What does Overstock.com know?

Discussion in 'General Discussion' started by CATO, Oct 27, 2015.

  1. CATO

    CATO Monkey+++

    Overstock Holds 3 Months Of Food, $10 Million In Gold For Employees In Preparation For The Next Collapse | Zero Hedge

    Overstock Holds 3 Months Of Food, $10 Million In Gold For Employees In Preparation For The Next Collapse

    Submitted by Tyler Durden on 10/25/2015 18:49 -0400

    Overstock CEO Patrick Byrne's crusade against naked short sellers in particular, and Wall Street and the Federal Reserve in general, has long been known and thoroughly documented (most recently with his push to use blockchain technologyto revolutionize the multi-trillion repo market).

    But little did we know that Overstock's Chairman Jonathan Johnson is as vocal an opponent of the fiat system, and Wall Street's tendency to create bubble after bubble, if not more than Byrne himself. That, and that his company actually puts its money where its gold-backed money is and in preparation for the next upcoming crash, has taken unprecedented steps to prepare for what comes next.

    One week ago Johnson, who is also candidate for Utah governor, spoke at theUnited Precious Metals Association, or UPMA, which we first profiled a month ago, and which takes advantage of Utah's special status allowing the it to use gold as legal tender, offering gold and silver-backed accounts. As a reminder, the UPMA takes Federal Reserve Notes (or paper dollars) which it then translates into golden dollars (or silver). The golden dollars are based off the $50 one ounce gold coins produced by the Treasury of The United States. They are legal tender under the law and are protected as such.

    What did Johnson tell the UPMA? Here are some choice quotes:

    We are not big fans of Wall Street and we don't trust them. We foresaw the financial crisis, we fought against the financial crisis that happened in 2008; we don't trust the banks still and we foresee that with QE3, and QE4 and QE n that at some point there is going to be another significant financial crisis.

    So what do we do as a business so that we would be prepared when that happens. One thing that we do that is fairly unique: we have about $10 million in gold, mostly the small button-sized coins, that we keep outside of the banking system. We expect that when there is a financial crisis there will be a banking holiday. I don't know if it will be 2 days, or 2 weeks, or 2 months. We have $10 million in gold and silver in denominations small enough that we can use for payroll. We want to be able to keep our employees paid, safe and our site up and running during a financial crisis.

    We also happen to have three months of food supply for every employee that we can live on.

    The contents of the rest of his speech are largely familiar to advocates of sound money: fiat paper has no value, solid gold - as both a currency and an asset - has tremendous value but is difficult to transport (and since a systemic collapse would certainly involve gold confiscation, portability would be an issue); gold-backed money may be the best option, and so on.

    We are confident the echo-chamber of worthless econohacks and macrotourists, the same ones who were absolutely certain the great financial crisis will never happen, will be quick to mock "prepper" Johnson and Wall Street pariah Overstock. And they have every right to do so. We only hope that after the next crash, with central banks all in and when calls for another global bailout hit a fever pitch, that all those pundits who made fun of the Johnsons of the world, will keep their damn mouth shut.
    Yard Dart, stg58, Mountainman and 8 others like this.
  2. Motomom34

    Motomom34 Monkey+++

    I saw this and have been thinking on it. One they are a Mormon company so it is natural or apart of their lives. But imagine, your boss having 3 months of food set aside for every employee. It sounds to me that Mr. Johnson is looking at a slow crippling collapse. Great boss with eyes open and totally a prepper.

    IMO with his stance of taking care of his employees, he will win Governorship. People are becoming more aware of what is happening and how unstable things really are. He is prepared to take care of his employees so if Gov he may implement a plan to care for the citizens. I think the Native Americans also have preps for just in case also.
    Last edited: Oct 27, 2015
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  3. Altoidfishfins

    Altoidfishfins Monkey+++ Site Supporter+

    Mormons have been preppers for some time. They're good at it. A few have told me that part of the Tabernacle fascia is made of solid copper, which can be stripped and used for trade or currency should things head south in a big way.

    Don't know how true that is. But Mormons aren't dummies and if TSHTF, they're going to be able to take care of their own while New Yorkers are killing each other over the last package of moldy hamburger buns.
    Yard Dart, stg58, Motomom34 and 2 others like this.
  4. Hanzo

    Hanzo Monkey+++

    Mormons also can a lot. They have canning stations wherever they have temples, I think. Not necessarily at the temple. Can massive amounts. If you ask, I think they will let you use their facilities. You will probably have to bring your own stuff, and likely pay.
    stg58, Motomom34 and pearlselby like this.
  5. Rocky Road Lerp

    Rocky Road Lerp Monkey++

    Trust and believe the natives have preps. I have Indian friends in California that live on two different reservations. In a shtf scenario, they can not only survive, but they won't have to worry about anyone coming to raid them, except military, and they're stocked, locked, and loaded for bear.
  6. pearlselby

    pearlselby Monkey++

    I have a very good friend who is Native Indian and she said the Cherokee Nation called all their people home 3 years ago.
    Motomom34 likes this.
  7. Rocky Road Lerp

    Rocky Road Lerp Monkey++

    They did. I was trying to get my card and thought of that as a potential option, but their AO is not what I consider ideal choice. Plus, untrained injuns with military grade weapons and ordnance is a little sketchy to me:D
  8. Motomom34

    Motomom34 Monkey+++

    I find that quite interesting. No matter how much the media tells us the good times are rolling, people are moving and preparing. I swear if the media told the truth for just one week, it would be terrifying.
    Ganado and pearlselby like this.
  9. kellory

    kellory An unemployed Jester, is nobody's fool. Banned

    ...and as the Titanic sank, the band played on.
    mysterymet, Ganado and pearlselby like this.
  10. pearlselby

    pearlselby Monkey++

    The band really did play on according to the eye witnesses in the lifeboats. I can only imagine what was going thru their minds. God Bless them.
    Ganado likes this.
  11. kellory

    kellory An unemployed Jester, is nobody's fool. Banned

    I've heard it said that they felt it was all they could do to help keep people calm.
    pearlselby likes this.
  12. pearlselby

    pearlselby Monkey++

    Right, Motomom34.
    Motomom34 likes this.
  13. pearlselby

    pearlselby Monkey++

    You know the Cherokee were moved over and over again. I grew up around them and they were my friends. I had no idea how they had been treated. We were just a bunch of kids growing up. I am now amazed at how good they treated all of us white kids. At the time, we did not realize we were different from each other. Gosh, I hope this makes sense.

    I watched the mini-series Centennial and it is always hard for me to see what happened to them (all of them were mistreated). What a black mark in history. Treaties are still being broken.
    Last edited: Oct 27, 2015
  14. pearlselby

    pearlselby Monkey++

    They were definitely gentlemen. They were very grand gentlemen.
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  15. T. Riley

    T. Riley Monkey+++

    I do not believe the Mormon canneries still exist. The one in Houston no longer cans. The FDA made them shut down I have been told. I think everything they sell is now factory canned. It was fun and interesting going and spending the day canning with a bunch of people then filling each order and taking yours home. If you are caught unprepared, find the nearest Morman church. You may have to wear magic shorts or something but they will likely feed you. They are good people from what I have seen.
    Ganado and Motomom34 like this.
  16. BTPost

    BTPost Stumpy Old Fart Snow Monkey Moderator

    Actually, what has happened to the Mormon Canneries, is, they consolidated the Production of their Canned Goods, to a few Regional Locations, where they use Employees of Deseret Industries in all the Production, so that they meet FDA Food Production Regulations. They still produce ALL the same products that were done locally, before, but they are produced at the Regional Facilities. All the local Canneries, were converted to "Bishops Storehouses" and still sell those products for the same prices as before, but they are shipped in from the Production Facilities. Check with the local Mormon Bishop, and he can get you to the Storehouse Manager, that can set up your purchase....
    Yard Dart, Ganado and T. Riley like this.
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