Draghi's plan will merely buy a bit of time for the Eurozone THERE is nothing markets love more than a good dose of monetary activism, especially when they detect a hidden bailout, so it is no wonder that traders and investors reacted so positively to Mario Draghi's bond buying plan. But the extent of the enthusiasm on the other side of the Atlantic was almost touching in its naivete, for in reality Draghi's plan is somewhat more restrained than investors seem to have realised. The Dow closed at its highest level since December 2007; the S&P was at its best since January 2008 and -- most strikingly -- the Nasdaq was back to November 2000 levels. Not all of this bounce was caused by Draghi's announcement, of course, but the soaring equity markets will have delighted Barack Obama, who desperately needs some positive economic news to bolster his reelection campaign. In the short term, of course, the market's reaction makes sense: Draghi has probably bought the euro a little more time. Yet generally speaking these days, the more the markets like a central bank intervention, the more I worry. This is because all too often investors are trying to get central banks -- and ultimately, the taxpayer -- to monetise debt to protect themselves, or because they believe that there are monetary solutions to real, structural problems. I disagree on both counts: excessive debt needs to be written off, with the cost born by the creditors, not redistributed to the