Rick Harrison has seen just about everything running a pawn shop in Las Vegas.
There’s one growing crisis that has him on edge.
And Pawn Stars’ Rick Harrison sounded the alarm on this awful problem the government created.
The government’s out-of-control spending is threatening the country
Rick Harrison became famous for running his family business, the Gold and Silver Pawn Shop in Las Vegas, for 22 seasons on the hit History Channel reality show Pawn Stars.
The reality show star warned about reckless government spending during an appearance on the Fox Business show The Claman Countdown.
Harrison said that inflation and the government “printing money like confetti” have sparked an interest in gold and silver as investments.
“Remember, we live in a world where we’re printing money like confetti, and it’s getting a lot of people concerned,” Harrison said.
Sound money like gold and silver becomes more popular when the Federal Reserve is printing money like there’s no tomorrow.
“I mean, the government’s number-one line item now is interest on the debt. It’s $36 trillion. I mean, you’re never going to be able to pay that off,” Harrison added. “So the only way to pay down the debt is either inflate the money supply or monetize the debt, which can cause inflation, anyway. So, that’s one of the reasons why I think everyone’s buying gold and silver.”
The pawn shop owner said that many people are buying gold and silver as a hedge against inflation.
Going off the gold standard allowed the government to create money out of thin air
President Richard Nixon took the country off the gold standard in 1971.
That allowed the Federal Reserve to print endless amounts of money with nothing backing it.
“When we were on the gold standard, there really wasn’t much inflation at all because you couldn’t print money,” Harrison explained. “Because the whole definition of inflation is increasing the monetary supply, which our government is doing at an astonishing rate right now.”
Harrison noted that having the currency backed by gold kept the government in check.
“Back in the day, you know, the gold standard, you just couldn’t print gold, and therefore, it kept inflation in check,” Harrison stated. “The bankers complained about it. They wanted more money in the system, so they load more money, you know, but that caused inflation. The gold standard, it works. It’s worked for thousands of years. “
The Pawn Stars personality backed calls by President Donald Trump and Tesla CEO Elon Musk to audit the country’s gold reserve that’s being stored at Fort Knox in Kentucky.
“I’m just saying that if everyone doesn’t say, ‘No, we shouldn’t audit it,’ we should probably audit it,” Harrison said about Fort Knox. “There’s no good reason not to, and then when they start arguing that we shouldn’t, it makes an even better case for auditing it.”
The rampant inflation and unchecked spending have created a newfound interest in gold and silver as investments.
Gold prices have hit a record high nine different times this year as investors search for safe-haven assets.
