Argentina made an important right turn on Sunday.  Mauricio Macri, the opposition candidate, won Sunday's election.  He is not perfect, but he offers a more realistic option than the misguided populist policies of the incumbent party.     At the same time, argentinos longing for change will have to be patient, because Mr. Macri is inheriting a mess of huge proportions, as we read in Bloomberg: Neither candidate has addressed the elephant in the room: the reforms needed to reduce inflation, fix a fiscal deficit of 7.2 percent of gross domestic product - the largest in over 30 years - and lure back investment dollars which have stayed away due to currency controls, a lack of regulatory predictability and a decade-long dispute with holdouts from the 2001 default. Macri's victory is also a huge defeat for "the Kirchner way," the populist philosophy that guided Argentina for a decade.  John Fund has a good analysis...(Read Full Post)