Nor does it correspond to the madness of the credit market bubble prior to 2007 when every fool in the world was buying mortgage backed securities without understanding the value of the real estate that backed them or the fantastically dangerous amount of leverage they were playing with.

FORBES: Everybody is Furiously Looking for Bubbles

Mingling with other cosmopolitans on multiple continents may fool them into thinking that the world consists largely of people like themselves.

ECONOMIST: Schumpeter

Speaking on the programme Terry Smith, chief executive of Tullett Prebon, added that many investors around the world are "living in a fool's paradise", expecting regulatory bodies or governments to bail them out if things go wrong.

BBC: 'A debt-fuelled property binge'