Raoul Pal, the macro investor and founder of Global Macro Investor, just dropped a thought-provoking thread on X that's got the crypto community buzzing. In his post from November 16, 2025, he dives into the brewing tensions in the financial plumbing—the systems that keep money flowing smoothly through banks and markets. If you're into meme tokens or broader blockchain tech, this is worth paying attention to because it could spell big volatility ahead.

Let's break it down simply. Pal suggests the Federal Reserve (Fed) might have to step in this week to tweak some behind-the-scenes mechanisms to prevent a funding squeeze at the end of the month and year. Think of funding as the lifeblood of markets: when it's tight, things get stressful. Right now, crypto is behaving like one of these stressed assets, almost like a canary in the coal mine signaling bigger issues. Stocks, on the other hand, are holding up thanks to corporate buybacks and investors chasing gains, but Pal warns we could see a repeat of the 2018-2019 market wobbles if this isn't fixed soon.

He points out that the Fed is already worried, holding meetings with banks and the New York Fed to figure out why tools like the Standing Repo Facility (SRF)—a way for banks to borrow cash quickly—aren't being used enough. The fear is real, and it's building. But there's a

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bigger power play here: the U.S. Treasury wants more control over liquidity through banks, encouraging lending to everyday folks on Main Street, rather than the Fed's quantitative easing (QE), which pumps money into the system but often stays on Wall Street.

This shift aligns fiscal policy (government spending) with monetary policy (Fed actions) to stimulate the economy without as much backlash. Pal ties it all to what he calls "The Everything Code," essentially the gravitational pull of massive debts that need servicing. Politically, it's about looking good for Main Street—think avoiding pain for average Americans to help with things like midterm elections—while still debasing the currency, which boosts asset values.

In the end, Pal calls it "debasement smoke and mirrors," meaning it's all about printing more money in clever ways. He's planning a deeper dive in his Real Vision Pro Macro newsletter. For now, he predicts volatility this week until resolved, with a potential quick fix via repo operations or the SRF. Looking ahead, changes to the enhanced Supplementary Leverage Ratio (eSLR)—rules on how much capital banks hold—could be the big unlock for funding deficits and liquidity in 2026, especially with $7 trillion in interest payments looming.

Now, how does this macro drama tie into meme tokens? Meme coins like DOGE or SHIB thrive on hype, liquidity, and risk appetite. When funding is tight, as Pal describes, crypto often takes the hit first because it's seen as a high-risk play. We've seen meme token prices swing wildly in response to broader market stress—remember the liquidity crunches that amplified dumps in past cycles? If the Fed intervenes with more liquidity, it could act like rocket fuel for memes, extending the bull run into 2026. But if delays happen, expect choppy waters: more dumps, forced selling, and opportunities for savvy traders to buy the dip.

Pal's thread also sparked replies highlighting immediate pressures, like a massive $285-325 billion Treasury cash requirement settling soon, which could drain reserves and spike repo rates. This kind of event might lead to deleveraging in hedge funds, indirectly pressuring crypto markets. For meme token enthusiasts, it's a reminder to watch macro signals closely—tools like on-chain analytics or sentiment trackers on platforms like Meme Insider can help navigate this.

At Meme Insider, we're all about demystifying these connections between big-picture finance and the fun, fast-moving world of meme tokens. Whether you're a blockchain dev or a casual holder, understanding liquidity flows can give you an edge. Keep an eye on Fed announcements this week—they could be the bellwether for the next meme surge. For more insights, check out our knowledge base on emerging trends in crypto tech.