If rates of consumer price increase actually start rising enough to move the official CPI gauges, as Peter Schiff has long been predicting, then the Fed will not only have to continue tapering but also start raising rates. Major inflationary episodes are associated with rising rates. In the late 1970s, the Fed repeatedly raised its benchmark lending rate until Paul Volcker finally got ahead of rising consumer-price inflation by jacking up the effective Federal Funds rate to 20% by 1981.
Implicit in Peter's call for more monetary loosening is an expectation that the CPI won't rise above the Fed's target of 2%-2.5%.
The Fed began tapering in spite of Peter's prediction (November 18, 2013) that it wouldn't. If the Fed continues to taper this year and doesn't reverse course as he's now predicting, then I'd suggest it's time for Peter to get out of the prognostication industry. And if he doesn't, then everyone reading this should just stop paying attention to his predictions.