SYSTEMIC RUPTURE OF 2026: THE END OF THE DOLLAR AND BITCOIN

 

Introduction: Mapping a Foretold Collapse

Since 2008, the official narrative has continuously reassured us: the system would be stronger, better regulated, more resilient. The lessons had been learned. The next crisis would be contained. Yet what official data now reveal — from the Fed, the OCC (U.S. Treasury agency), regulators, and Reuters — is a radically different reality: we have entered a zone where the system can no longer be saved as before.

This is not due to an isolated shock. It is because twelve major systemic fractures are converging simultaneously in the United States, creating the conditions for a rupture that will exceed 2008 in both scale and speed.

This analysis, an extension of the chapter devoted to the United States in the book The End of Economic Science, the Beginning of the Golden Age (available in French, Spanish, and English), is not a prophecy. It is a mapping of reality, accessible to all — experts or not — because each technical concept will be explained in a simple and understandable way.

 

FRACTURE No. 1: THE REFINANCING WALL – CRE

Everything begins with a wall. A refinancing wall standing before the U.S. economy in 2026.

What is CRE?

CRE (Commercial Real Estate) refers to commercial property: offices, shopping centers, hotels, logistics warehouses. It is one of the pillars of the U.S. financial system, representing trillions of dollars in assets financed by bank loans and securitized.

The alarming figures

According to CRED iQ — whose data are regularly cited by The Wall Street Journal and Bloomberg — CRE had a default rate of 8.78%[i] in November 2025. This is a level not seen since the 2008 crisis. Even more worrying: 936 billion dollars of CRE debt will mature in 2026[ii].

The “extend and pretend” strategy

For years, the strategy of banks and lenders was simple: extend and pretend. Loans were extended in the hope of market normalization, pushing the problem forward. Today, this strategy is no longer viable. Interest rates have quadrupled since 2021. Refinancing this debt now costs more than these assets generate.

The real problem

The problem is not the face value of the buildings. The fundamental problem is that financing no longer exists at a viable price. Commercial property owners are trapped: they can neither refinance under sustainable conditions nor sell their assets at a price that would cover their debt.

FRACTURE No. 2: MULTIFAMILY – THE FALSE SAFE HAVEN

The multifamily sector was thought to be protected. That was a mistake.

What is multifamily?

Multifamily refers to loans related to rental residential buildings — typically apartment buildings — often owned by institutional funds. Unlike single-family homes, these assets are considered commercial investments.

A financing structure identical to CRE

These buildings are financed exactly like CRE. Loans are securitized into CMBS (Commercial Mortgage-Backed Securities) — financial products backed by pools of commercial real estate loans, similar to the infamous subprime products of 2008.

Warning signals

According to CRED iQ:

• The multifamily CMBS delinquency rate exceeds 6.6%[iii]
• The percentage of these loans in distress (arrears, defaults, or high default risk) reaches 11.6%[iv]

This deterioration is explained by three converging factors:

1. Oversupply: excessive construction during years of low rates
2. Stagnant rents: demand no longer keeps pace
3. Debt service doubled due to rising rates

Contagion into residential housing

When multifamily collapses, contagion spreads to traditional residential housing. Foreclosures had already increased by more than 40% year-on-year[v] in the residential sector by the end of Q1 2025, according to the OCC (Office of the Comptroller of the Currency, a U.S. Treasury agency). This is not an isolated incident. It is the beginning of a cascade.

 

FRACTURE No. 3: THE EQUITY GAP – THE POINT OF NO RETURN

Let us now discuss the Equity Gap, the gaping hole opening beneath the U.S. economy.

What is the Equity Gap?

The Equity Gap represents the difference between the real value of an asset and the amount of debt associated with it. When this gap becomes negative, the borrower is technically insolvent: the asset is worth less than the debt.

The collapse of CBD offices

According to MSCI and CoStar, two benchmarks in real estate valuation, CBD office valuations have fallen by 43.9%[vi] over the past three years. CBD Offices (Central Business District) refers to office buildings located in the economic cores of major metropolitan areas — Manhattan, Downtown Chicago, San Francisco’s Financial District, etc.

The numbers of the disaster

• Approximately 300 billion dollars in office debt (including CBD) will mature by the end of 2026
• Between 100 and 120 billion dollars in asset value destroyed
• A real capital hole that will have to be absorbed through recapitalizations, asset abandonment, or creditor losses in 2026

This is not a market correction. It is large-scale capital destruction. Owners can no longer refinance because the value of their buildings no longer covers the loan amount. Banks can no longer lend because the collateral is no longer worth anything. The Equity Gap creates complete deadlock.

FRACTURE No. 4: SHADOW BANKING – THE UNSAVABLE ZONE

We now enter the most dangerous zone of the financial system: the one the Federal Reserve cannot save.

What is shadow banking?

Shadow banking refers to all financial actors that perform bank-like operations (lending, financing) without being regulated like banks: private funds, opaque vehicles, non-bank structures, private equity funds, family offices, etc.
This is not mysterious or criminal finance. It is finance that structurally escapes all prudential oversight.

The scale of the phenomenon

Nearly 55% of U.S. commercial real estate[vii] is no longer financed by traditional banks. It is financed by shadow banking. Globally, shadow banking represents approximately 256 trillion dollars[viii] — nearly three times global GDP.

Why this is a systemic problem

These entities are neither regulatable like banks nor rescuable by the Federal Reserve.

In 2008, when banks wavered, the Fed could intervene:

• Massive liquidity injections
• Purchases of toxic assets
• Government guarantees

But shadow banking escapes these rescue mechanisms.

When a breakdown occurs in this zone, no one can intervene. There is no lender of last resort. There is no federal guarantee. There is nothing. This is what makes the coming crisis fundamentally different and potentially uncontrollable.

 

FRACTURE No. 5: CASCADING CREDIT DEFAULTS

Stress is not limited to commercial real estate. It is spreading across the entire debt-based economy.

Auto subprime

Auto subprime loans — car loans granted to high-risk borrowers — are reaching historic levels of payment defaults. As in 2008 with real estate, massive lending was extended to people who could not repay.

ARMs: the household time bomb

ARMs (Adjustable Rate Mortgages) are variable-rate mortgage loans. Their defining feature is that when interest rates rise, monthly payments increase automatically.

Concrete impact:

• For 2019 ARM loans: an increase of more than $400 per month
• For 2020 ARM loans: an increase of more than $200 per month

These two years concentrate the largest volume of such loans. This creates a catastrophic multiplier effect on millions of already-fragile American households.

Credit cards and BNPL

Credit cards are under maximum pressure. Default rates are rising, delinquencies are accumulating. BNPL (Buy Now, Pay Later) — The BNPL market continues to explode, with global volume expected to reach approximately $122 billion by 2026[ix], and trillions of dollars in transactions already completed, particularly in the United States. This payment method, used for purchases ranging from consumer goods to everyday services, represents a growing share of consumer credit without traditional interest rates, exposing the system to default risk and stress in the event of an economic reversal.

Conclusion

The American consumer is already at the maximum level of indebtedness. It will not absorb the coming shock.

 

FRACTURE No. 6: THE DERIVATIVES TIME BOMB

Look closely at these figures, because they conceal the greatest financial lie of our time.

Official figures: an illusion of safety

For $231 trillion in derivatives in Q3 2025, banks currently declare only $252 billion in real exposure[x]. This is what is known as NCCE (Net Current Credit Exposure).

What is NCCE?

NCCE is the “net bill” a bank would have to pay if all its counterparties went bankrupt tomorrow. It is the residual risk once all contracts have been netted against each other.
The problem? Contract volumes have increased by 27% since 2008[xi], yet this bill is claimed to have been cut in half. This is a complete illusion.

Manipulation of ratios

In the article “Basel III: Autopsy of a Failure” (LE PHARE Magazine, Gilles Bonafi’s blog, and the Centre for Research on Globalization – mondialisation.ca), it is shown that the clause providing for an add-on for credit derivatives was removed[xii].

Even worse: NCCE has been divided by two since 2008, falling from a ratio of 0.22% to 0.11%, while a Harvard Law School study explains that the true NCCE ratio should be multiplied by a factor of two to reflect real risk. Result: the NCCE ratio should in reality be multiplied by four to cover immediate losses.

The lesson of 2008

In the Harvard Law School report[xiii], we learn that in 2008, at the moment of the crash, NCCE exploded to reach $800 billion. Real risk doubled relative to forecasts in just a few days. In 2026, with the same shock, the bill will not be $250 billion, but more than $1 trillion.

The collateral black hole

But there is worse. The IMF has identified a true black hole: a shortfall of real guarantees — collateral — of $2 trillion[xiv].

What is collateral? These are the assets pledged to cover potential losses on derivatives. In plain terms: the system does not have the means to pay its own bill.

The catastrophic scenario

When commercial real estate cracks in 2026, banks will look for these $2 trillion (to which more than one third must be added, since OTC derivatives volumes have increased by 37% since 2008) to cover their losses. They will find only an empty reservoir.

This is the perfect setup for a 2008 multiplied by four, concentrated 86.3% in the four U.S. banks that dominate the market[xv]:

1. JPMorgan Chase Bank NA
2. Goldman Sachs Bank USA
3. Citibank National Association
4. Bank of America NA

These four banks are too interconnected to fail, but too large to be rescued without destroying the dollar.

 

FRACTURE No. 7: HIDDEN UNEMPLOYMENT AND PRECARITY

Let us now look at the real economy, the one that directly affects American citizens.

Official figures lie

1.9 million people exited the labor force in 2025. They are no longer counted in unemployment statistics. The labor force participation rate fell back to 62.1% in December 2025[xvi]. This means that 37.9% of working-age people have disappeared from U.S. unemployment statistics. These are not early retirees or people in training. They are discouraged unemployed, erased from the statistics.

SNAP: the indicator that does not lie

The SNAP program is the Supplemental Nutrition Assistance Program, a food aid program known as Food Stamps. According to an analysis by the Pew Research Center based on data from the USDA Food and Nutrition Service, the average number of people benefiting from the SNAP program rose from approximately 41.7 million in 2024 to 42.4 million in 2025, an increase of about 703,827 beneficiaries in one year[xvii]. SNAP is one of the most reliable social indicators of a deep crisis. Unlike easily manipulated employment statistics, the number of people dependent on food assistance reflects the economic reality of households.

The critical threshold

Official unemployment lies by omission. Precarity never lies. Historically, when real unemployment approaches 5% in the United States, the system begins to crack, because the entire U.S. financial system is built on debt. Households stop repaying their loans. Defaults accumulate. The spiral begins.

FRACTURE No. 8: THE REPO MARKET – THE FINAL FREEZE

The repo market is the bloodstream of modern finance. When it freezes, everything stops.

What is the repo market?

The repo market (repurchase agreement) allows securities to be exchanged for very short-term liquidity — generally overnight.

Simplified operation:

1. A bank holds bonds (Treasuries, CMBS, etc.)
2. It temporarily sells them to a counterparty in exchange for cash
3. It commits to repurchase them the next day at a slightly higher price
4. The price difference represents interest

This is how banks and funds finance themselves day to day. Without repo, the financial system shuts down.

Haircuts: the warning signal

Haircuts represent the difference between the nominal value of a security and the amount of cash that can be obtained in exchange.

Example:

• You have a CMBS worth $100 million
• With a 10% haircut, you obtain only $90 million in cash
• With a 20% haircut, you obtain only $80 million

Today, haircuts on CMBS and CLOs have doubled since 2022[xviii]. This means that with the same securities, institutions obtain 10% to 20% less cash. CLOs (Collateralized Loan Obligations) pool bank loans granted to often highly indebted companies, rather than real estate loans. They are just as toxic as CMBS.

The lesson of 2008

Just before the 2008 crisis, haircuts on CMBS and CLOs were brutally multiplied by five. When haircuts explode, institutions can no longer refinance themselves. They are forced to sell assets in distress to obtain cash. These forced sales push prices even lower. Haircuts rise again. It is a deadly spiral.

The 2026 scenario

When the repo market completely freezes:

• Liquidity disappears instantly
• Forced sales become inevitable
• Prices collapse
• The financial system stops

There is no longer a market. There is only chaos.

 

FRACTURE No. 9: ALGORITHMIC ACCELERATION AND AI

This crisis will not resemble 2008. It will unfold much faster.

The latency revolution

Today, trading algorithms operate at latencies measured in microseconds — millions of times faster than human reactions. This is not a simple technical improvement. It is a fundamental change in market dynamics.

HFT and AI: an explosive combination

Numerous studies converge to show that HFT (High-Frequency Trading), combined with AI, creates an environment in which crises can spread faster and with greater magnitude, generating feedback loops that transform local shocks into generalized stress.

Algorithmic herding

OMFIF (Official Monetary and Financial Institutions Forum) — an international think tank specializing in monetary policy and financial stability, working directly with central banks, finance ministries, and sovereign wealth funds — refers to the phenomenon of algorithmic herding[xix].

Mechanism:

• AI systems are trained on similar data
• They use comparable risk models
• They react simultaneously to the same signals

The result is a shift in the temporal scale of crises.

Temporal acceleration

Where a financial crisis once unfolded over months, then days or hours in 2008, it can now propagate in seconds, or even milliseconds.

Like Sisyphus who invented first the elevator, then the rocket, we are forced to roll the stone within mechanisms that move ever faster. As the Red Queen says in Alice in Wonderland: “It takes all the running you can do, to keep in the same place.”

With HFT, we are not talking about a marginal acceleration, but a jump of five to six orders of magnitude in shock transmission speed — a change of nature, not merely degree.

VaR: autopilot with no one in the cockpit

Markets are now driven by algorithms based on VaR (Value at Risk).
VaR is a mathematical model that sets a maximum allowable loss. When this threshold is exceeded, algorithms sell automatically:

• Without reflection
• Without human arbitration
• Without contextual judgment

It is an autopilot. With no one in the cockpit. In 2026, when the crisis begins, these algorithms will sell simultaneously, creating an algorithmic panic that will exceed in speed and magnitude anything humanity has ever experienced.

 

FRACTURE No. 10: CRYPTO – LAST-RESORT LIQUIDITY AND BITCOIN’S ACHILLES’ HEEL

In periods of systemic crisis, an unwritten law of markets always prevails: you do not sell what you want, you sell what you can. When global liquidity disappears, economic actors — funds, institutions, platforms, investors — turn to the most liquid assets to obtain cash immediately. Bitcoin, contrary to its idealized image as a fully decorrelated asset, is now fully integrated into this logic.

Bitcoin is no longer a marginal asset. It has become a globally liquid asset, continuously traded, present on all major platforms, and easily mobilized to obtain dollars. As such, it increasingly functions as a liquidity proxy, not as an absolute safe haven. In a phase of systemic stress, it is therefore mechanically sold — not because its protocol is flawed, but because it is liquid.

But the true breaking point of the crypto system does not lie in the Bitcoin protocol itself. It lies in its liquidity infrastructure, and more precisely in its functional reliance on private, non-guaranteed dollar liquidity: USDT (Tether).

USDT is not “just another cryptocurrency.” It constitutes the central liquidity infrastructure of the crypto ecosystem. Approximately 65% to 70% of global crypto volumes still flow through it, and the BTC/USDT pair dominates trading on nearly all major platforms. BIS Working Paper No. 1270[xx] demonstrates that stablecoin flows are no longer a simple speculative activity, but a financial lever capable of influencing U.S. Treasury yields, with Tether (USDT) alone responsible for 70% of this impact.

Impact on Bitcoin

The impact on Bitcoin is dual and structural:

1. Indissoluble liquidity link: By confirming that USDT dominates the supply of “digital cash,” the report highlights that Tether’s health dictates the market’s purchasing capacity. If USDT captures 70% of the financial impact of its category, it is mechanically the primary fuel of buying pressure on Bitcoin (via the BTC/USDT pair).
2. Reciprocal contagion risk: The report points to a systemic risk: a crisis in Bitcoin could force stablecoin redemptions, forcing them to sell Treasuries on a massive scale. Conversely, a shock to U.S. yields now directly affects the reserve value supporting Bitcoin’s price.

In plain terms: Bitcoin is no longer an isolated asset; it has become the endpoint of a financial chain in which Tether serves as a massive bridge to U.S. interest rates. USDT is used as collateral in decentralized finance (DeFi), in crypto lending, in leveraged trading, and as a liquidity bridge between exchanges, blockchains, and offshore shadow banking. Without USDT, the crypto market no longer exists in its current form.

Structurally, Tether operates like an offshore money market fund without a safety net. USDT tokens are redeemable on demand, while reserves consist of U.S. Treasuries, repos, cash, and money market instruments, with persistent opacity regarding the exact quality of collateral and the existence of equity buffers capable of absorbing losses. Tether holds no banking license, has no access to a lender of last resort, no public guarantee, and no stress-tested regulatory capital, unlike banks subject to Basel III prudential standards.

Its regulatory history is documented. In 2021, the CFTC and the New York State Attorney General sanctioned Tether for misleading statements regarding 1:1 backing, as well as for using reserves to cover losses at the Bitfinex exchange. Since then, Tether has published only periodic attestations, not full prudential audits. No major international audit firm has agreed to certify its entire financial structure — a major signal in the context of systemic crisis.

The fundamental risk is not necessarily active fraud, but a crisis of confidence. In the event of stress in money markets or Treasuries, massive and simultaneous redemptions could force Tether to liquidate assets urgently, triggering haircuts. Even a temporary loss of the peg — for example USDT at $0.90 or $0.95 — is sufficient to trigger a chain reaction.

The domino effect is immediate. DeFi, which relies heavily on USDT as collateral, undergoes automatic liquidations. Margin calls multiply, forced sales of Bitcoin and Ethereum accelerate, and liquidity disappears within hours. This process is entirely mechanical, programmed into protocols, with no possible human arbitration.

In this context, Bitcoin may survive as a long-term protocol, but it loses its status as digital gold during the crisis phase. It becomes an asset sold to obtain what is most lacking: immediate dollar liquidity. The core issue is therefore neither ideological nor technological, but structural: the modern crypto system rests on a private dollar without a safety net — and that is where its systemic fracture lies.

 

FRACTURE No. 11: THE GEOPOLITICAL SHIFT – THE BRICS SYSTEM

While the United States and the West manage an increasingly acute internal crisis, another monetary and financial system is taking shape. The BRICS countries have been developing for several years a sovereign settlement infrastructure, independent of the dollar and Western circuits.

This system, often summarized under the name BRICS Pay, in reality corresponds to a multilateral settlement network, more accurately described as the BRICS Settlement Network. I fully designed the BSN network[xxi], as it will be the beta version of a far more ambitious and revolutionary new monetary system (coming soon on my blog). It is based on:

• national currencies,
• direct clearing mechanisms,
• and partial backing by tangible assets, notably gold and silver.

The BRICS already represent more than 36% of global GDP in purchasing power parity. This system does not need to be perfect to function. It merely needs to be operational at the right moment to trigger an irreversible shift. Because in a monetary crisis, trust does not disappear gradually: it moves.

It is within this logic that one must understand the strategies of gold and silver accumulation by China and Russia, as well as discreet operations conducted on strategic reserves by certain countries such as Venezuela. A settlement system backed by real assets requires massive reserves. And those reserves are being built. In this context, the dollar loses its status as a global stabilizer. The world becomes monetarily multipolar, without a single anchor. This change is not an ideological hypothesis, but an already observable geo-economic reality.

SYNTHETIC TABLE – SYSTEMIC RUPTURE 2026

Sector	Nature of the shock	Real systemic mechanism	Order of magnitude ($)
US sovereign debt	Refinancing wall	Refinancing at full rates + interest cost surcharge + repo pressure	$9,000 bn
OTC derivatives	Explosion of real NCCE	Net post-netting bill underestimated ×4	$1,000 bn
OTC derivatives	Collateral deficit	Insufficient real guarantees (IMF)	$2,000 bn
Commercial real estate (CRE)	Refinancing wall	Inability to refinance offices, retail, logistics	$936 bn
Real estate equity gap	Capital destruction	Debt / real value gap (CBD, offices)	$120 bn
Private credit & households	Cascading defaults	ARM, auto subprime, cards, BNPL	$1,250 bn
Shadow banking	Asset depreciation	Unregulated, non-rescuable vehicles	$2,500 bn
Crypto / Stablecoins	Liquidity disintegration	Collapse of crypto-dollar collateral (USDT, DeFi)	$1,500–2,000 bn
Repo market	Liquidity stress	CMBS / CLO haircuts → forced sales	Included transversally
Algorithmic effects	Systemic acceleration	VaR / HFT / AI feedback loops	Non-quantifiable amplifier

AGGREGATED TOTAL – MAXIMUM SYSTEMIC PRESSURE

Realistic consolidated range: $18,300 to $18,800 billion

In 2008, the system absorbed a banking loss. In 2026, it must simultaneously absorb nearly $19,000 billion of off-balance-sheet financial stress, without a universal lender of last resort, without sufficient collateral, and at an algorithmic speed incompatible with any human decision-making.

FRACTURE N°12. EPILOGUE – BEYOND MONEY: TRANSMUTATION

Let us take a step back. Let us intentionally step out of purely financial analysis. The collapse of the dollar, the fall of Bitcoin, the monetary wars, the systemic rupture — all of this is merely the visible surface. These are not causes but symptoms. The outward manifestations of a much deeper, much older crisis.

Money has become the alpha and omega of a radically materialistic world, where objects have replaced meaning, and possession has eclipsed existence. What we now call "economics" is no longer a tool serving society: it has become a cult. The cult of quantified, measured, compared, exchanged, endlessly accumulated matter. A system in which everything must be quantifiable, optimizable, monetizable, at the expense of all higher purpose.

But it is not only the economy that is collapsing. It is the claim to master it scientifically, as if it were a closed, neutral system governed by timeless equations. René Guénon called this the solidification of the world: the process by which humanity gradually cuts itself off from any spiritual dimension, freezing into a reality that is exclusively material, closed in on itself, deprived of transcendence.

This is the reign of quantity. The empire of measurement without quality. In this solidified world, money has become the new God: it confers social identity, defines success and failure, structures human relationships, and determines what deserves to exist and what can disappear. It no longer facilitates exchange: it decides the value of beings, things, and even ideas.

But this crisis is not an end. It is an opportunity for transmutation, an initiatory passage. A necessary crossing to leave behind an exhausted cycle and enter another — the one that all traditions have referred to under various names: the Golden Age.

This transmutation is strategic and conscious. It does not consist of rejecting economics but of using its tools to transform it from within, applying an intellectual Aïkido, a conceptual Sun Tzu. Every model, ratio, and mechanism we have analyzed becomes both a tool and a mirror, exposed to its own logic to reveal a higher truth. A new world is emerging: a world where the qualitative reclaims its rights over the quantitative, where the symbolic regains its place, where meaning becomes central again. A world capable of reunifying what modernity has artificially separated: science and spirituality, economics and ethics, sacred geometry and societal organization. This is what I call milthasophy.

All of this is explored in depth in my book The End of Economic Science, The Beginning of the Golden Age. But beyond the concepts, there is above all a message of hope: the hope of a world to be rebuilt on new foundations. For this, we must abandon simplistic narratives and scapegoating. It is not the fault of the left or right, of Trump or Macron, of immigrants, Jews, Muslims, or any group whatsoever. We must also turn away from false prophets claiming divine punishment or an apocalyptic end.

What we are experiencing is not a punishment. It is an initiatory process, a transmutation laboratory for humanity. Every crisis is an opportunity to reinvent order, to awaken collective consciousness, and to open the path to the Golden Age.

All of this is explored in depth in my book, The End of Economic Science, the Beginning of the Golden Age[xxii].

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[i] CRED IQ, CMBS Special Servicing Report, December 5, 2025:

https://cred-iq.com/blog/2025/12/05/cmbs-distress-rate-climbs-to-11-6-in-november-2025/

[ii] Reuters, US regional banks weather CRE storm, office loans continue to lag, November 6, 2025:

https://www.reuters.com/business/finance/us-regional-banks-weather-cre-storm-office-loans-continue-lag-2025-11-06/

[iii] CRED IQ, Ibid

[iv] CRED IQ, Ibid

[v] OCC, Office of the Comptroller of the Currency, OCC Reports Mortgage Performance for First Quarter of 2025:

https://www.occ.gov/publications-and-resources/publications/mortgage-metrics-reports/files/mortgage-metrics-report-q1-2025.html

[vi] CoStar Group, Large Office Prices Rose in the Third Quarter of 2025, October 31, 2025:
https://www.costargroup.com/press-room/2025/large-office-prices-rose-third-quarter-2025

[vii] First American, CRE X-Factor: For Commercial Real Estate, Banks Aren’t the Only Lender in Town, May 9, 2023:

https://blog.firstam.com/cre-insights/cre-x-factor-for-commercial-real-estate-banks-arent-the-only-lender-in-town

[viii] Reuters, ‘Shadow banking’ growing at double the rate of traditional lenders, FSB says, December 16, 2025:

https://www.reuters.com/sustainability/boards-policy-regulation/shadow-banking-growing-double-rate-traditional-lenders-fsb-says-2025-12-16/

[ix] Omni Calculator, 61+ Buy Now Pay Later Statistics (2026) Report Highlights:
https://www.omnicalculator.com/reports/buy-now-pay-later-statistics?utm_source=chatgpt.com

[x] OCC, Office of the Comptroller of the Currency, Quarterly Report on Bank Trading and Derivatives Activities:

https://www.occ.gov/publications-and-resources/publications/quarterly-report-on-bank-trading-and-derivatives-activities/files/q3-2025-derivatives-quarterly.html

[xi] OCC, Office of the Comptroller of the Currency, Second Quarter 2008 Quarterly Report on Bank Trading and Derivatives Activities:

https://www.occ.gov/publications-and-resources/publications/quarterly-report-on-bank-trading-and-derivatives-activities/files/q2-2008-derivatives-quarterly.html

[xii] Gilles Bonafi, Basel III: Autopsy of a Failure:

https://gillesbonafi.blogspot.com/2014/06/bale-iii-autopsie-dun-echec.html?m=1

[xiii] Harvard Business Law Review, An Evaluation of the U.S. Regulatory Response to Systemic Risk and Failure Posed by Derivatives, April 18, 2014:

https://journals.law.harvard.edu/hblr/an-evaluation-of-the-u-s-regulatory-response-to-systemic-risk-and-failure-posed-by-derivatives/

[xiv] Ibid

[xv] OCC, Office of the Comptroller of the Currency, Quarterly Report on Bank Trading and Derivatives Activities:

https://www.occ.gov/publications-and-resources/publications/quarterly-report-on-bank-trading-and-derivatives-activities/files/q3-2025-derivatives-quarterly.html

[xvi] Federal Reserve Bank of St. Louis, FRED Research Data, Labor Force Participation Rate (LNU01300000):

https://fred.stlouisfed.org/series/LNU01300000

[xvii] Pew Research Center, Food and Nutrition Service data, USDA : https://www.pewresearch.org/short-reads/2025/11/14/what-the-data-says-about-food-stamps-in-the-us/

[xviii] OFR, Office of Financial Research, Are Zero-Haircut Repos as Common as Advertised?:
https://www.financialresearch.gov/the-ofr-blog/2025/08/12/are-zero-haircut-repos-as-common-as-advertised/

[xix] OMFIF, Policy-makers have fighting chance to curb rate of AI’s market impact, January 24, 2024:

https://www.omfif.org/2024/01/risks-around-ai-and-algorithmic-convergence-are-causing-regulatory-gaps/

[xx] BIS, Bank for International Settlements, Working Papers No. 1270 – Stablecoins and Safe Asset Prices, May 2025: https://www.bis.org/publ/work1270.pdf

[xxi] Gilles Bonafi, A New International Monetary System: BRICS Settlement Network (BSN) and UNIT, January 4, 2026: https://gillesbonafi.blogspot.com/2026/01/un-nouveau-systeme-monetaire.html?m=1

[xxii] Gilles Bonafi, The End of Economic Science, the Beginning of the Golden Age:
https://www.amazon.com/-/es/END-ECONOMIC-SCIENCE-Beginning-Golden/dp/B0FXV9KV3G or https://books.google.es/books/about/THE_END_of_ECONOMIC_SCIENCE_The_Beginnin.html?id=2Jyn0QEACAAJ&redir_esc=y