If it isn't clear to anyone right now. There are no safe assets, there haven't been a lot of options for the last year. Your best bet is to minimize your losses. Hold cash- lose ~7-8% real value. Safe bonds are probably your best bet for the short term or owning a inflation protected business however those are rare and a recession is coming along. I guess there's a case for some risky short bets but that makes the problem worse.

It just feels like there is about to be an asset wipeout across the spectrum - like a forest fire clearing out the forest for new growth.

Don't run to the exits because that's an even worse outcome unless your holding leveraged stock bets.