One of the mysteries of the English language finally explained.
- ‘The source of the problem was the initial demonetization of gold and silver which took place between 1913 and 1945.’
- ‘The long inflation which had given so much to the peasants for two generations had been associated with the world-wide demonetization of silver, which depressed its value in China and led to rising commodity prices.’
- ‘Parallel to currency substitution, growing demonetization - the reliance on barter trade - can fuel inflation.’
- ‘The demonetization of cowries or manillas (copper rods) provoked strong protest from people whose savings were in these forms, to such a degree, indeed, that the British were eventually forced to offer conversion facilities.’
- ‘In the initial stages it involved an attempt to reduce the value of gold and silver relative to banknotes, ultimately followed by a policy announcing the complete demonetization of gold and a phased series of reductions in silver.’
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