Since we are buying Euros with dollars, what could go wrong? ;-)
Great catch.
Europeans are cashing out their Euros so as to deposit them as dollars in American banks AND, thereby, get those funds "insured" (backstopped) by U.S. taxpayers.
At the same time, U.S. taxpayers are buying Euros, thus giving Europeans more and cheaper dollars with which to stake a claim against the U.S. treasury through the FDIC.
Good grief.