Inflation Tsunami

Ben Harp: Now, for chrissake, does either one of you have anything even remotely interesting to tell me?
Johnny Utah: Caught my first tube today, sir.
--Point Break

Peter Schiff suggests that we're headed for an inflation tsunami. Well reasoned, incorporating many points made on these pages.

An important point that he makes is that, despite hawkish rhetoric, the Fed's actions remain accommodative. They are still buying bonds (QE).

In other words, with inflation at 40 yr highs, the Fed is still printing money.

And real rates are still way negative.

As such, how can anyone believe the Fed is truly serious about fighting inflation?