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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

1. What generalization did the author make about conspiracy theorists?

2. When did the American public become interested in socialism as an alternative to capitalism?

3. What was a fundamental flaw in a paper money system not backed by gold?

4. What is the status of a loan that is "underwater?"

5. What action was taken by the Federal Reserve during the 1980s S&L crisis?

Short Essay Questions

1. In Chapter 3, what is the first bailout that is covered in this book?

2. In Chapter 2, why did banks make risky loans?

3. In Chapter 2, how did the banks make their money?

4. In Chapter 2, what was the main cause of the economic meltdown in 2008?

5. In Chapter 6, why did all nations, in the author's opinion, become socialistic in the New World Order?

6. In Chapter 3, what was the result of the 1970 Penn Central Railroad bailout?

7. According to Chapter 3, how did the government help the Lockheed Corporation?

8. In Chapter 2, how did the author characterize the problems with the banking system?

9. According to Chapter 3, the nationalization of banks is more likely to occur under conservative or liberal administrations?

10. According to Chapter 2, how did people react to the creation of new money?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

What city-state was the first to establish an actual banking system--a system on which modern banking is based? Discuss the establishment of early European banks. Discuss the seizure of the Bank of Hamburg.

Essay Topic 2

Discuss the process of passing legislation to establish the Federal Reserve? What were the obstacles and drawbacks? When was the Federal Reserve Act finally passed? What type of language was used in writing the bill?

Essay Topic 3

Describe and discuss the Mandrake Mechanism and its effect on an economy. Why was the system made to be complex?

(see the answer keys)

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