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This quiz consists of 5 multiple choice and 5 short answer questions through Section IV. A Tale of Three Banks, Chapters 16-19 The Creature Comes to America; A Den of Vipers; Loaves and Fishes, and Civil War; Greenbacks and Other Crimes.

Multiple Choice Questions

1. This conspiracy theory about the Federal Reserve pointed the finger at the meeting on Jekyll Island that occurred in 1910.
(a) The conspiracy theory surrounding the Federal Reserve was thought to have originated during FDR's administration.
(b) The conspiracy theory surrounding the Federal Reserve was thought to be hatched at the 1910 Jekyll Island meeting.
(c) The conspiracy theory surrounding the Federal Reserve was thought to have originated during the Great Depression.
(d) The conspiracy theory surrounding the Federal Reserve was thought to have originated at the 1904 World's Fair.

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 was the main argument in favor of nationalizing banks?
(a) The fundamental argument in favor of the nationalization was that the system had to be purged of risk-taking bank executives.
(b) The fundamental argument in favor of the nationalization was that a weak economy would recover more quickly.
(c) The fundamental argument in favor of the nationalization was that the system was so broken that it simply could not be regulated enough to work without eventually nationalizing all banking and industry.
(d) The fundamental argument in favor of the nationalization was that such bailouts would be allowed only once.

4. What were the results of the Russian revolutions?
(a) The first revolution brought in a somewhat democratic government, while the second brought in an oligarchy.
(b) The first revolution brought in a monarchy, while the second brought in a tyrannical government.
(c) The first revolution brought in a a somewhat democratic government, while the second brought in a a somewhat democratic government.
(d) The first revolution brought in a somewhat democratic government, while the second brought in a a somewhat democratic government.

5. What importance does political ideology have on the nationalization of banks?
(a) The nationalization of banks is such a strong part of the overall economy that political ideology did not matter.
(b) Liberal ideologues have the great influence on bank legislation.
(c) The Congressional chairman of the Banking Committee influences support for nationalization.
(d) Political lobbyists for banks have great influence on their nationalization.

Short Answer Questions

1. What important aspect about the economic history of the country did the author fail to mention?

2. What is the true function of the FDIC?

3. What redistribution of wealth occurred as a result of the establishment of the IMF and the World Bank?

4. The banking system before the Federal Reserve System allowed banks to lend out what percentage of money against one percent in deposits.

5. What major banks failed in 1972?

(see the answer key)

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