I encourage everyone here to take a look at the proposed Day of Silence which some frustrated StackExchange participants will be observing for 24 hours, starting tonight at midnight (Eastern Standard time). You may want to join this action (inaction) as a way of supporting two of the three moderators here who are taking a break from moderating.
Monica's demotion as a moderator was in the words of Stack Exchange's CTO a procedural error . The consensus among witnesses and users is that the faulty process resulted in an erroneous outcome. There was no reason to demote Monica.