"But in the last 10 years of ZIRP, cash underperformed every major asset class -- stocks, bonds, real estate, fine art, private businesses, precious metals, cry

"But in the last 10 years of ZIRP, cash underperformed every major asset class -- stocks, bonds, real estate, fine art, private businesses, precious metals, cryptocurrencies, even rare books" Yes, that is my point - the correct response to deflation is a very painful experience (and has been, as you note). Since the deflationary collapse can be delayed be QE3, QE4, QE5, etc., that pain could last a very long time. I don't know how to properly prepare for / hedge against the scenario I outlined.