HousingPANIC Stupid Question of the Day

Regarding the "cash is king" mantra, as written about in Manias, Panics and Crashes:

The final phase is a self-feeding panic, where the bubble bursts. People of wealth and credit scramble to unload whatever they have bought at greater and greater losses, and cash becomes king.

Is "cash is king" still relevant today (especially non-US$ cash)? Or, because of an incompetent, negligent and corrupted Fed, is it truly gonna be "different this time",