Yes in fact the only thing you wouldn't want to hold is dollars; you'd want to hold things that will earn more dollars in the future (an inflation hedge), such as equities. Then you'd only care about FX rates (to the extent you are purchasing internationally), and I don't see any indication the FX futures market is moving against the dollar.

if holding onto dollars right now is bad, could you suggest what would be a good place to put cash?

I did use the conditional "would" because I don't think the market is actually expecting inflation, which would erode the value of dollars.

Expected inflation can be calculated as the difference between a Treasury and a TIPS of the same tenor - say 5 years.

Treasury yields: https://www.treasury.gov/resource-center/data-chart-center/i...

TIPS: https://www.wsj.com/market-data/bonds/tips

So 5 years out, the expected inflation is .37 - (-.418) = .788%; pretty low. In other words, the market doesn't expect all this money printing to translate into general inflation (as measured by the CPI).

Personally I would be dollar-cost averaging into equities.

I don't think they're strictly saying holding dollars is bad right now, just that it could be if inflation became a thing, which is not happening because as said by someone else, almost all other currencies are in the same boat. Plus everything is based on the dollar in the world economy. To answer your question though, if we were in a place where keeping cash was becoming a problem, that's where assets come in like stocks, bonds, real estate.

Gold and assets that won't go to zero, essential companies and real estate. Just don't expect them to not get hit as well in the short term.