We will never truly know the correct answer until the time comes. Those that lived through the Weimer Republic watched as cash or cash equivalents became worthless.

We have all lived through a mild form of devaluation of the currency in N America. Let's go back to 1964. Place 4 silver quarters and a dollar bill in a time capsule. Open in 2011. They had the same purchasing power going in but coming out the 4 quarters have roughly 30x (silver content) the value of the paper dollar. I admit good equity stocks outperformed the 4 quarters in that same time but this is just a real life example. This is not understood by many who were born after about 1960. That is a heck of a lot of people.