The U.S. Treasury's debt repurchase operations are increasingly resembling a cyclical drama—$12.5 billion last week, $12.5 billion this week, so steady that it raises suspicion whether this process has long been scripted into an automated system.

The so-called "continuous injection of liquidity into the system" essentially means using freshly printed dollars to offset old debt. The entire logical chain is quite straightforward: release liquidity → boost all risk assets → market confidence is abundant. For Wall Street, this is akin to an officially endorsed check with an unlimited bottom line. The problem is, as liquidity is continuously injected, the cash in your pocket is invisibly depreciating.

This is the paradox of liquidity dependence. Once all participants get used to this "endless" cycle, what happens when liquidity withdrawal occurs? Historically, every debt cycle rupture has been accompanied by asset re-pricing. Those cheering for asset appreciation now may find that their account numbers haven't changed, but their actual purchasing power has long since evaporated.

The most ironic part is, when the rules of the game change, the last people to realize usually pay the highest price to learn this lesson.