.
(c) The US Congress specifically restricted the use of fiat money by the states.
(d) The International Monetary Fund specifically restricted the use of fiat money by the states.

4. What did the author predict would become the world government?
(a) China would become the world government.
(b) Europe would become the world government.
(c) The UN was the organization that would become the world government.
(d) The US would become the world government.

5. When was the first central bank founded in the US?
(a) The first central bank was founded in the US after the Constitution was drafted.
(b) The first central bank was founded in the US before the Civil War.
(c) The first central bank was founded in the US before the Spanish-American War.
(d) The first central bank was founded in the US before the Constitution was drafted.

6. What bank was The Bank of North America modeled after?
(a) The Continental Congress established The Bank of North America in 1781, and it was modeled after the Bank of France.
(b) The Continental Congress established The Bank of North America in 1781, and it was modeled after the Bank of England.
(c) The Continental Congress established The Bank of North America in 1781, and it was modeled after the Bank of Russia.
(d) The Continental Congress established The Bank of North America in 1781, and it was modeled after the Bank of Germany.

7. What resulted from the Mandrake Mechanism?
(a) The results of this system included social planning and tax relief.
(b) The results of this system included social planning and hidden taxation by means of inflation.
(c) The results of this system included social planning and hidden taxation and currency devaluation.
(d) The results of this system included social planning and hidden taxation by means of deflation.

8. What action was taken to keep England from sliding into depression?
(a) To keep Britain from sliding into depression, the U.S. dollar was intentionally inflated through an activist Supreme Court.
(b) To keep Britain from sliding into depression, the U.S. dollar was intentionally inflated through the Federal Reserve System.
(c) To keep Britain from sliding into depression, the U.S. dollar was intentionally inflated through the US Congress.
(d) To keep Britain from sliding into depression, the U.S. dollar was intentionally deflated through the Federal Reserve System.

9. What was the motivation for the Rothschilds to finance wars?
(a) The Rothschilds supported wars to fight for their conservative causes.
(b) The Rothschilds supported wars to fight for their liberal causes.
(c) The Rothschilds supported wars for eventual world dominance.
(d) The Rothschilds supported wars to perpetuate wars for the sake of making money.

10. What caused the economic downturn in 1818?
(a) In 1818 an economic downturn began as the Federal Reserve tightened loan requirements and shrunk the money supply by calling in old loans.
(b) In 1818 an economic downturn began as the IMF tightened loan requirements and shrunk the money supply by calling in old loans.
(c) In 1818 an economic downturn began as the banks tightened loan requirements and shrunk the money supply by calling in old loans.
(d) In 1818 an economic downturn began as the US Congress tightened loan requirements and shrunk the money supply by calling in old loans.

11. What financing was behind the second Russian revolution?
(a) The second Russian revolution was financed by Asian countries and the US.
(b) The second Russian revolution was financed by the Communist bloc.
(c) The second Russian revolution was financed by European countries and the US.
(d) The second Russian revolution was financed by England and France.

12. What would be the role of the IMF and World Bank in the new world order?
(a) The IMF and World Bank would force the bust-boom cycle.
(b) The IMF and World Bank would force the new world currency on all nations.
(c) The IMF and World Bank would control cash flow.
(d) The IMF and World Bank would limit lending.

13. What event sparked the conflicts that led to World War I?
(a) World War I started in 1914 with the intercession of the US into European affairs.
(b) World War I started in 1914 with the assassination of the Kaiser Wilhelm II of Germany.
(c) World War I started in 1914 with the assassination of the Archduke of Austria-Hungary, Francis Ferdinand.
(d) World War I started in 1914 with a global economic collapse.

14. How many revolutions did Russia actually undergo?
(a) Russia went through seven revolutions.
(b) Russia went through three revolutions.
(c) Russia went through five revolutions.
(d) Russia went through two revolutions.

15. What caused the boom-bust cycle in the U.S. economy following the Civil War?
(a) The boom-bust cycle was due to the widespread use of paper currency not based by the gold standard.
(b) The boom-bust cycle was due to the establishment of the Federal Reserve.
(c) The boom-bust cycle was due to the lack of oversight by the US Congress.
(d) The boom-bust cycle was due to the widespread use of fiat money and the implementation of many economic tricks that were doomed to failure.

Short Answer Questions

1. Which European bank become the model for the Federal Reserve System?

2. When was the Federal Reserve Act passed?

3. What occurred after the economic downturn in 1818?

4. How did England and France, at least in part, finance their wars?

5. What decade marked the beginning of a tremendous surge in U.S. debt?

(see the answer keys)

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