The day of reckoning seems to be dawning on the latest iteration of Peronist failure in Argentina. The government of President Cristina Fernandez de Kirchner’s serial refusal to bow to market realities put the country’s Central Bank in an impossible position, forcing it to pull the plug on support for the peso. This could be more than just another currency crisis. The foundations of Kirchnerismo could be beginning to crack.

Economic buffoonery continues in Argentina, as the sinking government of President Cristina Fernández de Kirchner now requires consumers who make online purchases from foreign websites to produce a written declaration at a customs office, and then to pay a 50 percent tax on the items. Like Argentina’s recent 35 percent tariff on foreign credit card transactions, and all the various currency controls President Fernández has introduced since 2011, this latest effort is unlikely to stop the country’s reserves from drying up.

Argentinians’ purchasing power has been destroyed by the inflationary problem the government claims it doesn’t have, leading to a vicious cycle of poverty and protests. Despite some of the most abundant natural resources on the planet, Argentina is failing fast.