Like a vanquished enemy, inflation has been out of sight and out of mind. But old enemies can resurrect themselves.  And that’s just what’s going to happen with inflation, two fixed-income experts say.

Inflation threats are right around the corner. Eric Fry of the Rude Awakening examines 6 ETFs and how to prepare for the “near-certain arrival of inflation.” He says now is the time to be wary of price increases and these ETFs act as an “insurance policy” to hedge against them.

The money-printing hand writing is on the wall, says Justice Litle. A severe inflation threat is on the horizon. But the bond market is still pricing in a bout of deflation. And that makes Treasury Inflation Protected Securities (TIPS) an amazing deal right now.

Despite signs that several segments of credit continue to improve, namely in the mortgage-backed and investment grade corporate bond market, the rest of the complex remains hostage to nervous money and the accelerated flight to safety in December.

There has not been a recession in history that was not followed by inflationary pressure, says Keith Fitz-Gerald. And the unprecedented government spending means this next wave of inflation could be painful. Keith says savvy investors protect themselves from the real enemy – and even turn a decent profit – with inflation-protected securities (TIPS) like the iShares Lehman TIP ETF (NYSE:TIP).

Martin Hutchinson says $2 trillion in Treasury borrowing this year is a conservative estimate. This new debt will push up private-sector borrowing rates, while rapid money supply growth will create inflation. Martin says the Rydex Inverse Bond Fund (RYJUX) is a good way to play the demise of long-term T-bonds.

Andrew Snyder says this is not the time to be buying bonds. Yields on Treasury bonds are paltry, and over the next five years will pale in comparison to the rewards on offer in stock markets. Andrew says this is a great time to buy blue chips at penny stock prices.