Argentina

The specter of global disintegration

Illustration: Sarah Grillo/Axios

It's the end of the world as we know it. The world is disintegrating, and much of the highly visible noise and chaos is a symptom of a much deeper problem.

Driving the news: In Hong Kong, millions of demonstrators are taking to the streets in a desperate attempt to preserve their democratic freedoms. In Argentina, the government has been forced to implement capital controls to prevent money from fleeing the country. In Britain, incoming Prime Minister Boris Johnson has lost his majority, his long-coveted control over legislation, and even his attempt to call a new election. Brexit uncertainty has never been greater.

Argentine president leads economy to debt, inflation and mass poverty

Argentine President Mauricio Macri,
Argentine President Mauricio Macri. Photo: Mario De Fina/NurPhoto via Getty Images

Argentine President Mauricio Macri has essentially returned the country to what it was under former Peronist President Cristina Fernández de Kirchner, just in much worse shape.

The backdrop: Macri came to office as a center-right market pragmatist in 2015 riding a wave of investor enthusiasm and pledging to unleash the economy after years of government intervention, like capital controls, that it had seen under Kirchner.