Peter Schiff at Las Vegas Moneyshow 2014

Velocity of money is only one part of rising prices, and frankly it is one of the smallest factors.  Just think about food, if population stays roughly the same you shouldn't see any real velocity increase or decrease (except in specific short term scenarios).  Yet the price of food is always increasing.  People make up reasons for each sector but the overall reason is the increase to the money supply.

But the proper definition of inflation is the increase to the money supply, the effects of which are higher prices.  We are seeing higher prices now, but a lot of the effects of recent money printing are in the stock market and bonds (government overall).  That will work its way through when those bubble burst due to rising interest rates or just overall fear in the economy.

Everyone says you can't have rising prices and a declining economy but just look at the 1970's.   If people start selling bonds the dollar will fall and we will see rising prices regardless of the velocity of money.
Peter Schiff is a well-known commentator appearing regularly on CNBC, TechTicker and FoxNews. He is often referred to as "Doctor Doom" because of his bearish outlook on the economy and the U.S. Dollar in particular. Peter was one of the first from within the professional investment field to call the housing market a bubble. Peter has written a book called "Crash Proof" and a follow-on called "The Little Book of Bull Moves in Bear Markets". He is the President of EuroPacific Capital, which is a brokerage specializing in finding dividend-yielding, value-based foreign stocks.