The U.K. Telegraph reports that Japanese and other Asians, including the Chinese, are fleeing anything to do with the euro — including Germany. Sweden has lower yields than the bund for the first time in modern history. Everyone is becoming like a rat deserting a sinking ship. They are fleeing from the euro experiment in droves and taking refuge in the U.S. treasury bond as the ultimate safe haven.

The logic goes that if the euro were to cease to exist, Germany would be left holding the bag — all two trillion euros worth of debt that they would have to pay off. This is more than 80% of Germany’s GDP. This leads Jean Claude Juncker, the head of the European Finance Ministers, to say that Germany would be more indebted than Spain.

But the fact that Juncker speaks up indicates that what’s really the problem is lack of political unity which causes all this economic fractiousness. He attacks Germany and says that they’re no better than southern Europeans. This bespeaks a certain bitterness. He’s from Luxembourg, and the Low Countries were overrun by the Nazis in 1940.

Juncker is being dishonest. He knows very well that Sweden can’t substitute for Germany in Europe. It’s not big enough. His kind of political acrimony is what dooms the euro more surely than any current purely economic problem.