Overstock stashes food, gold in prep of collapse

Overstock has set aside gold in preparation of a financial collapse.

The chairman of the American online retailer Overstock, Jonathan Johnson – who’s also running for governor of Utah – said his company is so sure a financial collapse is on the way, the firm’s leading executives have accumulated and set aside about $10 million in gold and silver coins to cover the costs of payroll and keep both employees and operations in the black.

At a recent United Precious Metals Association conference, Johnson explained how Overstock is taking advantage of Utah’s laws that allow it to use gold as a legal tender, via coins based off the one ounce gold coins issued by the Treasury Department.

He said, Zero Hedge reported: “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 [quantitative easing] and QE4 and QE [upcoming], that at some point there is going to be another significant financial crisis.”

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So what’s Overstock’s answer?

“We would be prepared when that happens,” he said. “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 two days, or two weeks or two months. We have $10 million in gold and silver in denominations small enough that we can use for payroll.”

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The aim, he said, is to “be able to keep our employees paid, safe and our site up and running during a financial crisis,” Zero Hedge reported.

Moreover, Johnson said the company was also putting away food for employees in case of emergency.

“We also happen to have three months of food supply for every employee that we can live on,” he said.

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Johnson, as well as Overstock chief executive Patrick Byrne, see fiat money as the demise of America’s economy. Many economists and money watchers say a return to the gold standard, where paper money was backed by physical gold, would help curb inflation, keep government spending in check, stabilize markets and allow the U.S. economy to grow its wealth by more honest means.

 

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