This Major Internet Company Has Stockpiled 3 Months of Food and 10 Million In Gold For Their Employees
While the world’s super elite prepare everything from stylish bunkers to emergency submarines, most couldn’t care less about their millions of employees should a widespread crisis strike financial markets or the economic system.
There is, however, one notable high net worth exception according to a recent speech from Overstock.com Chairman Jonathan Johnson who notes that after many years of getting hammered by short-sellers they’ve lost total trust in Wall Street and the government’s ability to look-out for the little guy.
As such, Johnson’s company has taken preemptive measures in anticipation of a major event that could take down payment systems, lock up credit flows and make it impossible for employees to meet their basic needs.
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 the United 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."
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