Iceland's international business people, buoyed by the arguments of academics such as Mr Buiter, believe that the crisis has exposed the dangers of relying on a small, fragile currency.

"It sounds like the contradictory talk of politicians, but in this hobby it's really true," Zhao says.

Warren Buffett raised a few eyebrows by asserting that "a billionaire-friendly Congress" had "coddled" the wealthy for too long and should raise taxes on the rich.