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Real Vision founder: Liquidity operational authority is shifting from the Fed to the Treasury, and the independence of the Central Bank will disappear.

On November 20, Raoul Pal, co-founder and CEO of Real Vision, posted that liquidity operations are being transferred from the Fed to the Treasury, allowing the Trump administration to more directly control debt financing and rollovers, using banks as channels and issuing notes as a liquidity injection mechanism. This is essentially a monetary devaluation through state/political management led by the Treasury, eliminating the so-called “independent” central bank's “apolitical” checks and balances.

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