Translation question - the Hobbit

[Moose-tache]

"Papa, Papa, read me the book about the hobbits!"
"Well, OK. Once upon a time, there was a little halfling who didn't have rent control or universal healthcare. He could own all the blunderbusses he wanted, but oil paintings of indecent halflingesses were strictly regulated. And every time he went to the market square he had to calculate the sales tax in his head, because it wasn't factored into the listed prices."
"Oh my gosh, Papa! Ancient times were very different!"