A couple of days ago we spotted the below tweet from David Morgan at the Silver Investor:
Normally we’d probably overlook this as the name Jonathan Johnson didn’t mean anything to us. However we spotted the company name Overstock.com (a very large online retailer in the USA) and recalled reading a couple of interviews with their Founder Patrick Byrne, a libertarian type, who had some non conventional views. We also remembered that Overstock were one of the first large companies to accept bitcoin. So what Overstock is doing to prepare piqued our interest.
Interesting enough was that their CEO Jonathan Johnson was speaking at United Precious Metals Association conference. Even more interesting though was what he had to say about how they expect another financial crisis and how they don’t trust the big banks:
“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.”
What are Overstock doing to prepare for this expected financial crisis?
They have $10 million in gold and silver in small enough denominations to pay their staff along with 3 months in food storage for every staff member plus one. That is enough food for each staff member plus their partner for 3 months…
“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 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. 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.”
They actually sell freeze dried food so all they do is keep very large supply in stock for themselves on top of what they sell.
So it seems stockpiling gold, silver and emergency food supplies isn’t just for conspiracy theorists and “out there” crazies!
When you have a large company with 1500 employees and US$1.5 billion in revenues taking steps such as these, perhaps it is not an unreasonable precaution to take for your own family?
We’re yet to hear of any NZ employers taking steps anything like this, so odds are it’s up to you alone to prepare for yourself and your family with financial insurance and the basic necessities of life.
We have both options covered if you need them. Gold and silver available here.
Full Video of what Overstock is Doing to Prepare
Here’s the video highlights of Overstock CEO Jonathan Johnson’s presentation and comments on their preparation: