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English analysis

Page 4 of 12. English editions of sourced l0g investigations, newest first.Back to the latest →

18 min readEuropeThe dam that chooses not to generateSwitzerland's 250 GWh reserve, water value, Norwegian imports and incomparable stock metrics: how hydropower dams arbitrate time.21 min readFranceThe extra degreeAt Bugey, the Rhône has a normal limit, a second tier activated when RTE requires units, and then a case-by-case exceptional decision. Part three of our investigation into water and European electricity asks who turns a grid need into an extra degree, and when the river's actual response becomes known.19 min readEuropeThe wet megawatt Europe cannot countEurope's main registers track power plants but do not link each unit to its water, cooling system, thresholds and losses. Part two of our investigation into water and electricity.19 min readEuropeHow much is one centimetre of Danube worth?In the summer of 2026, Romania and Hungary blasted rock, mobilised barges and built sills to preserve electricity generation. The Danube was not empty: it had become too low at the exact point where some pumps had to draw water. Part one of our investigation into water, Europe's invisible power fuel.Updated 16 min readUnited StatesThe yield threshold Bessent never announcedTreasury doubled several long-bond buyback caps to at least $4bn. The move may signal sensitivity to yields, but it is too small to be QE.18 min readsugarIndia put its sugar in the fuel tankIn February, New Delhi was still trying to export more sugar. In May it banned exports. In August it is considering imports and less cane-based ethanol. This reversal does not prove that E20 caused the squeeze. It reveals something more interesting: Indian sugar has become a balancing variable between energy, food and climate.23 min readGSEThe guarantee nobody signedNo federal text guarantees Fannie and Freddie's $7.8trn of MBS. Ratings, spreads, bank capital and the CBO baseline all write it anyway.Updated 18 min readGPUThe collateral that cannot leave the buildingA GPU-backed loan earned an investment-grade rating in March 2026. The security package shows the rating prices the customer, not the chip.17 min readprivate creditPrivate credit enters the CLO machinePrivate credit loans are increasingly accumulated in dealer-financed warehouses before being securitised into CLOs. In June 2026, the Federal Reserve devoted special survey questions to this plumbing. Demand is rising sharply, while some lenders are tightening terms because of collateral quality and valuation uncertainty.5 min readfedWhy the Fed can make money without printing, and why it can also loseThe Federal Reserve's result is a balance-sheet outcome, not a printing press effect. As long as interest income on assets exceeds the cost of liabilities and the operating balance, it remits to the Treasury. If the margin narrows, the same mechanism can move into deferred remittances.12 min readmacroThe $2 trillion nobody sees circulatingAt the end of 2025, $100 bills were worth $1.989 trillion. Their geography, reserve role and the seigniorage they provide to the Federal Reserve.35 min readdigital euroDigital euro, 6/6: who controls the machine?The monetary core is designed to remain public. The app, fraud engine, offline mode and part of the network will depend on private contracts lasting up to fifteen years. Our investigation tests the operational sovereignty of the machine.Updated 28 min readdigital euroDigital euro, 5/6: the price of sovereigntyThe ECB has priced its infrastructure, banks have priced their transformation, and merchants still do not know the final price of each payment. Our investigation reconstructs a bill no institution publishes in full.Updated 36 min readdigital euroDigital euro, 4/6: programmable money, the legal boundaryThe texts prohibit expiring or earmarked euros, allow conditional payments, and do not erase freezes or seizures. An investigation into where the rule actually lives.Updated 34 min readdigital euroDigital euro, 3/6: as private as cash?Who sees what in a digital euro payment? Identity, aliases, fraud scoring and offline use, traced through the ECB rulebook.28 min readdigital euroDigital euro, 2/6: the €699 billion stress testThe ECB's extreme €3,000-cap scenario simulates €699bn leaving bank deposits. Thirteen banks hit a liquidity threshold; nine face collateral constraints.Updated 24 min readdigital euroDigital euro, 1/6: the euro that changes its debtorA bank deposit is a commercial-bank liability; a digital euro would be a Eurosystem liability. That balance-sheet distinction explains the holding limit, the waterfall and the continuing role of banks.16 min readECBWho pays for QE losses? The invisible tax the ECB is considering for banksDoubling minimum reserves from 1% to 2% could shift nearly €4 billion of annual interest from banks to the Eurosystem. The mechanism, winners and limits.Updated 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.