Raoul Pal, CEO of Real Vision, has issued a warning that the current state of the cryptocurrency markets may be signaling an impending U.S. liquidity crisis. According to Pal, the recent downturn in crypto prices suggests underlying economic issues, which he describes as 'broken plumbing.' While stock markets remain buoyant due to buybacks and performance chasing, Pal highlights a conflict between the U.S. Treasury and the Federal Reserve over liquidity management. The Treasury aims to channel funds to Main Street, whereas the Federal Reserve focuses on Wall Street through quantitative easing. Pal cautions that without a release of liquidity, the crisis could extend to other financial markets.