Quotulatiousness

January 18, 2017

QotD: The original “spinsters”

Filed under: Economics, History, Quotations, Technology — Tags: , , , — Nicholas @ 01:00

Whether they were captives in ancient Crete, orphans in the Florentine Ospedale degli Innocenti, widows in South India or country wives in Georgian England, women through the centuries spent their lives spinning, especially after water wheels freed up time previously devoted to grinding grain. Turning fibre into thread was a time-consuming, highly skilled craft, requiring dexterity and care. Even after the spread of the spinning wheel in the Middle Ages, the finest, most consistent yarn, as well as strong warp threads in general, still came from the most ancient of techniques: drop spinning, using a hooked or notched stick with a weight as a flywheel.

Spinning was the major bottleneck in making cloth. In the late 18th century, the thriving worsted industry in Norwich in the east of England employed 12,000 looms but 10 times as many spinners producing fine wool thread. The demand for spinning was so high, estimates the economic historian Craig Muldrew, that it employed more than a million married women in an English workforce of 4 million, providing about a third of the income of poorer families.

A spinster is a woman who spins. Unmarried women with no children and few domestic chores could work longer hours without distraction, earning as much as male day-labourers and, Muldrew suggests, possibly delaying or even avoiding marriage. Spinning also gave poor girls a more lucrative option than domestic service, leading to complaints of a servant shortage. With labour short and wages high, the eve of the Industrial Revolution was a great time to be a spinster.

But a bottleneck is a problem waiting to be solved, and inventors started looking for ways to get more thread with less labour. Like self-driving cars or cheap, clean energy today, spinning machines seemed obviously desirable. In 1760, Britain’s Society for the Encouragement of Arts, Manufactures and Commerce offered prizes for ‘a Machine that will spin Six Threads of Wool, Flax, Cotton, or Silk at one time, and that will require but one Person to work it’.

Nobody won, but within a few years the northern English carpenter James Hargreaves introduced the spinning jenny. It was, writes the economic historian Beverly Lemire in Cotton (2011), ‘the first robust machine that could consistently produce multiple spindles of thread from the effort of a single spinster’. Soon after, his fellow Lancastrian inventor Richard Arkwright refined mechanical spinning with water-powered innovations that improved thread quality and integrated carding and roving (twisting fibres to prepare them for spinning) into a single process. Arkwright’s mills decisively moved thread production from the cottage to the factory.

It was suddenly a bad time to be a spinster, or a family whose household income depended in part on spinning.

Virginia Postrel, “Losing the Thread: Older than bronze and as new as nanowires, textiles are technology — and they have remade our world time and again”, Aeon, 2015-06-05.

January 17, 2017

QotD: The role of free markets

Filed under: Economics, Politics, Quotations — Tags: , — Nicholas @ 01:00

Bernie Sanders, the Brooklyn socialist who represents Vermont in the Senate, generated a great deal of mirth on Tuesday when he wondered aloud how it is that a society with 23 kinds of deodorant and 18 kinds of sneakers has hungry children. Setting aside the fact that we must have hundreds of kinds of deodorant and thousands of choices of sneakers, Senator Sanders here communicates a double falsehood: The first falsehood is that the proliferation of choices in consumer goods is correlated with poverty, among children or anybody else, which is flatly at odds with practically all modern human experience. The reality is precisely the opposite: Poverty is worst where consumers have the fewest choices, e.g., in North Korea, the old Soviet Union, the socialist paradise that is modern Venezuela, etc. The second falsehood is that choice in consumer goods represents the loss of resources that might have gone to some other end — that if we had only one kind of sneaker, then there would be more food available for hungry children.

Lest you suspect that I am distorting the senator’s words, here they are:

    You can’t just continue growth for the sake of growth in a world in which we are struggling with climate change and all kinds of environmental problems. All right? You don’t necessarily need a choice of 23 underarm spray deodorants or of 18 different pairs of sneakers when children are hungry in this country. I don’t think the media appreciates the kind of stress that ordinary Americans are working on.

This is a very old and thoroughly discredited idea, one that dates back to Karl Marx and to the anti-capitalists who preceded him. It is a facet of the belief that free markets are irrational, and that if reason could be imposed on markets — which is to say, if reason could be imposed on free human beings — then enlightened planners could ensure that resources are directed toward their best use. This line of thinking historically has led to concentration camps, gulags, firing squads, purges, and the like, for a few reasons: The first is that free markets are not irrational; they are a reflection of what people actually value at a particular time relative to the other things that they might also value. Real people simply want things that are different from what the planners want them to want, a predicament that can be solved only through violence and the threat of violence. That is the first reason that this sort of planning leads to gulags. The second is that there are no enlightened planners; men such as Senator Sanders imagine themselves to be candidates for enlightened leadership, but put a whip in his hand and the gentleman from Vermont will turn out to be another thug in the long line of thugs who have cleaved to his faith. The third reason that this sort of planning always works out poorly is that nobody knows what the best use of resources actually is; all that the would-be masters know is that they do not approve of the current deployment of resources.

Kevin D. Williamson, “Bernie Sanders’s Dark Age Economics”, National Review, 2015-05-27.

January 16, 2017

Why do millennials earn some 20% less than boomers did at the same stage of life?

Filed under: Economics — Tags: , , , , — Nicholas @ 03:00

Tim Worstall explains why we shouldn’t be up in arms about the reported shortfall in millennial earnings compared to their parents’ generation at the same stage:

Part of the explanation here is that the millennials are better educated. We could take that to be some dig at what the snowflakes are learning in college these days but that’s not quite what I mean. Rather, they’re measuring the incomes of millennials in their late 20s. The four year college completion or graduation rate has gone up by some 50% since the boomers were similarly measured. Thus, among the boomers at that age there would be more people with a decade of work experience under their belt and fewer people in just the first few years of a professional career.

And here’s one of the things we know about blue collar and professional wages. Yes, the lifetime income as a professional is likely higher (that college wage premium and all that) but blue collar wages actually start out better and then don’t rise so much. Thus if we measure a society at the late 20s age and a society which has moved to a more professional wage structure we might well find just this result. The professionals making less at that age, but not over lifetimes, than the blue collar ones.

[…]

We’ve also got a wealth effect being demonstrated here. The millennials have lower net wealth than the boomers. Part of that is just happenstance of course. We’ve just had the mother of all recessions and housing wealth was the hardest hit part of it. And thus, given that housing equity is the major component of household wealth until the pension is fully topped up late in life, that wealth is obviously going to take a hit in the aftermath. There is another effect too, student debt. This is net wealth we’re talking about so if more of the generation is going to college more of the generation will have that negative wealth in the form of student debt. And don’t forget, it’s entirely possible to have negative net wealth here. For we don’t count the degree as having a wealth value but we do count the loans to pay for it as negative wealth.

QotD: The process of de facto legalization of marijuana in Vancouver

Filed under: Cancon, Economics, Law, Quotations — Tags: , , , , — Nicholas @ 01:00

Despite the fact that I don’t smoke pot — because if I do I will be asleep in approximately three minutes — I have long advocated complete legalization. Largely for libertarian reasons but also because the criminal law is essentially unenforceable. But the medical marijuana regulatory scheme interests me as a grand example of government getting something entirely wrong.

The original medical marijuana regulations allowed people to buy from a single supplier or grow their own or designate a grower. While the system was far from perfect, and found to be unconstitutional, it had the advantage of regulating with a very light hand. But, oh Heavens, there was “leakage”. Medical pot was not always only used by medical users. Yikes.

So Health Canada came up with a regulatory scheme which was going to licence grower/distributors and put the users and their growers out of business. Enter Big Green and a bunch of promoters who sold shares in publicly listed companies based on the new regulations. The promoters made a lot of money using a simple story: there were 45,000 medical pot users in Canada (projected to grow to 450,000 users in a decade) who each used about 3 grams a day and who would have no choice but to pay between $8 and $15 a gram for their “medicine”. You do the math.

To my not very great surprise, people used to paying $0 to $5.00 a gram did not rush to sign up. And, very quickly, at least in Vancouver, pot shops – for registered users only of course – began to spring up. Becoming a registered user was not tough. As the 5th Estate guy discovered, telling a naturopath a charming story about stress and sleep disturbance over Skype gets you your registration. At which point you are free to buy. (I note the 5th Estate did not ask the pot shop owners where they were getting their pot – which is a rather good question because it is certainly not from the licenced growers as they are not allowed to sell except by mail order.)

As anyone who has lived in Vancouver knows, the Vancouver Police Department has better things to do than bust dispensaries. Plus, given the injunction halting enforcement of the Health Canada regs, it is not obvious what they would bust the dispensaries for that would have a chance of getting past the Crown. But even if they did bust the dispensary and even if the Crown brought charges, it is pretty difficult to see how a judge could find a person guilty who was selling to a registered user.

The problem is that the boffins at Health Canada have not quite figured out that their regulations are assuming a world which does not exist. First, they assume that people want to smoke “legal pot”. That might be true if police forces were in the habit of kicking down doors to arrest people smoking pot at home but, I fear, that hasn’t happened in years. (It may occasionally occur as a means of harassment but the probable cause issue is usually sufficient to kick the charges.)

Jay Currie, “Gone to Pot”, Jay Currie, 2015-06-15.

January 14, 2017

Mad Max for PM!

Conservative leadership candidate Maxime Bernier gets an unusually even-handed profile from the CBC:

Bernier’s life is a moveable banquet of rubber chicken, and shaking grimy, anonymous hands, and pretending great interest in everyone, trying all the while to turn the discussion to Maxime Bernier. And perhaps asking for some money while he’s at it.

Actually, that’s unfair. What Bernier mostly turns the discussion to is his ideas.

He’s libertarian, to the extent that it’s possible to be a libertarian and seek high office in a country that was built on protectionism and entitlement and government being the answer to everything.

He advocates the end of quotas and supply management for dairy, poultry and eggs. Oh, and maple syrup. Most Canadian politicians — let alone MPs representing rural Canada like Bernier — prefer to leave such topics undiscussed.

He wants to abolish interprovincial trade barriers. Stopping companies from growing into other Canadian jurisdictions, or stopping workers from travelling between provinces, he characterizes as “foolish,” “doubly foolish” and “ridiculous.”

Go ahead and argue with that.

Bernier wants an end to what he calls “corporate welfare,” his term for governments using tax money to pick winners, such as Bombardier and General Motors, and letting losers struggle with market forces.

If you’ve been reading the blog for a while, it’ll come as no surprise that Bernier is far and away my preferred choice for Tory leader.

January 13, 2017

QotD: Markets and politics

Filed under: Economics, Politics, Quotations, USA — Tags: , , — Nicholas @ 01:00

Markets adapt to political changes, and the hierarchy of values that distinguishes between an hour’s worth of warehouse management, an hour’s worth of composing poetry, an hour’s worth of brain surgery, and an hour’s worth of singing pop songs is not going to change because a politician says so, or because a group of politicians says so, or because 50 percent + 1 of the voters say so, or for any other reason. To think otherwise is the equivalent of flat-earth cosmology. In the long term, people’s needs and desires are what they are; in the short term, you can cause a great deal of chaos in the economy and you can give employers additional reasons to automate rote work. But you cannot make a fry-guy’s labor as valuable as a patent lawyer’s by simply passing a law.

This is not a matter of opinion — that is how the world actually works. One of the many corrosive effects of having a political apparatus and a political class dominated by lawyers is that the lawyerly conflation of opinion with reality becomes a ruling principle. Lawyers and high-school debaters (the groups are not alien to one another) operate in a world in which opinion is reality: If you convince the jury or the debate judges that your argument is superior, or if you can get them to believe that your position is the correct one, then you win, and the question of who wins is the most important one if you are, e.g., on trial for murder. But if you shot that guy you shot that guy, regardless of what the jury says — facts are facts. Galileo et al. were right (or closer to right) about the organization of the solar system than were Fra Hieronimus de Casalimaiori and the Aristotelians, and the fact that Galileo lost at trial didn’t change that.

Kevin D. Williamson, “Bernie Sanders’s Dark Age Economics”, National Review, 2015-05-27.

January 9, 2017

QotD: The wider effects of raising the minimum wage

Filed under: Business, Economics — Tags: , — Nicholas @ 01:00

When the minimum wage goes up, owners do not en masse shut down their restaurants or lay off their staff. What is more likely to happen is that prices will rise, sales will fall off somewhat, and owner profits will be somewhat reduced. People who were looking at opening a fast food or retail or low-wage manufacturing concern will run the numbers and decide that the potential profits can’t justify the risk of some operations. Some folks who have been in the business for a while will conclude that with reduced profits, it’s no longer worth putting their hours into the business, so they’ll close the business and retire or do something else. Businesses that were not very profitable with the earlier minimum wage will slip into the red, and they will miss their franchise payments or loan installments and be forced out of business. Many owners who stay in business will look to invest in labor saving technology that can reduce their headcount, like touch-screen ordering or soda stations that let you fill your own drinks.

These sorts of decisions take a while to make. They still add up, in the end, to deadweight loss — that is, along with a net transfer of money from owners and customers to employees, there will also simply be fewer employees in some businesses. The workers who are dropped have effectively gone from $9 an hour to $0 an hour. This hardly benefits those employees. Or the employee’s landlord, grocer, etc.

There are secondary effects beyond the employment market too. Proponents of a higher wage are claiming that this will boost the local economy by putting more money into the pockets of workers. This is the same sort of argument you frequently hear for the construction of massive new sports complexes. But of course, the money has to come from someone else’s pocket — the customer and the employer. What were those people doing with it? If the answer is “buying stuff from Amazon,” then maybe diverting more money to wages is a net gain for the Los Angeles economy. But if the answer is mostly “buying stuff produced in LA” — for example, paying rent, or buying services performed by low-wage workers — then this is like trying to get rich by picking your own pocket.

There’s no question that the wage increase will transfer money around within the economy — out of the pockets of commercial landlords, for example, and into the pockets of folks who own real estate in low-rent districts. But little evidence has so far been offered that any boost in local spending will cancel out the deadweight loss, much less exceed it.

Megan McArdle, “$15 Minimum Wage Will Hurt Workers”, Bloomberg View, 2015-05-20.

January 6, 2017

Venezuela’s journey from the “Bolivarian Revolution” to “Zimbabwean levels of hunger and inflationary poverty”

Filed under: Americas, Economics, Government — Tags: , , , , — Nicholas @ 02:00

Jack Staples-Butler on the moral accountability for outside supporters (particularly the British left) of what has turned into a huge humanitarian disaster in Venezuela:

DENIAL in the face of catastrophic failure of one’s ideas is a predictable reaction from a believer, as per Leon Festinger’s theory of cognitive dissonance reduction in response to the failure of one’s beliefs. Denial in the face of shame for one’s actions is an experience well-studied by psychologists and criminologists. One 2014 study summarises the role of ‘shame’ in creating both denial of responsibility and recidivism among offenders:

    “Feelings of shame… involve a painful feeling directed toward the self. For some people, feelings of shame lead to a defensive response, a denial of responsibility, and a need to blame others — a process that can lead to aggression.”

Combining both faces of the phenomenon of denial is the behaviour of the supporters, apologists and promoters of the ‘Bolivarian Revolution’, the late Hugo Chávez and the PSUV regime in Venezuela, and their response to the present state of the country. Humanitarian catastrophe of an apocalyptic scale is now unfolding in the most oil-rich state in the world. The magnitude of human suffering is indescribable. The scenes of bread queues and shortages familiar to Eurozone-crisis Greece are long since surpassed. Venezuela has become a ‘Starvation State’ which “today drowns in a humanitarian crisis”, with lawless cities and hunger for the majority. It extends beyond humans, as the country’s pets are left in skeletal starvation and the zoos of Venezuela become graveyards of wild and endangered animals. […]

The response of the Venezuelan government to a crisis entirely of its own making has been systemic and organised psychological denial of its own, and particularly to externalise blame through conspiracy theories. Fantasies of ‘economic warfare’ waged by ‘hoarders’ led by the United States are played out in government seizures of foodstuffs and crippling price controls. The most disturbing recent development is the prospect of Venezuelans becoming a population of forced labourers in government-run agricultural projects, a solution that would take Venezuela from Zimbabwean levels of hunger and inflationary poverty to Cambodian levels of state-led starvation.

H/T to Natalie Solent for the link.

January 5, 2017

Thomas Sowell

Filed under: Economics, Liberty, USA — Tags: , , , — Nicholas @ 02:00

David Warren on the recently announced retirement of economist Thomas Sowell:

Born in the rural poverty of North Carolina, raised in Harlem, he remained personally acquainted with the fate of his race. A disciplined and unexciteable controversialist, he rose closest to exhibiting passion when discussing, for instance, the destruction of the black family by the Great Society of Lyndon Baines Johnson — how it arrested the social and economic advancement blacks had been making by their own efforts to overcome the monstrous history of slavery. By its “helping hand” the government rewarded unwed motherhood, punished enterprise, and promoted crime. In addition to family, it undermined religion, and finally helped install the abortion mills which disproportionally reduce the black population. And all of this by legislation drumrolled from the start with pseudo-Christian moral posturing.

Sowell could understand this through the economic analysis of moral hazard. Reward people for making irresponsible life choices, for discarding prudence and embracing victimhood and dependency — the result may be predicted. The question whether the policies were the product of invincible stupidity or demonic inspiration is moot: for stupidity is among the devil’s excavating tools. He is a master policy analyst, to whom men are merely statistics to be crunched; and to the stupid man he proposes the job-ready shovel, by which to dig his own grave.

QotD: Warriors and (mere) merchants

Filed under: Economics, Europe, History, Quotations — Tags: — Nicholas @ 01:00

We know almost nothing of the merchants who made ancient Greece rich enough to spawn an unprecedented culture, but we know lots about the deeds of those who squandered that wealth in war. “The history of antiquity resounds with the sanguinary achievements of Aryan warrior elites,” wrote the historian of antiquity Thomas Carney. “But it was the despised Levantines, Arameans, Syrians, and Greeklings who constituted the economic heroes of antiquity.”

Matt Ridley, “Waterloo or railways”, Matt Ridley Online, 2015-06-18.

January 4, 2017

QotD: The utility of money

Filed under: Economics, Quotations — Tags: — Nicholas @ 01:00

As of yesterday afternoon, a nonstop round-trip flight from New York City to Los Angeles on Independence Day weekend cost $484. That the price is so low is an incredible story in itself, one that is more important than most of what our children are taught in their history classes and one that we should not fail to appreciate, but it is a subject for another day. Consider, though, that that $484 is a messy number; it isn’t an even $500 or rounded to $480 or $485. Messy numbers are a sign of real calculation, and they are the opposite of political numbers: the first 100 days in office, the five-year plan, the $15 minimum wage.

That $484 is easily expressed in non-U.S. dollar contexts: €445.08, £ 314.56, ¥ 5,9573.87, 2.0349 Bitcoin. (Damn!) On the commodities market, that’s 745.54 pounds of cotton or 338.5 pounds of coffee. It is 0.00000268888 of a Les Femmes d’Alger, the Pablo Picasso painting that recently set a new auction record at Christie’s.

There is no reason, in theory, that one could not buy a Picasso masterpiece and pay for it in coffee, or in coffee futures, or in barrels of West Texas Intermediate crude. But most sellers, and most buyers, prefer currency — a restaurant in Austin has a sign proclaiming that it “proudly does not accept the American Express Card, Visa, MasterCard, checks, chickens, or pesos.” Dollars do not have any inherent value; as my favorite presidential candidate, the mighty Cthulhu (“Why Vote for a Lesser Evil?”) put it, dollars are merely “pieces of green paper backed solely by religious dogma.” (Cthulhu’s fiscal policy? “He permits his devotees to collect as much paper in as many colors as they happen to like.”) Dollars have value because of the things for which we can trade them: Picasso paintings (or, ideally, paintings by some superior artist), coffee, cotton, cheeseburgers, sofa beds … checks, chickens, or pesos. This is an aspect of what in economics is known as Say’s Law, which holds that goods are paid for in goods — i.e., that we manufacture widgets or grow tomatoes or write novels because we wish to consume shoes and poached salmon and Buicks. The dollar or the euro is just a way to avoid the difficulties of trading a truckload of chickens (or a convoy of them) for Les Femmes d’Alger.

Kevin D. Williamson, “Bernie Sanders’s Dark Age Economics”, National Review, 2015-05-27.

January 1, 2017

QotD: Currency Manipulation

Filed under: China, Economics, Politics, Quotations — Tags: , , , , — Nicholas @ 01:00

One of the critiques of any trade deal of late is that there should be penalties for countries guilty of “currency manipulation.” The concern is that countries will devalue their currency in an effort to make their own exports cheaper to other nations while making it harder for other countries to export back to them. As an example, if the Chinese were to do something that cuts the value of the Yuan in half vs. the dollar, their products look very cheap to American consumers while American-produced goods suddenly look a lot more expensive to Chinese consumers.

I have two brief responses to this:

  1. I find it hilarious that anyone in the United States government, which has a Federal Reserve that has added nearly $2 trillion to its balance sheet in the service of cramming down the value of the dollar, can with a straight face accuse other nations of currency manipulation. In practice in today’s QEconomy, currency manipulation means another country is doing exactly what we are doing, but just doing it faster.
  2. As an American consumer, to such currency manipulation by other countries I say, Bring it On! If China wants to hammer its own citizens with higher prices and lower purchasing power just to subsidize lower prices for me, I am happy to let them do it. Yes, a few specific politically-connected export businesses lose revenues, but trying to prop them up is pure cronyism. Which is one reason I think Elizabeth Warren is a total hypocrite. The constituency of the poor and lower middle class she presumes to speak for are the exact folks who shop at Walmart and need very price break on everyday goods they can get. Senator Warren’s preferences for protectionist trade policies and a weak dollar will hurt these folks the most.

Warren Meyer, “Currency Manipulation”, Coyote Blog, 2015-05-26.

December 31, 2016

Signaling

Filed under: Economics — Tags: , , — Nicholas @ 04:00

Published on 23 Sep 2015

A signal is an action that reveals information. Let’s look at higher education, for example. A large fraction of the value you receive from your degree comes on the day you earn your diploma. Your expected wages don’t increase with each class you complete along the way; instead, they spike sharply at the end when you receive your diploma. This is often referred to as the “Sheepskin Effect” because diplomas used to be printed on sheepskin.

Nobel Prize winner Michael Spence did research on this subject and found that education is valuable not necessarily because it creates valuable skills, but rather that it signals valuable skills. So how does the signal, represented by a degree, alleviate asymmetric information?

Employers don’t necessarily know how smart or skilled you are. Your degree, however, provides a credible signal of these traits and gives them more information they can use in the hiring process.

What other signals exist? We discuss examples like diamond engagement rings, why criminals tattoo their face, and why a peacock has a colorful tail. Let us know what examples you come up with in the comments.

December 27, 2016

QotD: The economics of price gouging

Filed under: Business, Economics, Quotations — Tags: , — Nicholas @ 01:00

Soaring prices after a natural disaster or during extreme weather are simply, economists would say, the market’s response to changing supply and demand, as disruptions make it harder to get some things just as demand spikes (for instance, for generators, gasoline, bottled water, first aid supplies). The price increase helps cut down on marginal uses (taking a bath with your bottled water), while drawing new supply in from unaffected regions, because people there now have a strong incentive to load up supplies and go sell them in the affected area — quickly. The market is working. But the optics are terrible. Humans intuitively see price gougers as bad agents, exploiting the suffering of others. So even in the absence of price-gouging laws, businesses try to avoid raising prices under extreme conditions. Whatever they could gain in immediate revenue, they would lose more in future sales as disgusted customers walk away.

Megan McArdle, “The Price Is Right, or Uber Will Raise It”, Bloomberg View, 2015-05-19.

December 25, 2016

Repost – The market failure of Christmas

Filed under: Economics, Government — Tags: , — Nicholas @ 02:00

Not to encourage miserliness and general miserability at Christmastime, but here’s a realistic take on the deadweight loss of Christmas gift-giving:

In strict economic terms, the most efficient gift is cold, hard cash, but exchanging equivalent sums of money lacks festive spirit and so people take their chance on the high street. This is where the market fails. Buyers have sub-optimal information about your wants and less incentive than you to maximise utility. They cannot always be sure that you do not already have the gift they have in mind, nor do they know if someone else is planning to give you the same thing. And since the joy is in the giving, they might be more interested in eliciting a fleeting sense of amusement when the present is opened than in providing lasting satisfaction. This is where Billy Bass comes in.

But note the reason for this inefficient spending. Resources are misallocated because one person has to decide what someone else wants without having the knowledge or incentive to spend as carefully as they would if buying for themselves. The market failure of Christmas is therefore an example of what happens when other people spend money on our behalf. The best person to buy things for you is you. Your friends and family might make a decent stab at it. Distant bureaucrats who have never met us — and who are spending other people’s money — perhaps can’t.

So when you open your presents next week and find yourself with another garish tie or an awful bottle of perfume, consider this: If your loved ones don’t know you well enough to make spending choices for you, what chance does the government have?

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