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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

1. What does the author predict for the U.S. economy?
(a) The author predicted that the UN would control the world's currency.
(b) The author predicted that the Federal Reserve would fail and that the US dollar would lose most of its value.
(c) The author predicted that US Congressional oversight of banks would be removed and that the people would be at the mercy of all-powerful banks.
(d) The author predicted that banks would leading to crippling inflation and a new currency.

2. How did governments devalue currency in fiat money systems?
(a) This was accomplished by devaluing the currency through legislation.
(b) This was accomplished by devaluing the currency through regulation.
(c) This was accomplished by devaluing the currency through use of the printing press.
(d) This was accomplished by devaluing the currency through taxation..

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

4. What would result if the money system returned to the gold standard?
(a) A return to the gold standard would result in instability and deflationary times.
(b) A return to the gold standard would require a period of financial pain and many fortunes would evaporate.
(c) A return to the gold standard would result in instability and inflationary times.
(d) A return to the gold standard would set off a boom-bust cycle.

5. What role did J. P. Morgan have in Milner's secret society?
(a) 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.
(b) J.P. Morgan financed the sides of political struggles that agreed with his liberal views.
(c) J.P. Morgan financed the sides of political struggles that agreed with his conservative views.
(d) J.P. Morgan financed all sides of political struggles to boost his chances for elective office.

Short Answer Questions

1. What place in history does the Rothschild family hold?

2. What restrictions were placed on the Bank of Amsterdam which was established in 1609?

3. What culture first developed the modern equivalent of the banking industry?

4. How were some organizations able to profit during the boom-bust cycle?

5. What other organizations were spawned from Milner's secret society?

Short Essay Questions

1. According to Chapter 17, what dispute did President Andrew Jackson have with the leader of The Second Bank?

2. According to Chapter 25, what did the author predict for the U.S. economy?

3. According to Chapter 14, how many revolutions did Russia actually undergo?

4. According to Chapter 20, what was the economic outlook in the U.S. following the Civil War?

5. According to Chapter 22, when was the Federal Reserve Act passed?

6. According to Chapter 11, what is the Rothschild Formula?

7. According to Chapter 15, why was the use of fiat money disallowed in the United States?

8. In Chapter 23, what was the real cause of the Great Depression of the 1930s?

9. According to Chapter 10, what is the basic structure of the US monetary system?

10. According to Chapter 13, what was really behind the Russian Bolshevik Revolution?

(see the answer keys)

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