The Utah-based online retailer Overstock.com is hoarding enough food, gold and digital currencies to take care of its employees in the case of an economic disaster, the company told BuzzFeed News.
“I want a system that can survive a three month freeze,” said CEO Patrick Byrne. “If the whole thing collapses I want our system to continue paying people, we want to be able to survive a shutdown of the banking system.”
Mr. Byrne said the company already maintains a 30-day supply of food, and has a distribution system to pay and feed employees in case the banking system collapses.
“In the 1930s there was a two week freeze on the banking system; in 2008 we came perilously close to banks not knowing who could accept counterparty risk,” he told BuzzFeed. “I think we’re living in the final days of the theory that Keynesian magic money tree can deliver actual wealth and growth.”
“In a deep sense, I do not trust the central banks and I don’t trust major institutions,” Mr. Byrne added.
He said the gold is being stored in an “off-site secure facility” in Utah.
The company’s former president Jonathan Johnson, who is running for governor of Utah, said in a speech to the United Precious Metals Association earlier this month that Overstock has $10 million in gold and silver in denominations small enough for payroll, BuzzFeed reported.
• Jessica Chasmar can be reached at jchasmar@washingtontimes.com.
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