Argentina has earned its status as the world's most downwardly mobile nation, and now the Kirchner government seems ready to further damage its economy and the well-being of its citizens. Instead of negotiating a deal with its creditors after recent losses in U.S. courts, Argentina is dancing with another default and trashing America's legal system to boot.

Argentina has until Wednesday to make an interest payment to bondholders or it will officially default for the second time in 13 years. Argentina claims it is willing to...