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

Multiple Choice Questions

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

2. 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 conservative views.
(b) J.P. Morgan financed all sides of political struggles to boost his chances for elective office.
(c) J.P. Morgan financed the sides of political struggles that agreed with his liberal views.
(d) 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.

3. What caused England to nearly go broke?
(a) The British pound suffered in the European market, which led to the country nearly going broke.
(b) The British pound suffered in the international markets, which led to the country nearly going broke.
(c) The British pound suffered in the US market, which led to the country nearly going broke.
(d) The British pound suffered in the Asian market, which led to the country nearly going broke.

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

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

6. How did Nicholas Biddle, leader of The Second Bank, respond to President Andrew Jackson's opposition to him?
(a) Biddle fought back by instigating a depression through his economic control.
(b) Biddle fought back by instigating a depression through the state banks.
(c) Biddle fought back by instigating a depression through Congressional legislation.
(d) Biddle fought back by instigating a depression by tampering with national cash flow.

7. 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 was a way of confiscating wealth from the rich and redistributing it to the poor.
(c) Governments liked the fiat money because it allowed them to raise taxes.
(d) Governments liked the fiat money because it was a way of confiscating wealth from the citizens without raising taxes.

8. What was the economic outlook in the U.S. following the Civil War?
(a) During the years following the Civil War, the U.S. economy went through extremes of the boom-bust cycle.
(b) During the years following the Civil War, the U.S. economy experienced a period of deflation.
(c) During the years following the Civil War, the U.S. economy experienced inflationary times.
(d) During the years following the Civil War, the U.S. economy went through a recession.

9. 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 the Federal Reserve System.
(b) To keep Britain from sliding into depression, the U.S. dollar was intentionally deflated through the Federal Reserve System.
(c) To keep Britain from sliding into depression, the U.S. dollar was intentionally inflated through an activist Supreme Court.
(d) To keep Britain from sliding into depression, the U.S. dollar was intentionally inflated through the US Congress.

10. The Bank of North America was disbanded after what event?
(a) At the end of the Civil War, The Bank of North America was disbanded.
(b) At the end of the Spanish American War, The Bank of North America was disbanded.
(c) At the end of World War I, The Bank of North America was disbanded.
(d) At the end of the Revolutionary War, The Bank of North America was disbanded.

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

12. Early banks were supported by what monetary system?
(a) Sometimes the banks were on a gold system, but most often they went to a silver-backed money system.
(b) Sometimes the banks were on a gold system, but most often they went to a fiat money system.
(c) Sometimes the banks were on a gold system, but most often they were backed by their governments.
(d) Sometimes the banks were on a gold system, but most were backed by other commodities.

13. The sinking of the Lusitania provoked what country to enter into World War I?
(a) The sinking of the Lusitania and the death of its passengers, many of whom were French citizens, brought the France into the war.
(b) The sinking of the Lusitania and the death of its passengers, many of whom were British citizens, brought the England into the war.
(c) The sinking of the Lusitania and the death of its passengers, many of whom were US citizens, brought the US into the war.
(d) The sinking of the Lusitania and the death of its passengers, many of whom were German citizens, brought the Germany into the war.

14. What is the Rothschild Formula?
(a) The Rothschild Formula means that money could be made from warfare when the US is on the winning side.
(b) The Rothschild Formula means that money could be made from warfare when the winning side stands for social reform.
(c) The Rothschild Formula means that money could be made from warfare and from both sides of the conflicts.
(d) The Rothschild Formula means that money could be made from warfare and from the winning side of the conflict.

15. What other organizations were spawned from Milner's secret society?
(a) Other parts of the secret society showed up as the International Money Fund.
(b) Other parts of the secret society showed up as the Council on Foreign Relations and even the Red Cross.
(c) Other parts of the secret society showed up as the World Bank and Red Cross.
(d) Other parts of the secret society showed up as the Noble Prize Commission.

Short Answer Questions

1. What were the sales of English and French war bonds used for?

2. What were the additional goals after the Federal Reserve was established in 1910?

3. What restricted the the states from using fiat money?

4. What was the name of the central bank established in 1791?

5. The Rothschilds financed the conflict in which what historic leader was defeated by England?

(see the answer keys)

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