The U.S. Treasury's debt repurchase operations are increasingly resembling a cyclical play — $12.5 billion last week, $12.5 billion this week, and such a stable rhythm makes one wonder if this process has long been embedded in an automated script.

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: releasing liquidity → driving up all risk assets → market confidence is sufficient. For Wall Street, this is akin to an officially endorsed check with no limits. The problem is that as liquidity is continuously injected, the cash in your pocket is silently depreciating.

This is the paradox of liquidity dependence. Once all participants become accustomed to this "endless" cycle, what will happen when the liquidity is cut off? Every debt cycle rupture in history 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 thing is that, on the day the game rules change, those who respond last usually pay the highest price to learn this lesson.