[Real Vision Founder Claims Liquidity Operation Authority is Shifting from the Federal Reserve to the Treasury Department] On November 20, Real Vision co-founder and CEO Raoul Pal stated that liquidity operation authority is shifting from the Federal Reserve to the Treasury Department, allowing the Trump administration to more directly control debt financing and rollovers, and to inject liquidity by issuing notes through banks as intermediaries. He believes this is essentially a fiscally-driven, politically-managed currency devaluation, undermining the so-called 'non-political' checks and balances of an 'independent' central bank.