Bell's Theorem is proved for locality and conservation formulated in terms of subjunctive conditionals with chance consequents, rather than the usual conditional probability formulation. This brings into sharp focus the minimal counterfactual assumptions needed for Bell's theorem.

We present a pragmatic analysis of the different meanings assigned to the term “local realism” in the context of the empirical violations of Bell-type inequalities since its inception in the late 1970s. We point out that most of them are inappropriate and arise from a deeply ingrained prejudice that originated in the celebrated 1935 paper by Einstein-Podolski-Rosen. We highlight the correct connotation that arises once we discard unnecessary metaphysics.