Debt jubilees merely treated societal symptoms ...

The following is an extract from the "Volume 2. Modernity" of my series "From Modernity to After-Modernity" that I'm presently editing.

I give this extract as a blog post because it is adding some more substance to the post "Michael Hudson Asks Naked Capitalism's readers... " that I published on 2021-04-15. 

What’s going on here ? (9)

4. determinant side-effects of Modernity

From a very long haul perspective the present re-balancing of world affairs appears as the rebuilding of the governance-world in the wake of a category 5 economic hurricane that swept the whole world of its postmodern pipe-dream fantasies. In contrast in the aftermath of the great convergence of all the side-effects of Modernity there is a very high probability that nothing will be left to rebuild. In the most innocuous of all possible scenarios only a small number of humans will survive who eventually will be forced to start a new cycle of “societal evolution” in order to survive.