An excerpt:

Since the demand for financial assets is sustained by the demand for debt, global emergencies fulfil precisely the request for more borrowing: mountains of cheap cash are created out of thin air and deployed as financial leverage. The appetite for borrowing is now properly endemic, for it also affects the real economy, households, and, crucially, governments. This is why global emergencies are the main driver of artificial monetary expansion, which in turn represents the capitalist forward-escape route from the valorisation crisis (inability to generate socially sufficient amounts of surplus-value and therefore real wealth) that has plagued our mode of production since the Third Industrial Revolution, and the implosion of the Bretton Woods system in the 1970s.