Who is known as 'The Man Who Broke the Bank of England' after he made a reported $1 billion during the 1992 Black Wednesday UK currency crisis?
Show Hint
- George Soros
- George W Bush
- Paul Volcker
- Ben Bernanke
The Correct Option is A
Solution and Explanation
George Soros earned the nickname "The Man Who Broke the Bank of England" after his hedge fund, Quantum Fund, made a massive bet against the British pound in September 1992. On what became known as Black Wednesday, 16 September 1992, the United Kingdom was forced to withdraw the pound from the European Exchange Rate Mechanism after failing to keep the currency above its agreed lower limit despite raising interest rates sharply. Soros's fund had built a huge short position against the pound, and when the currency collapsed, his fund reportedly profited by around $1 billion, cementing his fame as a currency speculator.
George W Bush was a US president with no role in this currency event. Paul Volcker was a former chairman of the US Federal Reserve known for fighting inflation in the early 1980s, not for currency speculation against the pound. Ben Bernanke was Federal Reserve chairman during the 2008 financial crisis, also unconnected to the 1992 pound crisis. None of these three had any part in the Black Wednesday trade, which makes George Soros the only correct answer.
Top SNAP General Knowledge Questions
- Name the jailed Chinese pro-democracy activist who won this year's Nobel Peace Prize for his 'long and non-violent struggle for fundamental human rights in China.'
- Which government is behind the 'The Nalanda Proposal' proposing Nalanda as an ideal site for establishing a 21st century learning institution.
- Jimmy Wales and Larry Sanger are known for founding
- The year 2010 is represented in Roman Numerals as
- In which country is the seat of the United Nations International Court of Justice?
Top SNAP Questions
- In a retail outlet, the average revenue was Rs.10,000 per day over a 30 day period. During this period, the average revenue on weekends (total 8 days) was Rs. 20,000 per day. What was the average daily revenue on weekdays?
- Two different prime numbers X and Y, both are greater than 2, then which of the following must be true?
- It takes 6 hours for pump A, used alone, to fill a tank of water. Pump B alone takes 8 hours to fill the same tank. A, B and another pump C all together fill the tank in 2 hours. How long would pump C take, used alone, to fill the tank?
- A swimming pool can be filled by pipe A in 3 hours and by pipe B in 6 hours, each pump working on its own. At 9 am, pump A is started. At what time will the swimming pool be filled if pump B is started at 10 am?
- The sum of prime numbers that are greater than 60, but less than 70 is :