Historically, failure to protect against inflation or deflation has helped spur calamitous outcomes. When spectacular inflation hit Germany in 1923, it wiped out the real value of the (unhedged and unindexed) life savings and social-security benefits of millions of people, whose anger contributed to the rise of Nazism.
历史上，防范通货膨胀或通货紧缩不力造成了灾难性后果。当1923年突如其来的通货膨胀打击德国时，数以百万计的人的毕生积蓄和社会保障福利（未加以套期保值和未与指数挂钩）的实际价值化为乌有。德国人的愤怒造成了纳粹主义的崛起。