I wonder just how illusive the world's economy is today? Every time I hear economists talk about it pre and post crash, it's always with the same kind of confidence that the article ascribes to Kreuger. Since the economy thrives on confidence, there is incentive for economists to lie to us.
"And once again, financial innovation is moving faster than rules can keep up with it..."
More like the rules are being written out of the way to allow for "financial innovation" to break free of order and bring chaos.
The greatest swindler would be someone who everyone clearly knows is swindling them, but that they voluntarily do not stop. Plus, he gets something extremely valuable.