There is some truth to it - the only thing we ever see is illiquidity, ie the inability by someone to pay a liability when due.

Then it's indeed a question of opinion as to what the inability means. But there is a conceptual difference between a temporary mismatch between resources and debts, and a long term inability to pay one's debts. The first kind can be solved by liquidity injection, the second cannot.

So, after the failure of the recent liquidity injections, one can infer that we are no longer in a temporary mismatch situation.

In the long run, we're all dead. John Maynard Keynes