Swap lines holstered, repo untouched. The system hasn't needed emergency plumbing yet. When it finally does, we find out if 'not breaking' was strength or just a lack of testing.

The distinction matters because the failure modes are different. Rolling over is a flow problem — less new liquidity entering the system. Breaking is a collateral problem — the existing liquidity layer can't settle. 2008 was collateral impairment cascading through rehypothecated chains. What How...