Matías Vernengo of Bucknell University argues that without capital controls and new policies, Mr Milei’s so-called stability will end as previous neoliberal efforts did: in devaluation and crisis. Prof Vernengo, who worked at Argentina’s central bank, blames the International Monetary Fund. It agreed a $20bn bailout to Argentina in April, under White House pressure, on the condition that Mr Milei removed foreign exchange controls. The following months proved why this was a bad idea. Argentina cannot use interest rates to stabilise its currency. Set too high, they invite speculative inflows. Too low and they encourage capital flight. Interestingly, Prof Vernengo favours temporary high interest rates to prevent the peso sliding uncontrollably.