 Hello, I am Mark Thornton and this is minor issue number 11. Today's minor issue is toilet paper. The average American family spends almost $500 a year on toilet paper, but we all know it's much more important to us than that budgetary item. Recently, inflation and shortages, supply chain disruptions have led to increased difficulty obtaining toilet paper and empty shelves in the grocery store. I'd like to take a look at the wholesale price of corrugated boxes in the U.S. because the raw material is the same raw material for corrugated boxes, toilet paper, paper towels, etc. And in 1980, when they started this price index series, corrugated boxes were 7% higher priced than the average prices, the consumer price index. By 2004, during the housing bubble, corrugated boxes were 40% higher than the consumer price index, the CPI. And today corrugated boxes are 60% higher than the consumer price index. So the relative price of cardboard boxes and its raw materials has increased significantly over the last 40 or 50 years. A lot of that recent increase is not just the Federal Reserve's inflation, but of course the COVID lockdowns and the fact that there's been so much buying online through companies like Amazon who deliver their packages in cardboard boxes. What we see today is companies like Amazon in the post-COVID era suffering a decline in sales and increased costs so that the shares of Amazon have fallen from a peak of about $175 to less than $94 today. And it looks like that could fall even further, maybe not as much as other companies like Apple, but the outlook for Amazon and other online retailers is not strong. So that means fewer boxes that they're going to purchase and a softening of the cardboard box market and its price. Now given that the raw materials used in cardboard boxes are the same ones used in paper towels and toilet paper, what we can expect is that the price of toilet paper could come down relative to other prices as we go into recession. So cardboard boxes and toilet paper and paper towels in a sense are substitutes on the production side and toilet paper, the demand for it is relatively inelastic, which means we buy the same amount of toilet paper no matter what its price. So with an increase in supply, what we would expect to see is noticeable fall in the price of toilet paper. So that's a good thing. And while it looks like our luck may be beginning to hit the fan here, the market provides a silver lining and this provides an opportunity to talk about economics and the market economy. It means that the market will reallocate those resources, those raw materials from cardboard boxes into toilet paper that it will reallocate to the highest consumer wants and will result in noticeable declines in the relative price of toilet paper. So while toilet paper is a minor issue when prices are really low, it also is an opportunity to talk about what happens as we go into a recession and how does the market economy help us survive and eventually thrive in the recovery.