Up until the GFC, buying and reinvesting short-term rates (e.g. treasury 3 month bills), have more than compensated for inflation. Long-term rates from 1985 up

Up until the GFC, buying and reinvesting short-term rates (e.g. treasury 3 month bills), have more than compensated for inflation. Long-term rates from 1985 up until last year have had even better risk-adjusted-returns than equities. The "all currencies die or devalue" thesis is technically correct if you're holding cash under your mattress, but it's also misleading since real rates have been historically positive...