linguistic:translation, structural:expansion
COVID-19 recession

Taking the precedent of the 2008 financial crisis, critics of the mainstream definition of a liquidity trap point out that the central bank of the United States never, effectively, lost control of the interest rate. Whereas the United States did experience a liquidity trap in the period 2009/10, i.e. in "the immediate aftermath" of the crisis, the critics of the mainstream definition claim that, after that period, there is no more of any kind of a liquidity trap since government and private-sector bonds are "very much in demand". This goes against Keynes' point as Keynes stated that "almost everyone prefers cash to holding a debt." However, modern finance has the concept of cash and cash equivalents; Treasuries may in some cases be treated as cash equivalents and not "debt" for liquidity purposes.