A parade of luminaries see huge budget deficits and loose monetary policy leading to higher prices. That group includes Warren Buffett, Marc Faber, and Jim Rogers.

Buffett praises government efforts now to stimulate the economy.

Yet he told CNBC that the economy “can't turn around on a dime” and that those efforts could trigger higher inflation once demand rebounds.

“We are certainly doing things that could lead to a lot of inflation,” Buffett says. “In economics there is no free lunch.”

Investment guru Faber also sees the government creating inflation.

“The massive money printing we have and the massive deficits we have now will make it difficult when there are some price pressures for the Federal Reserve to actually increase interest rates,” Faber warns.

Rogers says it’s not just the U.S. government that’s implementing inflationary policy.

“Governments are printing money everywhere, borrowing stupendous amounts,” he told Bloomberg. “Throughout history that has led to problems…and it will this time too.”

Bond giant Pimco’s managers say it’s time to consider moving to inflation-protected bonds.

A report by Chris Caltagirone and Bob Greer at Pimco says rising commodity prices also will spur inflation. Commodity producers are delaying projects, reducing supply, which in turn could spark price increases when the global economy rebounds, they say.

“Inflation will rise,” the report says. That fact makes Treasury Inflation Protected Securities (TIPS) “attractive now,” its authors maintain.