There are riots in the streets of Greece because of new austerity measures. The Greek people are fed up.

But Peter Schiff, who is currently in Houston Texas says that this is actually a step in the right direction – but it isn’t enough.

The Greeks shouldn’t be protesting the austerity measures, but the prior spending of the government that made this possible.

There is still too much debt on Greece. They were just as broke two years ago, but people kept lending them money.

The United States is in the same situation. Once it gets too difficult to borrow money, we will have austerity measures of our own.

What they are doing now is better than leaving the Eurozone. If the Greeks think it is bad now, just imagine how bad it would have been otherwise.

A lot of the cut jobs were a drag on the economy. Now they will bee able to get jobs in the private sector. That is the only way to have growth.

All of these austerity measures are pushing Greece in the right direction. This could be a model for other countries in the future.

This water-torture approach isn’t ideal. It would be better if they just defaulted completely.