Raoul Pal, co-founder and CEO of Real Vision, has highlighted a significant shift in liquidity control from the Federal Reserve to the U.S. Treasury. Speaking on November 20, Pal noted that this transition enables the Trump administration to manage debt financing and rollovers directly, as well as inject liquidity through banks. He described this change as a politically motivated monetary devaluation, which he believes undermines the non-political checks traditionally maintained by an independent central bank.