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Real Vision Founder: Liquidity Operation Authority is Shifting from the Fed to the Treasury, Central Bank Independence Will Disappear

2025.11.20 10:40:56

On November 20th, Raoul Pal, the co-founder and CEO of Real Vision, wrote that the liquidity operational control is transferring from the Fed to the Treasury Department. This enables (the Trump administration) to have more direct control over debt financing and rollover. Banks are utilized as conduits, and bills are issued as a liquidity injection mechanism. This is fundamentally a state/political means of managing currency devaluation through fiscal dominance, eliminating the so-called "independent" and "apolitical" checks and balances of the central bank.
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In the past 24 hours, the entire network has seen $570 million in liquidations, with over 120,000 people being liquidated.

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