What is money?

 

Definition of money - a current medium of exchange in the form of coins and banknotes; coins and banknotes collectively.  

 

Is the definition for money still work now? Doubt about it.

 

Before quantity of money supply related with certain thing: gold; (US dollar related to gold until Aug. 15, 1971). Some country money supply link with agriculture and industry output.

 

But now money can be input to the market by will. US invented QE money. QE1; QE2...QEn. Money can be supplied as much as we needed without any limit, any prerequisite.  China put hundreds billion dollars to market before; and now China will put another hundreds billion dollars to market again.

 

If money still is 'medium', both side should have goods accordingly. But now without goods, money still can be printed out.

 

What is the definition for money now? A weapon to compete with other country? A method to solve economic problem?

 

What will happen after money definition was redefined?