One way a president can boost poll numbers in a bad economy is to wrest control of the central bank and start printing lots of pesos. There's nothing like cheap financing to restore the market's enthusiasm for buying all sorts of stuff—from stocks to houses—already on sale at fire sale prices.

The great reflation will make people feel rich again. A weak currency will also be a short-term boon to exporters, whose profits can then be taxed at ever higher rates. Complainers can be denounced for their greed.

Of course this perpetual motion machine will eventually conk out and when it does, a government that expects to survive will find it necessary to silence its critics. Just ask Argentines, who are living all of this in real time.

After more than five...