XBRL

Is XBRL the magic bullet that will prevent a repeat of the current crisis in the financial markets? Maybe. Hopefully it's a start.

This article from the Guardian shows that half of the top 12 biggest % daily falls in the FTSE have occurred in 2008. It reminds me of the following analogy from the communist manifesto:

"Modern bourgeois society, with its relations of production, of exchange and of property, a society that has conjured up such gigantic means of production and of exchange, is like the sorcerer who is no longer able to control the powers of the nether world whom he has called up by his spells (Marx and Engels, 1848)".