Make us your home page
Instagram

Today’s top headlines delivered to you daily.

(View our Privacy Policy)

Q&A: U.S. currency backed solely by confidence

PetSmart has its own charity

When checking out at PetSmart, there is an option to donate $1 toward pet rescue or adoption. Where does this money go?

Donations go to the general fund of PetSmart Charities Inc., a nonprofit foundation that was created in 1994 to provide grants to animal welfare programs.

The funds are then distributed to pet shelters, humane societies, emergency relief organizations and animal rescue groups, says Kim Noetzel, communication manager for the charity that is based in Phoenix.

Some of the grants go to national organizations and some stay within the state where donations are made, she said.

In its 14 years, the charity has given more than $70-million to animal welfare groups. This year it hopes to give out $23-million.

PetSmart Charities is a 501(c)(3) public charity that reported income of $20,423,278 during the fiscal year ending Jan. 28, 2007, with 93 percent of that coming from contributions. From that, $13,430,730 was given to animal programs. Administration took $583,611 and professional fundraising another $1,420,255.

To see more about PetSmart Charities, go to www.guidestar.org. You'll have to register to get access, but it's free and once you're on you can get financial reports on any public charity.

Currency backed by confidence

What backs our currency? I know it used to be the gold standard, but what about since that was done away with?

No physical or concrete asset, such as gold or silver, backs modern-day U.S. currency. Instead, it is backed by confidence that the Federal Reserve and the U.S. government will do their part to keep the economy, financial markets and inflation on an even keel.

People, consumers and businesses in the United States and beyond must have faith in the Fed's ability to keep prices stable. If prices remain stable and a low rate of inflation is maintained, people will feel confident that the dollar they use to buy goods and services today will buy a similar amount in the future. Similarly, people and investors need to believe that the U.S. economic, financial and political systems will remain stable because problems in those areas can erode confidence in the greenback.

U.S. citizens haven't been able to exchange their dollars for U.S. bullion since the 1930s, when the government went off the gold standard as far as domestic exchange was concerned. International convertibility of dollars into U.S. gold was stopped in 1971.

A 100-year-old record

What's the earliest a hurricane has ever formed?

In the Atlantic, on March 7, 1908. The earliest hurricane to hit Florida was June 9, 1966, Alma, which hit Apalachee Bay south of Tallahassee.

Q&A: U.S. currency backed solely by confidence 08/10/08 [Last modified: Tuesday, November 1, 2011 5:32pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Fox renewed O'Reilly contract despite knowing of allegations

    Nation

    NEW YORK (AP) — The Fox News Channel says the company knew a news analyst planned to file a sexual harassment lawsuit against Bill O'Reilly when it renewed the popular personality's contract in February.

    Fox News commentator Bill O'Reilly appears on the Fox News show, "The O'Reilly Factor," in New York. O'Reilly has lost his job at Fox News Channel in April following reports that several women had been paid millions of dollars to keep quiet about harassment allegations. [Associated Press file]
  2. Conviction overturned 30 years later in neo-Nazi murder case

    Criminal

    TAMPA — A judge on Friday overturned the murder conviction of Dean McKee now that new evidence has raised doubt about McKee's guilt in a Tampa slaying that occurred nearly three decades ago when he was 16.

    In 1987, a St. Petersburg Times reporter interviewed Dean McKee for a story about young skinheads in Tampa. [Times | 1987]
  3. Experts have some theories on who's carrying out Seminole Heights killings

    Crime

    The words serial killer tend to conjure an image of a middle-aged white man, likely a loner. He stabs or chokes or strangles, murdering up close for the thrill, straight out of central casting.

    A memorial was set up where Anthony Naiboa, 20, was found shot to death in Seminole Heights. Some experts who have reviewed information in the case say that whoever is behind the three Seminole Heights killings may live in the area. [JONATHAN CAPRIEL  |  Times]
  4. Late fumble, field goal send Florida State to another loss

    College

    TALLAHASSEE — Florida State coach Jimbo Fisher didn't have an explanation for the turning point in Saturday's 31-28 last-second loss to Louisville.

    Louisville's Lamar Jackson gets past Florida State's Matthew Thomas to score in the first quarter of an NCAA college football game, Saturday, Oct. 21, 2017, in Tallahassee Fla. (AP Photo/Steve Cannon) FLSC102
  5. Funeral starts for soldier at center of Trump fight

    Military

    COOPER CITY, Fla. (AP) — Mourners remembered not only a U.S. soldier whose combat death in Africa led to a political fight between President Donald Trump and a Florida congresswoman but his three comrades who died with him.

    The casket of Sgt. La David T. Johnson of Miami Gardens, who was killed in an ambush in Niger. is wheeled out after a viewing at the Christ The Rock Church, Friday, Oct. 20, 2017  in Cooper City, Fla. (Pedro Portal/Miami Herald via AP) FLMIH102