Crispin Odey, the founder of Odey Asset Management, has told investors in his European hedge fund that although his "crystal ball has misted up," because of the extent to which politics is leading economics, "opportunities have never been greater".

In his latest letter to investors, in which he reports a monthly loss of 5.1% for November, Odey said: "Economics must pay the price for the fact that politics is the Queen of Sciences. Enter uncertainty, enter resignation, enter government default, all set in a sea of debt and it is no surprise if commerce, trade, finance and industry wither."