Re: "virtually zero" How are Morgan Stanley counting?
"From what I can see, markets seem to need speculators in order to fail catastrophically."
Nonsense, when Nixon blamed speculators for him having to cease redemption of dollars into gold he was outright lying. It was because the US had been printing more dollars than there was gold to back them, breaking the promise of Bretton Woods and the US was being called on it by France and other nations by redeeming their gold - emptying the coffers of the US.
People who blame "the speculators" are more often than not trying to shift the blame from their own malfeasance or incompetence.