Peter Schiff on Greece Sovereign Debt Crisis

Peter Schiff :"well I want to follow up on my discussion yesterday on this video blog about Greece and the similarities between Greece and the United States , especially given the fact that there these major riots going on right now in Greece unfortunately people have actually died in these riots
and we have a lot of volatility in the markets stock market currency market money market as result of what's going on . First of all we did not understand why do people in Greece riot , the reason they are rioting is because the government is threatening to reduce their benefits , to reduce their pay and their generous compensation packages and of course while they are being asked to give this up so that the Greek government can pay Bond holders , now many of the people who own Greek bonds do not live in Greece they do not vote in Greek elections , who do you think the Greek politicians really want to listen to ? and imagine you know asking the Greeks to sacrifice so that German citizens or American citizens or Chinese citizens or Saudis or whoever owns the debt can get back all their interests payment and the principal payments . so this is difficult for politicians , the only reason i believe that the Greek politicians are even considering paying back the debt is because they are in the Euro Zone because they cannot print money , had they borrowed in Drachma it would be a very easy choice and just create inflation , everybody could get paid nobody's benefits is going to be cut , of course that would actually be worse , sure the Greek citizens are protesting the fact that they might get paid less but if the government could just print money which so many people seem to think it would be the easy way out then we still get paid less , they have the same amount of Drachma , but the Drachma would not buy as much because the cost of living would go up and just printing money and debasing your currency so that politicians could pretend that they are actually fulfilling their promises is not true...I mean imagine in the United States when we get to the same predicament when interest rates start to rise and foreigners are not willing to lone unless we increase interest rates , are our American politicians are going to be able to tell American citizens that they have to put up with higher taxes cuts in social security so that we can make interest payments to the Chinese and to the Saudis ? not in your life...etc...