Operationally: The ECB extends (over)collateralized loans to banks against unimpeachable collateral (read: Treasury issue). The Fed buys and sells assets of unimpeachable soundness (read: Treasury issue).

In practice: The Fed uses a cruder tool than the ECB, but the Fed uses its tool with much greater skill. The outcome is practically indistinguishable.

- Jake

Friends come and go. Enemies accumulate.