> As long as the real return on cash (around -2% when interest rates are zero) is higher than market safe return on investment (which can be lower than -2%) it can cause a gridlock in the investment market.

That way holding cash is better than buying a government bond but you're still loosing purchasing power holding cash, so why not spending it?

The real problem is when holding cash increases your purchasing power over time.

> So the investment early in time is made when prices are lower and the revenues are made later when prices are higher and thus you make higher revenues relative to what you paid for your investment. Inflation helps you here!

You reason as if you make the first investment and then that's it. It's not what really happens in most businesses.

Imagine you make an investment every year which produces the revenue for the year after.