It's not every day that Argentina defaults on its debt. It just seems that way. Okay, that's not entirely fair. After all, it's been 13 years since the last time it did. That's not bad for Argentina, which has now defaulted eight times in its 200-year history. But this latest one was certainly its strangest. Argentina didn't default because it couldn't pay its bondholders. It defaulted because a New York judge wouldn't let it pay its bondholders—not unless it also paid the hedge funds that were holding out for a better deal on its old defaulted debt. Yes: Argentina was...