T-Bills require a third party to cash in. You carry the risk of not being able to make the transaction when you want (or need) to. You also carry the risk of being caught in the bond bubble busting. It will; when is the only question, but bond holders will get creamed when it does.
Cash gives you the flexibillity to move it into something else quick if you need to, plus, if deflation overwhelms the central banks, cash will be king for a period of time. The risk is getting caught in an overnight re-valuation (ahem, de-valuation), which is what I expect will occur at some point. That wouldn't be fun for T-Bills either, so cash would be all around safer.
Undo what Wilson did
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