As expected, the groundwork is being laid to move liquidity operations from the Fed to the Treasury to allow more direct control over the funding of the debt and the rollover of it, using the banks as the conduit and the issuance of bills as the mechanism for liquidity injections. This is essentially state/politically managed debasement via fiscal dominance, removing the supposed "non-political" check and balance of an "independent" central bank.(Raoul Pal)