Argentina's Blunders

With five presidents in the short span of two weeks, Argentina is mired in a deep political crisis. And since 1999, it has also been in the grip of a downward economic spiral.

According to the chattering classes, most of the blame should be laid at the feet of Argentina's currency regime. To rid the country of hyperinflation and give it a confidence shock, Carlos Menem's government installed a convertibility system o