By Felix Salmon, author of Axios Markets
Americans hate inflation, in large part because it erodes the bedrock of capitalism — money. Concentrating on inflation, however, risks missing the profound other ways in which money has lost its power over the past three years.
Why it matters: U.S. government actions over the course of the pandemic have radically reshaped the dollar, which is now much more politicized and mutable than it was before 2020.
The big picture: Felix Salmon’s new book, “The Phoenix Economy,” out on Tuesday, covers the ways in which the world has changed since early 2020. Among them: a quiet revolution in how people think about what money even is.
