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Economically, they are both loans against financial instruments. The difference is the collateral posted - repos by the Fed are generally against Treasury securities. This is not a small difference: it makes it much easier for a bank to access liquidity, since not all of its assets are Treasury securities. There’s a mechanical difference: a discount window ...


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Altough you are correct saying that the state "own" central banks, they should be independent from their government. This gives freedom to monetary policymakers from direct political or governmental influence in the conduct of policy. Given that, I would say that your interpretation is a bit exaggerated and maybe biased somehow. Quantitative easing (QE) is ...


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