Capital and cash are equally liquid in the sandbox

Why Talk of Bank Capital ‘Floors’ Is Raising the Roof

The IMF is talking about S&L  that does not issue currency, so they are zero bound operations. Anything called capital is simply another pit with similar bots trading  stock tokens. Otherwise everything is a known bound on variance. We can do no better than an auto traded, fair pit, so capital buffers is simply the investors own coins backing the zero bound limit.

The old system includes term debt which has extra risk. In our model, term risk is handled in smart layer. The no-arbitrage layer, pure cash, uses asynchronous, adjustable interest payins and payouts Time to completion is unobserved in  term debt hence their is an implied imbalance.