Last week Argentina’s Javier Milei regime tried to roll over bonds by offering investors an insane 69% interest rate, and only succeeded in rolling over 61% of them. Even a 69% annual interest rate isn’t enough to tempt investors to risk lending to the Milei ponzi, which means they either expect a default very soon, or they expect price inflation to exceed 69% over the next year. This was an ice-cold bucket of reality poured on the delusional talk of an economic miracle by the clown who plays a free market economist on TV and has been placed in the presidency to revive Argentina’s largest industry: sovereign bond pump-and-dumps.