Word on the street has it that the stimulus, deficit spending, and fed pouring money into the economy will cause inflation. This willl be like a tax of sorts on your existing savings, as the value is eaten away.
So how do I protect my savings from this inflation, besides going on a spending spree at the mall right now?
It’s my understanding that buying commodities and precious metals is the traditional hedge against inflation. The treasury also offers a special kind of bond that is inflation-protected, it’s called TIPS.
Note however that TIPS is indexed to the consumer price index, which some people feel understates the true rate of inflation.
Avoid cash and long-term dollar-denominated fixed income securities. Other than that, you have lots of choices–real assets (such as real estate–cheap right now!), assets denominated in foreign currencies, common stocks (profits tend to increase with inflation, at least long-term), precious metals, or TIPS.
“Word on the street” is always wrong. So start protecting yourself against deflation. 
Buy guns & ammo.
Also leverage your capital as much as possible. The easiest way to do this, for most people, is to put all of your liquid money into a down payment on the most real estate you can afford, with a fixed 30 mortgage. Assuming “word on the street” is correct, you will be repaying those expensive 2009 dollars with very cheap 2039 dollars.
Gold is seriously expensive right now, isn’t it? If you buy in, you’ll be buying at the top of that market.
Vanguard’s Inflation Protected Securities Fund is pretty reasonably priced at the moment.
Don’t let the tail wag the dog here. You can buy stocks at a steep discount now, so the opportunity cost of socking money into something else as an infaltion hedge could be huge.
You want the investment in things that also go up in value with inflation. Precious metals, for example (though I agree with the other poster that you’d be buying at the peak of those markets and this is not the time).
Stocks also go up with inflation as the price of their goods go up. That’s the way I’d go anyway; not only are stocks underpriced right now, but - long-term - stocks provide greater growth than other investments
Any savings, CD or money market account with a variable rate will give you some protection, since inflation should push the rates up.