The Proof.
We reconstructed 8 historical sovereign crises with the parameters available in these fixtures and applied the current engine consistently inside that reconstruction. This is a retrospective diagnostic, not prospective accuracy evidence and not a no-hindsight backtest.
Prospective performance belongs in the dated prediction ledger, where a claim is recorded before its outcome.
Every bubble is one monitored entity. The market-implied values are hand-maintained indicative proxies, not a live CDS feed; the gap is a comparison for investigation, not proof of mispricing. Largest indicative gap in this fixture: 🇫🇷 France — 32 points.
Historical scores use hand-authored parameter approximations, not a complete point-in-time database. The current engine is applied consistently inside each fixture.
Market-implied risk is a static, approximate proxy; it is not asserted as a current observed spread.
Divergence is the model score minus that proxy. It is a research prompt, not a valuation or investment conclusion.
Every eligible prospective signal. Timestamped and settled by contract.
Prospective calls, including refuted and unsettleable outcomes, remain on the public record.
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