The real significance of the Russell paradox, from the standpoint of the modal-logic picture, is this: it shows that no concrete structure can be a standard model for the naive conception of the totality of all sets; for any concrete structure has a possible extension that contains more 'sets'. (If we identify sets with the points that represent them in the various possible concrete structures, we might say: it is not possible for all possible sets to exist in any one world!) Yet set theory does not become impossible. Rather, set theory becomes the study of what must hold in, e.g. any standard model for Zermelo set theory.