This morning, CNBC viewers were treated with a three-hour visit by Warren Buffett and many nuggets of his monetary wisdom. While I am personally not a fan of Buffett's atheism (he's not willing to pay the price to know what the rest of us have paid the price to know), I admire his brilliant financial mind and his great wit and humor. His wisdom, common sense, and gift for humor are a joy to listen to. I can't help but like the guy, as long as I keep my admiration to only those subjects for which he has proven himself worthy of respect. Politics is not one of those areas!He said that the surge earlier this year of commodity prices is only beginning to be reflected in retail prices that must eventually be passed onto the end consumer. He gave examples from the businesses in his empire, and said that their margins have been squeezed so tightly that they have been forced to increase prices repeatedly to their retail dealers. He said that they have been forced to increase prices again and again, sometimes in rapid succession. He also said that the price increases have only just begun, and that much more -- and many more -- substantial price increases are coming. Inflation is not dead! It is not under control! Take it from a man who should know -- Warren Buffett!
