➡ Raf from The Endgame Investor discusses the Federal Reserve’s recent injection of $50 billion into the financial system, a move he doesn’t believe signals an imminent crash. He compares the current situation to the financial crisis of 2019, noting that the Fed is closely monitoring the situation this time. Raf suggests that the same liquidity issues that preceded the COVID-19 pandemic are happening again, potentially leading to another round of money printing. He also mentions the recent surge in short-term loans by the Bank of England, indicating a global liquidity constraint.
➡ The delinquency rate for commercial mortgage-backed securities (CMBS) increased in October 2025, with the office sector seeing the largest rise. This is due to the decrease in demand for office spaces following the 2020 lockdowns. Meanwhile, the multifamily sector also saw a significant increase in delinquency rates. The author also discusses the potential for a Bitcoin bubble and predicts another round of money printing, which could lead to a rise in the value of gold and silver.

Hey guys, Raf here from The Endgame Investor and today we’re going to talk about Repo. A lot of people are talking about that. There’s a lot of these very alarmist tweets on Twitter about the central bank, the Federal Reserve pumping 50 billion dollars into the financial system. This is an emergency liquidity operation. Everything is about to crash. Maybe it is, but I don’t think so. I’m going to show this to you in context. What is happening now versus what happened following the apocalypse of 2019. The only difference between now and 2019 is that the Fed is monitoring the situation now, whereas in 2019 they weren’t until it exploded.

But is 50 billion dollars particularly high? Not yet, but it will get higher exactly when this all falls. I don’t know, but what I do know is the last time this happened. COVID occurred shortly afterwards and many people say that this was an excuse to print money. Some people say it was more than an excuse and I won’t get into any of those ideas here, but you know what I’m saying? This is going to be a very interesting test as to what the nature of the COVID money printing really was because the same thing that happened right before COVID is happening now.

The liquidity is drying up all over the world and it looks like if 2019 and what happened at the end of that year was a planned operation to print money. Something like that is going to happen again soon. When will then be now? Soon. If you believe in that stuff. Anyway, let’s get into the slides and of course before anything very big happens you might want to take advantage of the recent consolidation in gold and silver prices to get your gold and silver at Miles Franklin. Take your gold and silver that you have and put some of it in a dirty man safe link in the description below.

Use code endgame10 at checkout for 10% off. And if you want a more detailed description of what is going on now in the aorta of the monetary system, check out the endgameinvestor at substack. Link in the description below. Let’s get to the slides. First thing we have is an article from Bloomberg. I think it’s from October 31st. The headline is global money markets are flashing signals. Liquidity is drying up. You have a picture here of some guy with a lot of red light on his face with Jerry Powell in the background talking about printing money or whatever it is he’s talking about.

This is a picture that is reminiscent of that get off my lawn scene with Joe Biden with these red lights in the background and two guards that made the US look like the USSR for a few months and it was very scary. This is what that picture reminds me of. But liquidity is not only drying up in the US, it is drying up in the UK specifically as well. Let’s see how exactly this is happening in the same article with which this is the headline and the headline picture caption or whatever. This is a chart that appears in the middle of the article.

It says funding demand surges to a record. This is talking about the Bank of England. This is the equivalent of one week repo surging in the UK. This is how much money is being circulated by the Bank of England to those that require short term loans. It is nearing a hundred billion pounds. You can see this short surge at the end of this graph. This is a sign of liquidity constraints in the UK, which is being reflected in most of the world. Why is this happening? Well, one reason is that the Treasury’s bank account, the amount of dollars sucked up by the Treasury, has broken through one trillion dollars as of October 30th.

The largest denomination currency ever, a trillion dollar bill. That is money that the banks do not have. And that is one of the things that is causing tightness in the repo in the SOFR market, the market where banks and other financial institutions trade Treasury securities for cash with each other. And if they don’t have enough, then they go to the Fed for that cash. Now, this is what is happening now. There’s a blue line and a red line. I’ve shown this many times on these videos. And now we have finally crossed the threshold where the blue is above the red.

The red is bank reserves. The blue is the amount of cash being traded, the amount of reserves being traded for Treasury securities every day. You can see that we have broken through three point two trillion dollars on the blue line and we have broken below three trillion dollars on the red line. So there’s more reserves being traded than reserves that exist today. How is this possible? I don’t know for sure. I suspect central clearing of part of that cash flow is responsible, meaning if there is a clearinghouse that is canceling debt between several parties that owe debt to each other.

The volume is measured as all those banks paying will to each other, whereas the debts are canceled out if there is a central clearinghouse. So some of the volume that is being traded does not actually exist, which is why I believe that we are over 100 percent. I don’t think this can continue for long. And this is why we are already at the stage where the central bank, the Federal Reserve, has to provide the missing cash itself because there’s not enough reserves to go around. There’s only two point eight, two point eight five trillion, whereas there’s three point two trillion reserves being traded every day now.

And that is why some of this money has to be supplanted or supplied by the Federal Reserve. We saw this in the headlines on Twitter and other central on other social media networks a few days ago that the central bank, the Federal Reserve has printed fifty billion dollars. And now it’s printed over twenty billion dollars. And this is huge and it’s never been this high. Well, that’s not exactly true. It has been this high. It’s been much higher. We’re going to go to the next chart to show you that these headlines that are saying or these tweets that are saying that repos have never been this high.

Not true. I wouldn’t say they’re lying, but they’re being a little bit misleading. Are you high? What? No, I’m not high. You are high as a kite. I’m not high. So this is the same repo situation post-repocalypse. You can see it starts here on the left side on October twenty nineteen. So just before that is September twenty nineteen. And that is when the apocalypse happened when repo rates went to whatever it was ten percent overnight. And then the Fed had to act immediately after. You can see at the beginning of this chart, there are no repos.

There’s no blue lines in that little margin at the beginning of the chart. But then it starts at around September 17th over here. And it’s about fifty billion dollars where we are now. It’s between forty and sixty. You see this first bar over here. But we had been above that line following that date several many, many times. It was consistently above fifty billion, not every single day, but pretty much from September twenty nineteen to about December twenty nineteen. It was usually above fifty billion dollars in daily repos. It dropped off a little bit in December and then January twenty twenty.

And we all know what happened here. The lockdowns of infinite wisdom and compassion. That’s what I call them because yes, they were wisdom and compassion personified in the lockdowns, which saved the entire planet. And I won’t say anything else about that. So you see here the record for repos is actually one hundred and fifty two point seven five billion dollars on March 17th twenty twenty when the lockdowns were instituted. So when people say that fifty billion in repos is an all time record, it’s never been this high. It’s not true. It is true that the standing repo facility that they have now has never been this high.

But there’s no economic difference between a standing repo facility and a repo facility that’s on the fly. It’s all the same thing. Dollars or dollars. It doesn’t matter if you’re standing there or sitting there or lying there or flying there while you’re doing repos doesn’t make a difference. Repos are repos and they’ve been higher. When will this finally spill over into the rest of the markets? Well, I don’t know, but I can tell you that the weakest part of the markets that have been weakest since the since Treasury started to fall and interest rates started to seriously rise when the when the Fed started hiking interest rates.

That is the commercial mortgage backed securities market. Of course, lockdowns would be pretty bad for those things because when you lock down, people stop. We’re going to offices to work and they start working at home and then that becomes a habit. And then the office real estate isn’t worth much because nobody’s going to it anymore. Nobody wants to renew their leases. So we have here from Trepp, the Trepp CMBS commercial mortgage backed security delinquency rate. Resumed its client October 2025, jumping twenty three basis points to seven point four six percent. We’ll just read a few paragraphs here in October.

The overall delinquent balance rose one point one billion to forty four point six billion. That’s about the size of the made off Ponzi scheme, which was fifty billion. All five of the major property types saw increases in their respective delinquency rates. The largest rate increase was seen in the office sector, which sort sixty three basis points in October. We said a new all time of eleven point seven six percent after treating by over fifty base points the month prior. Earlier this year, the office delinquency rate hit new record highs of eleven point oh eight percent in June at eleven point six six percent in August.

Both now eclipsed by October’s new peak. So we see office CMBS getting worse and worse and worse. And now that culture has changed and offices are no longer in demand because of the lockdowns of twenty twenty. The wisdom and the compassion of those lockdowns have the unintended consequences of making office buildings almost worthless because nobody goes there anymore. Anyway, one more sentence here. The second largest rate increase was in multifamily, which was fifty three base points delinquency rates to seven point one two percent and top the seven percent threshold for the first time in nearly ten years in December twenty fifteen.

So how much longer until something in here implodes can’t be long. Now we’re already at record highs and office delinquencies. Now there are so many bubbles that still exist because of the money printing in twenty twenty and the one that I follow. Closely is actually the Bitcoin bubble. You can’t even call Bitcoin really a bubble. And I’m waiting for all the comments below to tell me how I don’t understand Bitcoin. Well, that’s true. I don’t understand Bitcoin. I have no idea what it is. And you know what? Neither does anybody else because it’s not a thing.

It’s just a code to an empty safe with an empty safe inside of it and so on and so forth until you get to the final empty safe, which has nothing in it. But anyway, this is Bitcoin in gold terms. How many ounces of gold it costs to buy one Bitcoin. And the high we can see is still back from October twenty twenty one. And yeah, it was briefly broken for about two weeks in late twenty twenty four. But that breakout was a false breakout because it could not follow through. And we see the triple top was confirmed here.

And now we are at trend line that has been in place since the end of the crypto winter in twenty twenty three. If this trend line is broken decisively, we have the final line of resistance at about the two hundred week moving average at twenty two ounces of gold just below twenty two ounces of gold. Once this falls, that should be the signal that all the other bubbles are popping and the Fed is going to have to print a lot more dollars to reflate everything. Everything will be reflated, including Bitcoin, except the only difference is that the thing that’s going to go highest, the fastest, going to climb the fastest, going to be gold and silver and everything is going to become a lot cheaper in terms of real money as the value of credit falls and falls.

What I’m saying is that there is one more printing round ahead of us. We are in the repo stage of that and we saw in twenty nineteen only took a few months from September twenty nineteen to about March twenty twenty. What is that? Five, six months to initiate the next printing round this time could be even shorter. Is there going to be an excuse to print the money? Is it going to be war? Is it going to be another disease? Is it going to be something else? We really have no idea. We have no idea what really caused the printing round of twenty twenty.

Was it planned with whatever happened that year? I’m not coming to any conclusions here. I actually don’t know myself, but this would be a good test of whatever you believe happened. Then something similar should happen now, if that is indeed what happened then. And if you like this video and you want some more spiritual advisement on the endgame and money in gold and silver and government and economics, check out my Patreon at patreon.com slash endgame investor for as little as three dollars a month just to keep the trolls out. I’m not looking to make any money on teaching these ideas.

Last thing we went into is the connection between the Garden of Eden gold, the golden calf, King Solomon, King Hezekiah. What did they all have in common? And what did it have to do with money? Well, check it out in the link and you’ll see. This is Ralphie Lincoln Restor and I’ll see you guys pretty soon. When will then be now? Soon. How soon?
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See more of Rafi Farber on their Public Channel and the MPN Rafi Farber channel.