I re-watched the talk with Charlie Munger at Harvard-Westlake (from January 2010) last night on DVD and thought Munger's inflation comment was worth mentioning. After talking about how he knew the derivative and mortgage mess was going to very badly, but that he didn't know when, he then answered the part of the question about inflation using a similar framework. Here's the quote from the Santangel's Review Transcript which captured the essence of it:
"I knew we’d have a hell of a mess eventually. I just didn’t know when it was coming. I think I know eventually we will have a hell of an inflation mess, but I can’t tell you when it is coming. It could be way in the future. But I think eventually you’ll have it."