Concurring Opinions

This post by Real Time Economics does an excellent job of summarizing Warren Buffett's just published annual letter to shareholders. My opinions are quite similar to Mr. Buffett's:

• We both believe that last year's events have many culprits, both in and out of the government.
  
• We also both believe that massive government response was necessary, but will most likely result in a surge in inflation. We know for a fact that owning cash during periods if rapid inflation growth can be disastrous.
  
• Finally, both Mr. Buffett and I think that the unprecedented prosperity of the last hundred years has not come to an end. We have seen much worse economic crises over this hundred year period, and yet the parade of real progress in living standards keeps marching forward.