The true meaning of binding and loosing and the keys to the kingdom

It is not uncommon nowadays to hear people bind the devil, rebuke everything under the sun, and loose the Spirit of God / angels / blessings of Abraham. They use the terms rebuke and cast out are used almost interchangeably and refer to some action against the devil. The term loose is a more positive term, and can release blessings or angels - the specific interpretation varies. But what is the true meaning of binding and loosing? What exactly are the keys to the kingdom in Matthew 16?

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