Cash is king when world interest at low for long?

With World banks maintain interest rates at ultra low for long period to come.  Is cash still king even inflation at modest rate?  The current environment promote equities but we believe eventually benefits to asset oriented investment for years to come.  No matter there is a crisis or no crisis.  Cash is no long valid and in fact depends on which country are you living in.  We believe quality growth stocks, REITs, properties, commodities and may be even a valuable collections are much better than cash.  The longer interest stay low, more ratio of our investment will switch from equities to others portfolio to reduce risk.