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Overstock Holds 3 Months Of Food, $10 Million In Gold For Employees In Preparation For The Next Collapse
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 technology to 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 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.
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.
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Mr Hitlery...do you know who owns the NYSE? It is not the USA...I will give you a hint...
The only permenant Foreign military base on US soil...be careful what you wish for Mr Hitlery!
That's fine, I like Germany and Germans. I'm sure they would like me, I'm 100% German. Although, I am of course American first. If it comes to it - I'll welcome them here, they got a bad rap in early 20th century anyway. It's time for a rebirth. I'm not a fan of waht we currenty have in power anyway. Maybe we can team up with Russia and make some heads roll?
he's pretty optimistic if they think they only need 3 months of food...
Perhaps he has listened to Lee Wanta?
https://app.box.com/s/hfgvcqg7gqh7i27at6sv53ywu87lwarp (Read Me First)
And I have sneeking feeling, Gen. Odierno (former JCS Army) is one of those that invited Wanta to sit with them at the 2005 POTUS inauguration. That was 10 years ago. It takes time to execute a well thought out plan ..
Odierno was recently hired in an adisory capacity at JPMC. Listen to the 11 minute teaser and pay special attention to the military is in full support of this. Use your imagination and do a little reading between the lines. Connect some dots ..
And I'm not sure how far $10 million for payroll would last (1 payroll?) But it does get the attention of employees and maybe would convince them to stock up themselves.
Surviving a famine is akin to outrunning a bear.
I sincerely applaud the company for what it's doing to take care of their employees - that's commendable. Broadcasting it to the general public and 'powers to be' - I'm not sure that's a sound decision.
Too late now though. OOPS!!
I'm pretty sure the powers that be already knew. If the general public was resourceful enough to think out of the box and find these gold and food caches, they'd already have their own thing going on.
It could actually turn out to be some brilliant marketing - what a novelty... a company who doesn't screw its employees.
According to the video, the food cache is in the warehouse. The company sells freeze dried food. They keep and extra large quantity in stock so that they can have an extra 3 months on hand at all times for each employee and one dependent.
________
Love the avatar. Glad to find someone else who pays attention to Thunderbolts.
you're shitting me. awesome.
3 months of food supply? According to the government this is terrorism.
Excellent point BB. Will he be visited by drones soon? Wow, Gold AND prepping. He really IS a terrorist.
Food will be deemed as weapons of mass destruction.
;)
Chilcot inquiry: blame will be spread beyond Blair'sinner team ...
Yeah they have all this crap in storage. They will just charge you four times the normal rate to ship it to you.
You bring up an interesting point. Shipping.
In a collapse scenario, who is delivering packages or mail?
Xe Services? Oathkeepers? Kevin Costners's Pony Express?
No one without some hardware, that's for god damn sure.
I read a few years ago how the mail carriers for some housing projects refused to deliver without a police escort. And that's when there was food on the shelves.
Payroll?
What will they be doing to earn it, hand delivering overstocked cyanide or iodine tablets?
Overstocks' gold might be outside the banking system, but given that they are in Salt Lake City, it could be at Brinks. Brinks is as good as in the bullion banking system given that it's in the Comex warehouse system and the LBMA vaulting system.
Gee. I wonder who stereotypically hoards like that. Can haz dehydrated cheezburger?
They also stopped by the nearest Mickey D's and ordered 10 million Big Macs since they last indefinitely without any special treatments; hell, just throw them in shoe boxes...
This guy is suspicious
If I had a nickel for every time I was suspicious I'd be suspicious of the one who was giving me the nickels ;-)
Watch Patrick Byrne's presentation and zerohedge readers will be shopping at Overstock.com
https://www.youtube.com/watch?v=vFOpSTodk_U
yeah. what ? like it only took tyler eight years to post a blurb on patrick and it's not even about him?
pickin up too many of you own home damn soap bars in the shower are you ?
The govt loves this. Overstock will be on the blame list, and the govt will seize all their gold and food.
Overstock is just doing what everyone in Utah does. Utah is prepper central and the management is just going with the flow to keep the empoyee's happy.
Not likely. He set up payment by Bitcoin on his site - it's a national site. Plus he spoke at Porcfest about these issues. Porcfest is in NH.
Is Judd Balgey still working at Overstock? This is juicy stuff:)
http://www.valuewalk.com/2015/03/overstock-com-judd-bagley/
In 2005, Patrick Byrne made obscene and misogynistic comments to a female reporter suggesting that she gave “blowjobs” to Goldman Sachs traders after she published an article that he disliked. Two years later, investigative journalist Roddy Boyd from the New York Post reported that Patrick Byrne used Judd Bagley to secretly stalk and conduct a smear campaign against critics on the web. Bagley used anonymous aliases on stock chat boards to attack critics of Byrne. He hacked into the accounts of stock chat board posters and implanted spyware in emails to improperly gain personal information on critics. Bagley retaliated by attempting to blackmail the tech savvy blogger who initially exposed his activities. Then in 2009, Patrick Byrne used Judd Bagley to pretext journalists and critics (including me) to gather information about theirfamily members (including minor children) and friends by setting up a phony profile on Facebook under the name Larry Bergman. That resulted in a spate of bad publicity and got Bagley kicked off Facebook.
If you watch that video and don't like what he is saying, get the F off this site and back to CNBC.
Does not trust Wall street, banks or fiat currency.
Pro gold, cryptocurrency and cares about his employees.
Five tubes of 1/10 oz eagles costs about the same as a small family has to pay for 6 months of obamma care, but 50 gold coins is the best insurance a family could have about right now...
"Here at UPMA we are the first to offer a 0% buy/sell spread meaning that you
do not lose any value by using our service. The American Express card has no
fees and pays members 1% gold back. We are striving to offer our members the
ability to return to the gold standard."
And if you're reading the headines and don't have three months of goods stored you might be the next corpse in the back of a pick up on the way to the Big Ditch.
Notice how all this in the ME is encircling Saudi and Israel?
How is he going to pay suppliers... and will he be taking gold and silver?
Good question. In a collapse scenario, is there electricity, or even mail?
The net was designed to survive a nuke blast, but without electricity or a telecommunications infrastructure.....your bitcoins are worth less than a truckload of dead rats in a tampon factory.
With that amount of gold and silver he will be the bank. His receipts will be "good".
If there is a catastrophic collapse, gold and silver will not matter so much. The two most important metals will be brass and lead.
I like this guy. He better also buy a boat and have an accident just in case.
Its just a good insurance policy , if the shit goes down 90% of corporations will go extinct.
The house of cards won't collapse as long as debt keeps increasing smartly. Go central banks! /sarc?
deleted double post
i always wondered for the people preparing for an system failure on a significant level where they would need guns, how many have enough ammo to last a them for months if need be or do they,most likely, just have a box of bullets. Do they have bullet press machines, a stock of gun power, id guess no. Do they know how to even distill water,make a fire without matches. Id imagine the vast majority of people "preparing" for a collapse are not prepared for any type of hardship.
"...or do they,most likely, just have a box of bullets."
Not boxes, cases. Many cases of various calibers stored inside where they're kept safe from moisture, heat, cold and the elements. Water distiller as well as filtration and water disinfectants, check. Firestarters, check. Food, water, etc., check. And BTW, they're called cartridges, not bullets. A bullet is just the lead or copper clad lead part that goes downrange.
you have geiger counter or suit for nuclear radiation
I do. Plus personal devices for measuring radiation exposure. And potass iodate.
No need to distill water. Pour most collected water through a cloth to filter debris then use filter like Sawyer squeeze. And drink. Cooking you can use as soon as bubbles start to rise it will be bacteria free. There are no virus threats commonly found in water but you never know.
Good advice shit for brains...
Well, you and everyone who follows that shitty advice will be shitting through the eye of a needle, and then probably die of hepatitis induced liver failure.
Not to mention Polio, Meningitis, and the DoD still has Smallpox hidden away.
https://en.wikipedia.org/wiki/Human_viruses_in_water
"Half of the hospital beds occupied in the world are related to the lack of safe drinking water"
well you see my point dont you but yes bad advice filtering dirty water with a cloth lol
This one for hot climate, urinate into a hole in the ground. Place a coup in the centre of the hole cover in plastic. Then you put a small stone in the centre creating a statlagmite effect where condensed water (pure now) can drop into the cup.
Now going to guess it would work with any water, with the heat, no way for bacteria or viruses to cross the mechanism.
They thing that will help you survive any collapse. And i do have several ways of starting a fire, Knowledge you will always have with you.
I just received my UPMA "Employee" American Express card a few days ago. They use American Express because American Express is not a bank. You receive a UPMA "Employee" American Express card to facilitate the isomorphic conversion at no charge between gold/silver and fiat currency at the point of purchase or when you deposit fiat with UPMA. UPMA charges a minimal monthly fee based upon your gold/silver account balance, but it's less than what most depositories would charge. You use the American Express card just like you would any other card, except that it's prefunded. I recommend it highly.
Amex bureacracy is a scam that will ruin your credit rating.
Isn't it ridiculous that Amercans with money are runed by the usurious freaks.
I've had a regular American Express card for years (although I don't use it much), and my credit rating is 817.
Oddly, I had an American Express Bank account while stationed in Panama. They most certainly were a bank there.
Was that before or after you were a wheat farmer in Israel?
My country, tis of thee.
Ruin the banksters including Amex which is a freak failed bureaucracy, constantly screwing up anyone who signs on to Costco.
Costco binned Amex after it consistenly screwed up customer accounts.
Costco run by leftist freaks and their political donations show it, give them your money they will get none of mine.
Great, so if the apocalypse comes, I will still be able to go to Overstock.com and buy a bunch of crap that nobody else wanted? What a relief.
Get your Amex card. Sale for free! Buy it now! And see your credit rating ruined.
Today's Amex is a scam, a tool of insolvent banksters, deploying wage slaves aboad in call centres to tell Americans:
'We want to help you. Yes.'
then the phone goes dead.
Amex, another Ashkenazi takeover. Usurious liars.
Filth, as anyone who has an Amex account experiences.
Amex trades off past Amercan honesty, and steals with impunity, for its Ashkenazi nouveau riche.
Patrick walks the walk - he is very much pro-bitcoin and has had his battles with the establishment.
He was the key note speaker at the 2014 Bitcoin conference in Amsterdam - highly recommend listening to his speech:
https://www.youtube.com/watch?v=bkf04kQw1YU
Americans must get up, speak up, and defy the usurious freak Zionist, and its City of London sugar daddy Rothschild.
I thought we had settled this in 1776, but those freaks are bailed out zombies, still killing.
Love the sentiment, but this made me laugh pretty hard.
http://www.overstock.com/Sports-Toys/American-Silver-Eagle-and-Walking-L...
An eagle plus a half dollar of junk for $218.99
I wanna get into that business.
You have a problem with the goy making money?
Amex is $hit, due to be punished severely in the markets.
Sign of the times. When the Bush's head out to Paraguay, I'm making my final preps and take some leave. I don't think it will be unorganized looters that Overstock will have to worry about regrettably.
Bush Snr buying over the world's biggest aquifer. Boys from Brazil. AshkeNAZI filth.
The Americas have been scanmed by the lowlife AshkeNAZI.
You gotta hand it to the Mormons, they seemed to be always be preppared, no wonder the Federal goverment considers Utah a Domestic Terrorist hotbed, I'd like to join but I'm a Baptist Gothic half Vampire girl and I'll be damned to be a eternal Mormon sex slave.
Mormons, idiots, who bow down to the jews who are not jews. Romney is a money making jerk; a thief. Think on that. It is fact.Fact.
They are not loyal to the Constitution and Bill of Rights.
They are idiot dupes of the international central bank crime gang.
Yeah baby...but think of the 3 month eats!
And all those....fresh throats....talk about a captive audience.
His name is Jonathan Johnson, not jonstein or jonberg.
Pay attention.
Good observation.. Lot's of connections.. I wish more people got it..
And for the last 3 months, OSTK stock has fallen 30%. Here is a comment:
Riiigghhttt. If there's a crisis bad enough that dollars are no longer being exchanged this guy is worried about keeping his website up and running. As if in a situation this dire the internet would be up and running, UPS would still be making their deliveries, people would still for some strange reason just HAVE to have a new set of hand towels, etc.
Really strange story coming from the exact type of business that would be affected the most by a shit hits the fans crisis. I mean I totally agree with his views, and I think it's admirable what he's done for his employees, but the internet and his entire way of doing business would be the first thing to go in a situation as dire as the one he's painting.
Hello Overstock? Do I just mail you a gold coin for my order? Hello? Hmm, the phone just went dead.
I'm with you. See my other posts.
I think that whole part was just lip service to avoid being branded a complete tinfoil hat-wearing fringe nutter.
I bet my lunch money he knows damn well how dire things would be if people needed a 3 month food supply.
He's as crazy as the rest of us here and doing the stand-up thing by helping those prepare who will no doubt not be prepared. Good on him.
Wise man
I could be wrong but isn't Overstock a company that buys up surplus goods from all over the World and dumps them on local markets so that small locally based businesses can't compete?
Just a thought.
Can you sack Yellen and please put this guy in charge.
As for the gold nice touch, might be best to keep some toilet paper fiat on the grounds it is readily convertible, gold not so easy.
With Bitgold you can pay in units of .001gram and receive payments. Withdraw in real gold and/or by using their debitcard fiat. Works both ways. Carry around. Nope.
Bubba in a rogue B2 drops a Fat Boy on DC - baddabing - fixed
FEMA is less prepared.
Now there is a prepared leader, you dont see responsible leadership much lately, take a good look. He is a good leader.
I think gold is a key asset, one that should be part of everyone's investment portfolio. That said, I am not a prepper. That is a lifestyle that simply does not appeal to me. Part of the reason is that I grew up in the 1950's-1960's. Back then, preppers were building underground bomb shelters in order to survive nuclear war. How to stock such bomb shelters was widespread knowledge because the public at large was convinced that they were all going to die unless they had bottled water and dried food and fallout shelters and radiation badges and so on. Nothing happened, of course, and all those efforts proved wasted.
After 9/11, which killed several local residents, a woman actually told me she went out and bought duct tape and plastic sheets to build a chemical safe room. I was incredulous...this is what fear will do to people. She had absolutely no clue how futile such efforts would have proven in the event of a real attack.
I am not saying that nothing will ever happen. I am hardly unaware of the extant danger. I am simply not interested in allowing it to upset me until the day it happens or at least looks imminent. I cannot live in fear, so I detach from it and try to enjoy each day.
All you really have is this day, this moment, you know. The best laid plans of mice and men...what kills you will generally be that which you will never see coming.
I live in the burbs and gave a great deal of thought to building a compound in the mountains, not as a prepper but because I like nature. But the prepper mindset caused me to think over where my wife and I would be safest in the event of some disaster. Fact is, I think my wife, at least, would be much safer here in suburbia than she would alone in the wilderness, even if she knew how to use a gun, which she does not.
Think about it...end of the world, you're a rich guy from the city, a stranger, who has moved up to the mountains. You're in the middle of nowhere surrounded by poor, ignorant mountain men with guns...you feel safer there? I think you are making a big mistake, but fact is no one knows what the future holds.
Prepping makes people feel safer but it is basically only an illusion. Do it only if you enjoy it. Carpe diem...
Don't worry, Obama and the gubberment got your back...
People loading up on consumer items they do not need play right into the hands of the corporative state. Sucker bait...
taopraxis....
Yes, I think suburbia is safer too. Very few can live the hard life in the mountains, on the run, hiding, finding food. Any cabin could be a target and you would be alone. The local suppliers would be less well stocked than the suburbs. In a metro area it would be best not to show too much wealth. Have a modest house, an older car, don't tell anyone about your stashes.
People thinking to survive a period of anarchy by buying a rifle or whatever must have grown up after the old TeeVee westerns went away or they'd know what a flaming arrow does to a cabin in the woods.
Umm, range of rifle vs arrow.. Fire is a nihilistic strategy the resource you wanted is now gone, you wasted an arrow for no return unless you just want to watch the world burn..
Carpe deum, indeed. No honest person can know the criminal mind which directs the world for its self seeking Talmud and City of London nowadays.
Every day is agood day, tao.
Free of thugs and their fear mongering, lowlife 'love of money', the Talmud nihilists.
It's all fake, hoaxes everywhere. Unless you are connected to the lying fraudulant, criminal fucks in the DC, there is nothing to be afraid of. I'd love to know who those several local residents are who were killed in 9/11. So many vague stories like that and so little evidence.
You're welcome to your skepticism, my friend. I am not selling anything. Come to New York City and you can read the names...
"for every employee that we can live on"
They are planning to eat employees? Sounds like a great company to work for!
chill
we got a while to go
currently (in the last few hundred years) market crashes are timed by gigawatts (nowadays in developing nations) .. and cover-ups of gigawatts (i.e. Lehman/Enron/India)
r
https://enronnext101.wordpress.com/
What they really have is 18 months food for the top execs and couple of the hottest female employees who they keep as slaves after the collapse.
Utah. Mormon. Enough said.
Just because someone has religion doesn’t mean they are bad people, far from it. Like with any population there are some extremist. Those who are honest and tell the truth learn not to do things that they couldn’t tell to someone else. They have some humility and some spirituality, these are not bad traits. These are underrated and far under appreciated quality’s a good amount of people with religion have. In a world of tyranny some religious background is not a bad thing. I consider myself spiritual and not religious, I believe in a power greater than myself. I have respect for the values religion gives some people. There are good people who understand balance and that’s a good thing.
Not from religion, but from mythology:
Words of great wisdom:
"My dear" Athena said at last laying her hand on Arachne's shoulder "Listen to an old women who has much experience in life. Challenge any mortal you wish, but do not compare yourself with the gods. Ask pardon for the foolish words you have spoken."
From: https://books.google.com/books?id=yga4h-1reBcC&pg=PA66&lpg=PA66&dq=compa...
Arachne should have taken the advice. The above applies to many these days who think they are god. They will see it doesn’t work that way and they will be punished by the gods they compare themselves to for their lack of humility.
When ever someone has a lack of humility, it is quickly followed by a "sucker punch to the jaw" or a "bell ringer" that brings humility back into reality and into focus once again. Its how Karma really works. Just like water seeking its level, life seeks balance, in my opinion. No mortal is ever a god, even though there are plenty who would like to have you believe that these days.
"Clearly, the myth of Niobe demonstrates the wrath of both Apollo and Artemis and is a warning to mortals not to compare themselves to the gods."
From: http://www.pantheon.org/articles/n/niobe.html
This is a major theme in mythology and the result is usually the same, brutal repercussions. They couldnt make it more clear when you see lots of people thinking they are gods, WATCH OUT. Nothing good ever comes from it.
Not only has this site been taken over by Disney, the comment section has too
It is sad. I look at time on here for some commenters, and days/weeks. If you've been on here for a while, you know who's who.
As for ABC.....it wonders me how much of this is simple click bait/angst/rage against the machine bullshit....and why they even allow it.
I guess I'm not up to speed in clicking for cash on this interfuckingnet
Sure they do. 'You're fired!, now get the fuck out!'
Preppering is some kind of an obsessive compulsive disorder. In its current incarnation preppering arises from an increasingly common notion of an immediately impending societal collapse. Some of the preppers think they're able to see succinctly into the future. And some of them rely on scripture or even personal messages from god about building an arc forty cubits wide...
In reality the cultural legacy inherent to planning for the future has far more depth when fleshed out more rationally than the preppers either understand or let on that they understand. Taking count of and building toward a future where one can rely on those things in their possession to provide some stability-security-sense should be, and generally is, the goal of everyone. That's the point of a savings account, or the less liquid and secure version of a savings account, an IRA. It was once the point of owning your own home, but property taxes have increased so, this little nest has an egg in it that generally will never hatch. I personally have 22 acres upon half of which is planted a forty year old Norway Spruce plantation. This wood is primarily valuable sawn as structural lumber product, but also, because it is a heavy soft wood, can be used for high BTU energy purposes. If everything goes as planned, it won't get cut until after I die. But it could be cut quite productively tomorrow.
The sands of security are clearly shifting however. There should be no doubt the government will again confiscate gold should the end of times come about due to an epochal financial collapse. Over my dead body, or otherwise as the holders of gold might prefer, the government may come and take my spruce too. The State of Maine has been increasingly leaning in the direction of declaring marketable timber the property of the state. No one can preduct the future where the Great State of Maine is concerned.
Like most men, I have tools. I never divest myself of tools, for they have almost limitless value and utility.
One must remain mobile however, as the world seems to be changing in ways that are unforeseeable. We all might end up refugees driven off our land and out of our secure states.
When I read of preppers that expect to hole up somewhere with their firearms, ready to defend their stash of gold and whiskey to the end, I wonder how much of the productive capacity of the capital of this country has been squandered in such a paranoid fit. Why is it paranoid? Because no one can predict the future.
And the more fleshed out are the reasons for these dire predictions, experience should tell everyone, the better the reason there is to doubt what it is they are predicting will ever come to pass. But certainly the future will come. It does all the time.
Joseph Smith and many others endlessly preceeded the preppers in their far too common predictions of the end of times. Didn't his followers end up in Utah too?
It is not the end of times. Don't believe that freaky Talmud shite.
“…I wonder how much of the productive capacity of the capital of this country has been squandered in such a paranoid fit…
Take a close look at DC to see squandered resources. Of Obama’s $9 trillion in squander $6.5 trillion was/is being spent on welfare. Imagine the infrastructure and jobs we could have built with that massive give away!!!
No prepping and PMs are about risk. Just as investing is risk. Central bankers, banksters and Washington nut jobs are proving the risk is real. We are just responding to the risk they have created.
Prepper mindset is all about gathering what you can in hopes of living one day more than the sheeple who blindly play on their I-devices. It's not obsessive compulsive disorder,but rather just a wee bit smarter in the fact of knowing Apps just ain't gonna help ya when hunger sets in(that one day later).
I'm a lazy prepper and live in a rural locale. I have a generator and transfer switch and always have 20gal of gas on hand. I have water storage vessels. If the power goes out for three months it's no problem whatsoever for us. I have 5 months of food and supplies. Is that nuts? You can buy all this stuff dirt cheap right now. We use it and replace as we go so the actual sunk cost is zero. I am prepared for disaster and not obsessed by it. I don't trust this government or its money. Since most of the readers on ZH are just as 'crazy', I'd ask why aren't you prepping a bit too. We also have a big garden with year round hoop houses, lots of ammo, cases of beer and cheap rum.
Mr Johnson understands and enacts good, traditional fiduciary duty and morals while iiCahn, i won't, i have a second passport because i am a 'chosen one' thief continue to asset strip, like a whore in a casino, with a second passport to Israel. And Sheldon Adelson pornographer says he can buy the next President.
Every company in the world should beware. Protect yourselves.
The freaks and thieves are bold because they believe they are the 'chosen ones'. Chosen for what? Theft, apparently.
I'm pro block chain for derivatives as well. AND that block chain can and should be published to your shareholders so that know which off balance sheet commitments you've made. The technology exists. It's time to use it.
But what about hats? Does he have enough tin foil hats for everyone?
All the tin foil hats have been taken and are being worn in the White House and at the Fed while they look for 'terrorists' who believe in The Constitution, Bill of Rights and Freedom, all the while ignoring the 'religion of peace'. and the monetary raping of the middle class.
Fiat Currency is backed by tax payers. But of course, they are paid in fiat $'s and that creates an inflating spiral that then collapses. Foreigners would see this more clearly and bail. There is no good way to control money; gold is just the least worse way. Given time on a true gold standard we then expect the re-peg etc, over and over to pure fiat, etc, etc, repeat.
sounds like he's read
The Risk of Trading: Mastering the Most Important Element in Financial Speculation Michael TomaThe problem with gold-backed checking account is the goldsmith steals the gold either outright or oversubscribing.
Obviously never heard of the 1st rule of fight club
I'm from southern Utah, all of my extended family has roots there back to the early pioneer days. There is a deep culture of self reliance and family that would be unmatched in an upheaval type scenario. Hell, the first settlers arrived at the great salt lake, a stinking salt sea surrounded by brackish marsh, and declared "this is the place!".
Every single one of my relatives hunts, they either do farm work, railroad, or power grid infrastructure. The town I'm from is a small self contained ecosystem with it's own power generation and farm industry, surrounded by miles and miles of desert. While the cities burn I bet these people will hardly notice. And they absolutely loathe outsiders, good luck showing up at the door with your hand out. The tales about Mormons helping their fellow man isn't true, they will help their neighbors, family, and friends.. anyone else gtfo haha.
If it's truly for the employee safety, fine. If they think they can stay in business just cause they are fed then good luck cause you might be able to operate but no one will be able to buy.
. . . . that all those pundits who made fun of the Johnsons of the world, will keep their damn mouth shut.
Don't count on it. Those weasels (particularly the CN-B.S. crowd) are really good at doing 180's at the last minute on their "positions" on subjects like this to try to make it look like they "saw it coming" and "warned everyone". They're just fucking liars by any other name . . . .
Kudo's to Johnson and the other guys at Overstock . . . we need a lot more CEO's like them in the USA, that's for sure.
I am not sure I would trust the Utah laws re this and the formation of the Gold coin bank.
http://www.sltrib.com/home/3091331-155/to-collect-back-taxes-utah-may
So Overstock is about the same as your average ZHer?
People buy insurance for all sorts of things. Gold guns and long term storage food is just another form of insurance.
People buy insurance for all sorts of things. Gold guns and long term storage food is just another form of insurance.
If we stood up and demanded that things be done right in America, we wouldn't need to be buying gold, guns, and food, cowering in our holes waiting for the next apocalypse. We would instead have faith that we and our families have a future, investing in ourselves and in our fellow countrymen.
Iceland sentences 26 bankers to a combined 74 years in prison
James Woods | October 21, 2015
Unlike the Department of Justice, Iceland is focusing on prosecuting the CEOs rather than low-level traders.
In a move that would make many capitalists’ head explode if it ever happened here, Iceland just sentenced their 26thbanker to prison for their part in the 2008 financial collapse.
In two separate Icelandic Supreme Court and Reykjavik District Court rulings, five top bankers from Landsbankinn and Kaupping — the two largest banks in the country — were found guilty of market manipulation, embezzlement, and breach of fiduciary duties. Most of those convicted have been sentenced to prison for two to five years. The maximum penalty for financial crimes in Iceland is six years, although their Supreme Court is currently hearing arguments to consider expanding sentences beyond the six year maximum.
After the crash in 2008, while congress was giving American banks a $700 billion TARP bailout courtesy of taxpayers, Iceland decided to go in a different direction and enabled their government with financial supervisory authority to take control of the banks as the chaos resulting from the crash unraveled.
Back in 2001, Iceland deregulated their financial sector, following in the path of former President Bill Clinton. In less than a decade, Iceland was bogged down in so much foreign debt they couldn’t refinance it before the system crashed.
Almost eight years later, the government of Iceland is still prosecuting and jailing those responsible for the market manipulation that crippled their economy. Even now, Iceland is still paying back loans to the IMF and other countries which were needed just to keep the country operating.
When Iceland’s President, Olafur Ragnar Grimmson was asked how the country managed to recover from the global financial disaster, he famously replied,
“We were wise enough not to follow the traditional prevailing orthodoxies of the Western financial world in the last 30 years. We introduced currency controls, we let the banks fail, we provided support for the poor, and we didn’t introduce austerity measures like you’re seeing in Europe.”
Meanwhile, in America, not one single banking executive has been charged with a crime related to the 2008 crash and U.S. banks are raking in more than $160 billion in annual profits with little to no regulation in place to avoid another financial catastrophe.
James Woods ( AKA – JamesFromTheInternet) is an independent journalist based in New York City who can be reached on twitter @JamesFTInternet or via email:jamesftinternet@gmail.com
Nothing sez crazy like mormon crazy
I can't get into the Mormon religion any more than the Catholic one. One thing I know for sure is Mormons are good people. They are prepared for disaster and have a powerful community focus. No doubt the Overstock leadership is Mormon. Gold, grub and guns. Nothing wrong with that. Romney would have been far better than the tool Obama. The way things are going downhile in America maybe we should turn the government over to the state of Utah for the next 25 years and get things straightened out.
Many folks have emphasized the importance of community solidarity in the event of an economic collapse. Especially persuasive is the testimony of people like Orlov who have actually experienced it. Americans are potentially good at the mechanics of survival, but less adept at the political and organizational aspects. Individualism has its disadvantages, and a purely competitive attitude would be positively destructive in the event of a collapse. Working together and learning to tolerate individual foibles wil be the keys to survival.
A guy who lived in Europe during WW2 and survived the food shortages wrote about his experience. I wish I had saved it. He wrote that people weren't interested in gold but would trade for practical items such as a watch. He also wrote that traders were more interested in any practical skills you might have than your gold. Hiding in your bunker with your gold guns and food is not necessarily the best idea.
I highly recomend this video by Dmitry Orlov (Russian Engineer) He explains how the fall of the USSR created havoc within the empire and how and why it will be much worse in the US.
He makes some very good points that I never would have thought of. This video is three years old but very good video anyways.
https://www.youtube.com/watch?v=Ecfxl1wZDpE
Keep quiet and ensure mutual destruction or share the knowledge of the weakness of the system, and try to stimulate/educate others as to what is going on.
The are only two ways this disaster can be resolved;
Is Overstock connected to the Mormons?
(that would explain this)
(and that sexy blond milf from the commercial)
This guy is a hero. They were also one of the first to accept bitcoin.
Do they expect their employees will abandon their families and leave them to starve while they have food? If this is, as it is presented, I don't think Overstock has thought it through. And, by announcing they have all this, to the world, a few million starving people will have Overstock as THE place to go when it hits the fan.
Been doing business for years with Overstock; I didn't know that this has been their philosophy all along. Makes me glad to have been a contributor to their success. I've bought three really excellent memory foam mattresses from them over the past 8 years. Now, I'm actually glad that my California King Sealy Posturpedic needs replacing. Great! I get to buy something else from an - I never thought I'd say this - American company I'm proud to do business with!
BTW, reading some of my fellow ZHer's comments on Dmitry Orlov, a great and wonderful engineer/writer, makes me proud to be a ZHer, too. Gotta love Dmitry!
There is one major problem with his plan. When things collapse, how will he know the current value of gold in order to pay his employees?
How do you value gold now?
I lived in Utah for 5 years - loved it. Would probably still be there if they paid decently. That said, Utah will likely weather the storm better than most other states, simply because it's extremely defensible. Huge desert to the west and south, almost nothing to the north except Idaho, which is even more "isolationist", and the Wasatch (and further, Rocky) mountains to the East. Blockade two highway choke-points to the West and it's almost unasailable. The epitome of "you have to be going there to get there" territory.
Might go back someday...
oy vey
this guy is anti-semitic
Byrne would be a better President than Romney, although both are LDS. At least he thinks like a true Utahn and believes in preparation for when the SHTF. This is typical within most of Utah, despite more and more gentiles coming in. The Church has a very nice system of volunteers and suppliers who distribute goods within and outside of Deseret to believers.
The main thing I'm not really into is the strong Zionism. That alone causes tons of headaches and gets tons of shit thrown back our way.