Liz Truss wants to be Thatcher. She’s not.

These days, the yields on British government debt on the bond markets might be the first thing that comes to mind when comparing Britain to Argentina — as I write, the five-year yield on UK gilts exceeds that on Italian and Greek bonds — but there is a much deeper parallel.

The Conservative Party is Britain’s dominant political movement, like the Peronists in Argentina. That dominance is assured by extreme ideological flexibility, allowing the Tories to renew themselves in office by changing their leader and ideological direction.