TSI editor’s note: Peter Schiff released this clip in which he explains a debate he had with Jim Rickards recently in a Kitco interview on the subject of inflation. Rickards believes that inflation is rising prices, whereas Schiff argues that inflation is an increase in the money supply, and rising prices are the effect. Below is both Schiff’s response to the debate, and the video of the debate from Kitco. This is more than a kerfuffle about semantics. If Rickards is right, money printing isn’t the cause of rising prices, and central banks can keep printing fiat for eternity. If Schiff is right, the rising prices people are currently seeing everywhere is directly correlated with the multiple trillions of dollars created by the Federal Reserve out of thin air.