Merrill: Fund Managers Defensive

It is unhelpful for any party to fool themselves.

The fact is we are entering a crisis larger than that of the previous Great Depression. This is partly due to economic globalisation, and partly to high-tech speeding events along.

Already in the region of $180 trillion of derivatives in the US alone have begun to unwind. Retail sector Armageddon has commenced, industrial and financial entities are accelerating into insolvency. It is imperative that the current situation is brought out totally in the open which will culminate in some eradication of fear and confusion. From that point a realistic and healthy foundation will be formed to deal with minimising the current destruction and getting on with the business of rebuilding the economy and uniting society.

Daniel Morris of NY 8:05PM November 19, 2008