Depression vs Inflation

Sorry gonna get geeky here.
Look at the 1930s vs. the 1970s.
For the decade of the 1930s, the total real returns were:

* Stocks (S&P 500): +21.9%
* Cash: +29.3%
* Bonds: +94.9%

For the inflationary decade of the 1970s, the total real returns were:

* Stocks (S&P 500): -14.0%
* Cash: -10.5%
* Bonds: -17.5%