The true crisis that Argentina suffers from is a chronic and deep-rooted monetary policy failure. This has not even been hinted at in the standard media accounts of the most recent peso depreciation. It has been taken for granted that since the supposedly “pro-business” Mauricio Macri became president in December 2015, Argentina has been on a righteous path to deregulation, deficit reduction, and disinflation. But nothing could be further from the truth. However one gauges Macri’s success in achieving the first two goals, he has been as bad as, if not worse than, his left-wing populist predecessor on the inflation front. We need only look at two indicators to substantiate this claim: the USD/ARS exchange rate and the growth rate of the Argentine money supply (M2) since Macri took office.