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Overstock Chairman Preps Company For Financial Crisis

A couple of weeks ago, Jonathan Johnson the Chairman of Overstock.com, gave a speech at the United Precious Metals Association (UPMA).

dollar caught in web

Money After Economic Collapse

A little background:

  • Johnson is also running for Utah governor, and
  • the UPMA takes advantage of Utah’s special status allowing it to use gold as legal tender, offering gold and silver-backed accounts.

Johnson voiced his distrust of both banks and Wall Street. Convinced another financial crisis is looming, he’s taken two unusual steps to insure his employees’ security:

  1. If there is a crisis, and a bank holiday is declared, Overstock has $10 million stockpiled in small gold and silver coins/buttons for employee salaries.
  2. Overstock has an additional 3 months (more than they need for internet sales) worth freeze-dried food designated specifically for employee use. Every employee plus one (spouse, etc.).

Talk about prep.

The last part of the video discusses how four currency types (the fiat dollar, the gold bar, gold as legal tender, and crypto-currencies) rate as “good currency”. Easy to understand. And every prepper should.

Enjoy.

 

 

Investigation Of Possible Gold & Silver Price Manipulation

There are at least three ongoing, global investigations into possible precious metals price manipulation. The latest begun by the Swiss.

In the Swiss probe, eight banks including HSBC, Morgan Stanley, and Deutsche Bank are suspected of “possible prohibited competitive agreements [my emphasis] in the trading of precious metals”.

gold and silver investments

Prepare With Gold And Silver

Well, well.

Collusion among global banks. Gold and silver price manipulation. Say it ain’t so!

All this just adds fuel to the seemingly never-ending arguments between gold enthusiasts and investment specialists. Specialists and experts who always say, “What are you talking about. There’s nothing to see here”.

Maybe there isn’t. But I’m guessing some big hands are going to be caught in the “bullion cookie jar”.

The Swiss business competition watchdog known as WEKO is now opening an investigation into several international corporations, for colluding with each other to manipulate the price of precious metals. Reuters reports:

Switzerland’s WEKO said its investigation, the result of a preliminary probe, was looking at whether UBS, Julius Baer, Deutsche Bank, HSBC, Barclays, Morgan Stanley and Mitsui conspired to set bid/ask spreads.

“It (WEKO) has indications that possible prohibited competitive agreements in the trading of precious metals were agreed among the banks mentioned,” WEKO said in a statement.

A WEKO spokesman said the investigation would likely conclude in either 2016 or 2017, adding that the banks were suspected of violating Swiss corporate rules.

The banks face financial penalties if WEKO finds them guilty of wrongdoing …

What’s more, is that WEKO isn’t alone with this type of investigation. There appears to be an international crackdown on precious metal price manipulation.

The move comes a month after press reports that the European Union’s competition regulator was investigating anti-competitive behaviour in precious metals spot trading, and follows news of a U.S. probe by the Department of Justice (DoJ) and the Commodity Futures Trading Commission earlier this year.

U.S. authorities are investigating at least 10 major banks for possible rigging of precious metals markets, according to reports. HSBC and Barclays said earlier this year that they were cooperating with the investigation.

Though if I was a betting man, I would think that the Swiss based WEKO would have a better chance of finding incriminating evidence. The US and EU governments are far more corrupt than the Swiss government, and their politicians typically answer only to the financial interests in their societies. If any nation is going to find evidence of gold manipulation, it’s Switzerland.

Source: Joshua Krause has a keen sense of what’s important in the news.

Image: Steve Buissinne

James Wesley Rawles Announces New Book

Land Of Promise

On this week’s Prepper Recon Podcast former military intelligence officer, James Wesley Rawles, announces his new book, Land of Promise.

Rawles, author of the Survival Blog, is probably responsible for the “prepper fiction” genre with his Patriot book series. And his ten years of survival articles places him at the forefront of preparedness.

assorted coins

The Value Of Nickels

In this Part 1 of a two-part interview, Rawles discusses the precarious global economy. He also offers some great prepper insights including:

  • How different markets work … and don’t work
  • Why you should hedge towards tangibles (silver, for example)
  • How much cash you should have on-hand, and where to keep it
  • Why a nickel is worth 8 cents
  • Poor man’s gold, poor man’s silver
  • Why you should “panic now and avoid the rush”
  • The importance of hard copies of manuals, recipes, and survival guides

Watch The Video Below

Listen and learn (or be reminded):

 

Part 2 of the interview is available next week.

Image: Diana Caballero