Draghi keeps the bankers happy at cost to the poor and unemployed of Europe

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What of Draghi's plan to save the Euro.

When all is said and done this is QE for the EU. That's by and large worked for the UK (the fact that Saga disagree with that statement probably being the surges evidence that it is right).

There are real problems though. The enthusiasm of the markets for the plan reveals just who it is meant to favour, which is the markets themselves. It achieves that in a very straightforward way: the QE that will provide relief for any state, and we're talking Italy and and Spain here for all practical proposes, only happens when that country has signed up to the most severe austerity package.

That austerity is designed to do three things. First it will cut government spending and investment and so employment. Second it will cut benefits and so increase poverty. Third, it will slash demand and so exacerbate recession or depression: the UK proves that.

So this plan that so pleases the markets does so because it preserves the wealth of those already wealthy at straightforward cost of imposing mass poverty, fear and hopelessness on the majority in Europe.

That the supposed sanctions in the plan won't work is not the point, even if that is the focus of many commentators this morning. The fact that this plan increases the already immense social divide in Europe is the real crisis precipitating flaw in what s proposed. And that crisis wills seen on the streets, not n the markets, but ultimately it is the streets that matter and much as I wish for order I cannot see how it is sustainable in the countries that will suffer so badly for what is so obviously a plan designed to appease wealth.