All episodes

Hi, I try again to ask about the use of the word "all episodes" I hope you can help me to understand this.. now I'm not sure he says "were replaced by money issued by the monopolist" I will ask again in the audio forum...

Until the mid 20th century, all episodes with private money were replaced by money issued by the monopolist. This money is not covered in any goods or metal and is based only on trust in the monopoly, which guarantees that it conducts its monetary policy well.

From video At 2:25