Overstock CEOs stockpiling food, gold for impending systemic collapse

(Bugout.news) Do the chief officers and founders of Overstock.com see something coming on the horizon that tens of millions of Americans don’t see? That would help explain their recent push into full survival mode.

As noted at Quartz and other online sources, CEOs of the Utah-based retailer that began as a seller of excess inventory, have been busy stockpiling on their own. In fact, Jonathan Johnson, chairman of the board and a Utah gubernatorial candidate, says the company has amassed $10.9 million in gold and silver, as well as a three-month food supply for each employee. The reserves, he says, are for what he believes is an inevitable financial crisis.

As noted by The Salt Lake Tribune, Johnson says the company keeps “small button-sized gold and silver coins outside the banking system,” mentioning the policy in a speech to the United Precious Metals Association Oct. 17.

“We expect when there is a financial crisis, there will be a banking holiday,” he said. “I don’t know if it will be two days or two weeks or two months. But we have $10 million in gold and silver in denominations small enough … that we can use it for payroll. We want to be able to keep our employees paid [and] safe and our site up and running,” Johnson – a member of the Church of Latter Day Saints, a political powerhouse in the state – said.

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The CEO did not say that religion played any part in the stockpiling of precious metals, food and other supplies, but rather was due in large part to unforeseen circumstances – though that is a part of Mormon teachings. Believers are required to maintain a three-month and “long-term” supply of food and water and “financial reserves.”

Johnson said that the board of Overstock.com approved the stockpile, which he stated now comprises about 10 percent of the company’s liquid assets, after the last financial crisis. He also said the Federal Reserve’s current monetary policy has left him a little more relaxed but nevertheless concerned about the country’s massive and growing national debt, expected to top $20 trillion when President Obama leaves office, or about double what it was when he entered.

See also:

http://qz.com/542380/overstock-has-been-stockpiling-gold-and-food-for-a-financial-apocalypse/

http://www.sltrib.com/home/3120420-155/utah-guv-candidate-overstock-stockpiled-gold

http://www.collapse.news/2015-11-05-experts-warn-these-two-events-could-easily-send-us-all-spiraling-into-a-collapse.html

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