  We consider a two-dimensional Ising model with random i.i.d. nearest-neighbor
ferromagnetic couplings and no external magnetic field. We show that, if the
probability of supercritical couplings is small enough, the system admits a
convergent cluster expansion with probability one. The associated polymers are
defined on a sequence of increasing scales; in particular the convergence of
the above expansion implies the infinite differentiability of the free energy
but not its analyticity. The basic tools in the proof are a general theory of
graded cluster expansions and a stochastic domination of the disorder.
