Your cash is melting at about 10%/yr.
If invested, the market is dropping by more than that, so I'm net preserving my capital, and still earning the same yield as before because of the higher treasury rates.
I'm only losing when I spend the money on inflation-impacted products. Since my mortgage, utilities, and other recurring expenses are fixed rates, only my food and gasoline expenses are inflation-impacted, and those are not a majority of my household budget.
-PJ