We've $10M in gold/silver We Can Use for Payroll

[singular_me]

While I've become a proponent of the monetary zero sum game, this is interesting...
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Report: This Major Internet Company Has Stockpiled Three Months of Food and $10 Million In Gold For Their Employees: “We Don’t Trust Wall Street”
Mac Slavo
October 25th, 2015

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.


https://www.youtube.com/watch?v=70t9tM1mD8A

MORE
http://www.shtfplan.com/headline-news/report-this-major-internet-company-has-stockpiled-three-months-of-food-and-10-million-in-gold-for-their-employees-we-dont-trust-wall-street_10252015

[palani]

for every employee that we can live on

Hmmmm. Little Freudian slip there? We are going to survive until we have consumed the last employee?

Sort of like government existing until not one single citizen is remaining to demand benefits.

[singular_me]

good catch palani

if the crash is that bad, prices are going to soar like unseen before... how much gold/silver will be enough then... ???

[palani]

how much gold/silver will be enough
The same amount as now. People don't understand that gold / silver is required for symbolic reasons. One dollar of either is all that is needed for engage in contracts. No gold or silver is required at all to engage in quasi-contracts.

[singular_me]

The same amount as now. People don't understand that gold / silver is required for symbolic reasons. One dollar of either is all that is needed for engage in contracts. No gold or silver is required at all to engage in quasi-contracts.

sure I get that but lets keep in mind that 80% may lose everything, and in a such environment, I see price gouging soaring too...

[palani]

lets keep in mind that 80% may lose everything

I think it is fairly accurate to say that the provision of the U.S. constitution where they propose to establish a uniform system of bankruptcy has resulted in a society of bankrupts who presently own nothing. The system is analogous to the rotation of the earth where every instant the earth falls away from your feet at a rate slightly less than that of gravity to drag you back down.

[monty]

The same amount as now. People don't understand that gold / silver is required for symbolic reasons. One dollar of either is all that is needed for engage in contracts. No gold or silver is required at all to engage in quasi-contracts.

The gold reserve act of 1934 suspended but didn't erase the gold clause in contracts made prior to 1933. Nothing changed as far as silver, hence "one dollar and other valuable consideration."

[palani]

Nothing changed as far as silver, hence "one dollar and other valuable consideration."
If one dollar were considered to be one ounce of silver the Titanic wouldn't need an iceberg to sink it. Transporting Bill Gates net worth equivalent in silver would have sunk it before it left the dock.

It is archaic to consider one dollar to be either gold or silver in any amount. My definition is that one dollar is the value of a man's labor for one day, sunrise to sunset. Bill Gates is said to have a valuation of 79.2 billion dollars. If my calculations are right (12 troy ounces/lb, 2000 lbs per ton) that mean Bill has 3.3 million tons of silver coming to him at one oz to the dollar. With my definition and a world population of 7 billion people Bill can hire all the people of the world for 10 days.

[7th trump]

If one dollar were considered to be one ounce of silver the Titanic wouldn't need an iceberg to sink it. Transporting Bill Gates net worth equivalent in silver would have sunk it before it left the dock.

It is archaic to consider one dollar to be either gold or silver in any amount. My definition is that one dollar is the value of a man's labor for one day, sunrise to sunset. Bill Gates is said to have a valuation of 79.2 billion dollars. If my calculations are right (12 troy ounces/lb, 2000 lbs per ton) that mean Bill has 3.3 million tons of silver coming to him at one oz to the dollar. With my definition and a world population of 7 billion people Bill can hire all the people of the world for 10 days.

I thought you said a while back that Bill Gates was 79.2 billion in debt?
How can a debt instrument be worth any substance?

I think you're confused myself

[monty]

If one dollar were considered to be one ounce of silver the Titanic wouldn't need an iceberg to sink it. Transporting Bill Gates net worth equivalent in silver would have sunk it before it left the dock.

It is archaic to consider one dollar to be either gold or silver in any amount. My definition is that one dollar is the value of a man's labor for one day, sunrise to sunset. Bill Gates is said to have a valuation of 79.2 billion dollars. If my calculations are right (12 troy ounces/lb, 2000 lbs per ton) that mean Bill has 3.3 million tons of silver coming to him at one oz to the dollar. With my definition and a world population of 7 billion people Bill can hire all the people of the world for 10 days.


You should divide Bill Gates net worth of 79.2 billion FRN by 15.98 to get the number of silver ounces you should load on the Titanic. That is about 4.956 billion ounces. So if your 3.3 million tons figure is correct then converting from FRNs to silver is about 205,508 tons if my figures are correct. But it still would have sunk.

[palani]

confused myself

This part at least is correct.

[palani]

You should divide Bill Gates net worth of 79.2 billion FRN by 15.98 to get the number of silver ounces
Google just reports his net worth at 79.1 USD.

Is a USD equivalent to a FRN? The maxim of law is that THINGS THAT ARE SIMILAR ARE NOT THE SAME.

[monty]

Who is to say? But I will venture a guess google is equating a USD to one FRN.

[palani]

Who is to say?

¿quién puede decir