No entry and exit of member banks

Zero Hedge: Ignoring years of stagnation, economic deterioration, and an unprecedented unemployment rate, which remains stubbornly in the double-digits for countries like Greece, Spain and Italy, Europe appears to have finally woken up, shocked by the reality of Brexit and the Trump election, and has started with the fire and brimstone warnings. Case in point: French prime minister Manuel Valls, who speaking in Berlin, said that the European Union is in danger of breaking apart unless France and Germany, in particular, work harder to stimulate growth and employment and heed citizens' concerns.
"Europe is in danger of falling apart," Valls said at an event organized by the Sueddeutsche Zeitung newspaper. "So Germany and France have a huge responsibility."

The lending and deposit trees become non-uniform in disorder because default is not priced in properly.  Hence the bid/ask stream jams up and the pit boss is on the graph constantly, like Japan and Europe.

It is the reason that Paul Samuelson got an indeterminate answer when derived interest rates.

Look at it this way. The block chain is infinite when members are permanent, hence the infinite precision graph must either have a complete, finite, unchanging sequence, or it measures rates out to infinite time.  But the member states are far from unchanging.

What is happening is rates are being measured out to infinity, none of the trader bots believe in time, much less infinite time. So the ECB is spinning its wheels trying our different rates at infinity.

Rates ate not known until the pit boss gets the graph in order.

Another way to say it. Milt's lifetime hypothesis does not go to infinity.  Member banks have to maintain Ito's condition, compress the bets so block chain eventually completes.  If you cannot do that, then currency banker flies helicopter once a generation, instrd of more often.