Thanks for the writeup, some good summation points.
I have a very simplistic view, which is probably wrong - so happy to stand corrected.
In my eyes the current choice seems simple (in the short term):
A) Lose the inflation amount by holding cash (for CHF - in 2019 it was 0.36%, last couple of years in the range still below 1%)
B) Lose the amount of negative interest by holding negative yield bonds (not sure what the current going rates are)
For both of which we don’t know what changes come in the mid/long-term.