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English analysis

Selected l0g analysis pieces translated from the French corpus: sourced, antithesis-tested essays on the plumbing of finance and systemic risk. This English section is intentionally curated, not exhaustive: the rest of l0g.fr remains primarily French.148 pieces are currently available in English.

12 min readusaThe Car Loan as a Thermometer for the American ConsumerUS auto credit is not signaling a crisis, but it shows where household budgets are being stretched: high monthly payments, longer loans, negative equity and subprime stress.14 min readdata-centersWhen Data Center Debt Reaches ETFsBonds linked to data centers already appear in funds, ETFs and the collateral behind certain repos. Their journey shows how risk can spread and what Nvidia's announcement still leaves unresolved.21 min readdata-centersThe ABS That Is Not One: A New Legal Boundary for Data CentersThe market calls them data center ABS. SEC staff has now rejected that classification for certain structures. What this boundary changes, and what it leaves untouched.18 min readnvidiaFrom GPU to Bond: How a Data Center Recycles AI CapitalIn Columbus, COL4 hosts Nvidia clusters and later backed $525 million of notes. A documented anatomy of how a data center recycles capital.15 min readnvidiaNvidia: the $500 billion that does not exist yetNvidia wants to mobilise more than $500 billion. An audit of its six partners finds targets, debt, co-investors and financing platforms that were already in place.16 min readmarketsDoes borrowing more make the bond index buy more?Major bond indices weight eligible debt by market value. The equation, LQD’s 3% issuer cap and the limits of a mechanism that is often reduced to a slogan.18 min readKOSPIKOSPI: anatomy of a liquidation concentrated in two stocksSamsung Electronics and SK Hynix made up 52% of the KOSPI as 2x ETFs, margin credit and forced sales turned a chip shock into a concentrated liquidation loop.16 min readJeffrey EpsteinEpstein and Europe's banks: six relationships that require separate proofDeutsche Bank, Edmond de Rothschild, HSBC, BNP Paribas, UBS and Barclays appear in records of different kinds. An account, a card, an advisory engagement and a governance case do not prove the same thing.18 min readBarclaysBarclays, Staley and Maxwell: two records, one boundaryThe Staley ruling documents a governance failure. Files analysed by Reuters describe a Maxwell account. Neither record establishes a Barclays account in Epstein's name.17 min readDeutsche BankDeutsche Bank and Epstein: the compliance exceptionFrom 2013 to 2019, the record shows how a high-risk client became a commercial exception and why Deutsche Bank’s exit stretched over months.24 min readJeffrey EpsteinEpstein’s money, 4/4: the final ledgerIn seven years, Jeffrey Epstein’s estate sold his homes, paid survivors, settled with the Virgin Islands and repaid a loan. Published reporting also identifies a $111.6 million tax refund.20 min readJeffrey EpsteinEpstein’s money, 3/4: client, broker or investor?Highbridge, Valar, Apollo shares and ESW produce four different ledgers. Combining fees, contributions and valuations manufactures wealth that never existed.23 min readJeffrey EpsteinEpstein’s money, 2/4: the banks’ recordFrom JPMorgan to Deutsche Bank, the record shows less a blind spot than a succession of alerts, internal decisions and massive reports filed after the fact.22 min readJeffrey EpsteinEpstein’s money, 1/4: the fortune without a ledgerFrom Bear Stearns to Leon Black, the available records reconstruct part of Jeffrey Epstein’s fortune and show exactly what remains missing.6 min readclarity actCLARITY Act: the window before the midtermsAfter 7 August, US crypto market-structure legislation enters a fourteen-session-day Senate window. Process, limits and scenarios.12 min readclarity actThe CLARITY Act under the scalpel: the new architecture of US cryptoThe CLARITY Act text as reported in the Senate runs to 594 pages and in fact contains two laws: a full overhaul of digital-asset regulation and a ban on a central bank digital currency. Its keystone is a maturity test that shifts an asset from the SEC to the CFTC. A section-by-section sectoral impact analysis of the official text: issuers, exchanges, DeFi, stablecoins, banks, and the blind spots. Nothing invented, everything sourced to the text.9 min readcryptoCLARITY Act: Trump concedes on ethics, the August countdown beginsOn the evening of 20 July 2026, Donald Trump agreed to an ethics provision in the CLARITY Act, the very obstacle he embodied. Three days earlier, the Senate's merged draft had come out without that clause, drawing the outright opposition of three Democratic senators. The final text is not public, Democrats have not seen it, and about ten session days remain before the 7 August recess. An X-ray of a race against the clock, with dated scenarios.16 min readregulationThe CLARITY Act: the bill set to redraw crypto regulation in the United StatesHow a 309-page bill is about to end ten years of turf war between the SEC and the CFTC, and what it changes for the industry.9 min readcryptoCLARITY Act: Trump, the first obstacle to his own crypto lawThe CLARITY Act, the top priority of the US crypto industry, runs into a paradoxical obstacle: the president's personal interests. The anti-conflict-of-interest provision Democrats demand targets Donald Trump and his family first, whose crypto ventures have generated billions. Without it, no 60 votes in the Senate; with it, the White House threatens to block.10 min readchinaHong Kong Life Insurance: Beijing Taxes a Breach in Its Financial WallReported tax notices in Beijing and Hangzhou concern income from certain Hong Kong insurance policies. The 20% rate is not a newly announced national tax. The reported enforcement is the news.