The World and Everything in It: May 8, 2023

PREROLL: The World and Everything in It is made possible by listeners like us. Hi, my name is Kat Cole, and I live in Rome, Georgia. And me and my dad listen to The World and Everything In It on my way to school. I hope you enjoy today’s program…singing.

MARY REICHARD, HOST: Good morning! A 94 year old widow says the local government foreclosed on her home and took more than it was entitled to. But the case is a little more complex than that.

NEAL KATYAL: The whole point that a state like Minnesota and, indeed, 19 other states are worried about is they don't want to be real estate agents of last resort.

NICK EICHER, HOST: That’s ahead on Legal Docket. Also today the Monday Moneybeat: jobs, profits, the Fed, and your questions. Plus, the WORLD History Book. 75 years ago, the beginning of modern Israel.

REICHARD: It’s Monday, May 8th. This is The World and Everything in It from listener-supported WORLD Radio. I’m Mary Reichard.

EICHER: And I’m Nick Eicher. Good morning!

REICHARD: Time for the news with Kent Covington.

KENT COVINGTON, NEWS ANCHOR: Mall shooting » Families are mourning in suburban Dallas today after a mass shooting at an outlet mall on Sunday.

Video footage showed a 33-year-old gunman exit a car and immediately open fire on shoppers, killing eight people. One witness told WFAA:

WITNESS: My mom and I were in Johson & Murphy’s shopping and out of nowhere heard about ten pops go off. I look at the customer next to me and was like, ‘Was that gunshots?’ He was like, ‘No, that’s probably just construction or something.’ And then we heard like 10 or 15 more shots go off.

Allen, Texas Police Chief Brian Harvey said an officer happened to be nearby and responded quickly.

BRIAN HARVEY: He heard gunshots, located the gunshot, located the shooter, neutralized the shooter, neutralize the threat.

He said authorities believe the gunman acted alone. Authorities searched a nearby motel where the man had been staying.

Migrants run over near Texas shelter » Meantime in south Texas, an SUV slammed into a crowd Sunday, killing at least seven people and injuring 10 others. The victims were waiting at a bus stop outside a migrant shelter in the border town of Brownsville.

One woman who witnessed the crash was visibly shaken.

WITNESS: All of a sudden, bodies start flying all over. There were dead. Some were missing legs. It was horrible.

Police arrested the driver at the scene, but as of Sunday night … could not say whether it was an intentional act or if the driver lost control of the vehicle.

Brownsville Police spokesman Martin Sandoval:

MARTIN SANDOVAL: Of course, this was a mixture of people. We don’t know if all of them were migrants, but we can confirm that there were some immigrants within the deceased and the injured.

The director of the nearby migrant shelter said most of the victims were Venezuelen men. He said video footage showed a Range Rover running a red light about 100 feet away before plowing into the bus stop.

Migrant abductions » The Mexican government reports that smuggling gangs and cartels kidnapped more than 2,000 migrants last year.

Cartels and gangs charge migrants from South America for help crossing Mexico to the U.S. border. But in many cases, they have kidnapped the migrants, holding them for ransom.

Last month, a reported kidnapping in northern Mexico led police to mount a massive search. They found not only the 20 migrants they were looking for, but about 80 others being held against their will. 

Zaporizhzhia » Russian forces are evacuating residents from the area around the occupied Zaporizhzhia nuclear plant in Ukraine as fears mount of a nuclear catastrophe. WORLD’s Josh Schumacher has more.

JOSH SCHUMACHER: U.N. nuclear watchdog chief Rafael Grossi warns that the situation at the plant is increasingly unpredictable and potentially dangerous.

He said he’s “extremely concerned” about a possible nuclear disaster.

Russian troops have been evacuating the area ahead of an expected Ukrainian counteroffensive in the area.

The U.N. has repeatedly called for a no-fighting zone around the plant.

For WORLD, I’m Josh Schumacher.

King Chucky Trey » Britons celebrated the coronation of a new monarch over the weekend.

AUDIO: Three cheers for his majesty the King and her majesty the Queen. Hip hip hooray! 

One man celebrated with his family in a British coronation tradition called the “Big Lunch” in London’s Regent Park.

MAN: It's a wonderful occasion, none of us except for our 95 year old mother-in-law had experienced a coronation before.

But not everyone celebrated.

SOUND: [Chanting “Not my King”]

Police did arrest some protesters, sparking further criticism.

Kentucky Derby » An underdog won the iconic Kentucky Derby over the weekend.

AUDIO: And it is going to be Mage to win the Kentucky Derby!

Mage, a 15-1 longshot, won in the skilled hands Hall of Fame jockey Javier Castellano.

But the upset win was not the only headline from Churchill Downs this year.

Earlier in the day, racehorses known as Chloe’s Dream and Freezing Point were euthanized after being injured in their races. They were the sixth and seventh horses to die at the track in recent days.

One of Mage’s owners said officials will likely investigate the string of deaths, which caused some activists to raise questions about the future of the sport.

Box office » At the weekend box office: Another Marvel blockbuster kicked off the summer movie season in a big way.

AUDIO: No matter what happens next, the galaxy still needs its guardians. 

Guardians of the Galaxy Vol.3 opened with $114 million dollars for the weekend.

The Super Mario Bros. Movie finished second with another $19 million. It has now grossed 1.2 billion dollars worldwide, making it one of the top-50 box office draws of all time.

I’m Kent Covington.

Straight ahead: the constitutional consequences of failing to pay property taxes. Plus, the Monday Moneybeat. 

This is The World and Everything in It.

MARY REICHARD, HOST: It’s Monday, May 8th. Glad to have you along for today’s edition of The World and Everything in It. Good morning. I’m Mary Reichard.

NICK EICHER, HOST: And I’m Nick Eicher. It’s time for Legal Docket. Today, a dispute over settling property-tax debt. Or, what’s sometimes derisively referred to as home-equity theft.

Whatever you call it, “it” can happen in twelve states and the District of Columbia. And when you fall too far behind on your property taxes, “it” does happen.

The local government seizes your home, sells your home, and keeps the money. All of it—and not just the part you owe in property tax, interest, and costs. If anything is left over, that’s a windfall to the state treasury.

REICHARD: That’s exactly what happened to a 94-year-old widow by the name of Geraldine Tyler. It’s rare to see a 94 year old bring a case to the Supreme Court! But she is determined to bring change to Hennepin County, Minnesota.

Here’s how her lawyer Christina Martin presented it to the justices during oral argument last month:

CHRISTINA MARTIN: When the government takes property to satisfy a debt and takes more than what is owed, it has a constitutional duty to return or pay for the excess. Here, Geraldine Tyler owed $15,000, which included nearly $13,000 in penalties, interest, and related costs. To satisfy that debt, Hennepin County took Ms. Tyler's former home, which was worth much more than that, and later sold it for $40,000. The county kept all $40,000 for public uses.

EICHER: She would go on to argue that that $25,000 windfall for the county amounts to a violation of Tyler’s constitutional rights.

Two constitutional rights under the original Bill of Rights, to be precise: First, the Takings Clause. That’s the part of the Fifth Amendment that requires just compensation be paid when private property is taken for public use.

The second right asserted is under the Eighth Amendment … which bars governments from issuing excessive fines. In a 19-98 opinion … the Supreme Court sharpened the definition of “excessive fines” this way: An unconstitutionally excessive fine is one that is, quoting here, “grossly disproportionate to the gravity of the offense that it was designed to punish.”

REICHARD: Regardless, the lower courts had dismissed this case for “failure to state a claim.” They reasoned Tyler had legally forfeited her interest in the condo by not paying up. Therefore, the courts reasoned, she had no claim.

And that’s the way lawyer Neal Katyal for Hennepin County started his argument: He says she lacked standing to sue.

Tyler never alleged in her complaint that she had any equity in her condo. Yet here she comes complaining about losing her equity. Besides, Minnesota has sovereign power to foreclose delinquent properties, and always has.

Justice Clarence Thomas was not impressed at all:

JUSTICE THOMAS: I think I'll bypass the standing.

So much for that. Then he continued:

THOMAS: At bottom, she's saying the county took her property, made a profit on it with the surplus equity, and it belongs to her. But, at any rate, can you think of, Mr. Katyal, any instance in which a creditor can foreclose on property and -- or seize property and keep the excess profit or the excess amount over the debt that's actually owed?

EICHER: Katyal explained different properties can vary by type: ones with mortgages, ones with surplus equity, ones that have no equity, not to mention the long tradition in Minnesota of doing things this way.

And after all, paying taxes is a reasonable condition of ownership. Tyler had plenty of chances, he argued, to square things up with the county. She could have sold her condo and used proceeds to pay taxes. She could have refinanced her mortgage. She could have signed up for a 10-year tax payment plan. But she refused those options. Again, lawyer Neal Katyal:

NEAL KATYAL: The whole point that a state like Minnesota and, indeed, 19 other states are worried about is they don't want to be real estate agents of last resort. With a private mortgage, the bank opts in affirmatively to that and they say, you know, here are the conditions and the like. With this situation, the government is stuck holding the bag at the end of the day.

REICHARD: And he argued there’s no excessive fine violation here, either. Tyler had five years to work this out. Forfeiture happens. He argued that’s not punitive, it’s remedial.

Minnesota’s counties collect property taxes to fund the schools, fire stations, and libraries. So this isn’t a fine that would bring it under the Eighth Amendment.

But Tyler’s lawyer Christina Martin pointed out that Hennepin County could have collected the debt the way the majority of local governments do: keep what’s owed, return the rest.

The way it is now?

MARTIN: Under the county’s theory, you can have exactly what happened in Michigan when a county took an entire home that was worth at least $25,000, at least that’s what it fetched at an auction, over an $8.41 tax delinquency. And you can have the situation in Nebraska, where an elderly widow in a nursing home lost her million-dollar farm over a relatively small debt. And I think the Constitution puts those limits.

EICHER: The justices questioned both sides carefully. Listen to this exchange between Chief Justice John Roberts and Katyal:

JUSTICE ROBERTS: What's the point of the Takings Clause? I mean, that was something that was pretty important to the framers. Why did they put that in there if, in fact, the states – and you say, in fact, you know, some of them had it. Virginia, Kentucky, were exercising extraordinary authority to take private property. The Constitution seemed to have a different idea in mind.

KATYAL: Oh, we think there's a vital purpose of the Takings Clause, and it's really twofold.

The point is that any “taking” in the case of Tyler could have been averted by simply complying with the law and paying taxes.

And then this acknowledgement by Justice Amy Coney Barrett of how a government can be tricky. She addresses Martin, lawyer for Tyler.

JUSTICE BARRETT: What is really the point of your winning if the county can do the same thing by saying: Yeah, we called it a forfeiture, but, you know what, it's really abandonment? Would the analysis be different? Because you can't dispute that we do have a long tradition in the country of abandonment. I mean, counties, states, can take abandoned property that's not maintained, for example.

MARTIN: Well, so the tradition of abandonment requires an intent to relinquish, which is actually an interesting factual question, and you -- to just suppose an intent because somebody isn't paying thousands of dollars, because they can add on all the other reasons why they might try to claim they think it's abandoned, but, ultimately, it's the failure to pay property taxes.

REICHARD: The Biden administration also had time at the lectern. Assistant to the Solicitor General Erica Ross agreed the county violated the Takings Clause here. But the contention is at what moment does a taking actually happen? Ross argued it's when the county gets title, not when the property is sold.

Justice Sonia Sotomayor resisted that argument:

JUSTICE SOTOMAYOR: Ms. Ross, you're throwing a bomb into 240-50 years of history with respect to delinquent taxes and sales only because, if you define it as the time the state takes title, then -- and valuation as of that date, no -- nothing's going to ever happen where a state's going to take that risk because properties have to be sold, the state's being forced into being the agent for the seller, and it's going to have to take all the risk and all of the responsibility for whatever happens to that property until it's sold. Why would any state want to do that? And why are you forcing states into that? Your adversary took a simple position. I'm entitled to a surplus. I think that's the question we should answer.

The tenor of the questions looks like a win for Geraldine Tyler.

And yet, we do need a balance between the rights of delinquent taxpayers and the rights of everyone else. And it’s probably best for society to encourage people to sell if they can’t keep up with the responsibilities of ownership.

Lots of friend-of-the-court briefs in the case from groups you’d not expect to agree on much of anything: from the ACLU to the Claremont Institute, from the Cato Institute to the National Association of Home Builders, all in support of Tyler. On the other hand, Hennepin County mostly got support from other local governments, with clear self-interests.

We’ll know what the justices decide by the end of June. And that’s this week’s Legal Docket.

MARY REICHARD, HOST: Next up on The World and Everything in It, the Monday Moneybeat.

NICK EICHER, HOST: It’s time to talk business, markets, and the economy with financial analyst and adviser David Bahnsen. He’s head of the wealth management firm The Bahnsen Group and he’s here now.  David, good morning!

DAVID BAHNSEN: Well, good morning, Nick, good to be with you.

EICHER: Off the top, David, I’d like your sense of the top story of a pretty busy week. We had the April jobs report, more corporate earnings, the Fed’s 10th consecutive interest-rate increase. A lot to choose from. What rose to the top for you?

BAHNSEN: Yeah, I think it was a pretty action-packed week. And there were two that would stick out. I mean, obviously, the Fed raising rates a quarter point wasn't much of a story, we had known that was coming for several weeks. And the fact that he talked down the idea that they will have to raise again, that he's sort of acknowledging it may be time to pause and look at the effect of the tightening they've already done. So you can kind of leave the Fed out of it for a moment. And I think there are two big stories, the first being the one that was playing out throughout the week about where we stand with the state of regional banks. And we know that over the weekend, and going into Monday, you had the JPMorgan acquisition of the now defunct First Republic Bank, which was really put into action very quickly. And immediately 84 branches in eight states were, all their assets and liabilities were under JPMorgan. And, you know, essentially, that kind of moved on, the equity of First Republic was wiped out, the bondholders are wiped out, the depositors now become, essentially, with JPMorgan. And that moved on, and then it took a couple of days to see but then a heavy degree of short selling, meaning people predicting that the stocks of other regional banks would keep falling. And all of a sudden, you had by Wednesday and Thursday, a real significant drop in a couple other big regional banks, not the size of First Republic, or even Silicon Valley, but significant and PacWest was kind of ground zero, a big Beverly Hills based regional. And then on Friday, all of those rallied way higher. You're in a catch 2 right now, Nick, because the absolute worst thing a regional bank can do is announce that they are raising new equity, or pursuing a deal with another bank. And yet a lot of them probably should raise equity, or do a deal with another bank. And so the catch 22 here, and the kind of unavoidable mess in the situation is that announcing you're doing the right thing becomes the wrong thing, but doing the right thing, is the right thing. And so I do think that there is ongoing tension in the regional banks, but they're not about solvency, I really believe these banks have adequate capital to get through. But if there is a short run, if there is, you know, depositors that withdraw capital, which they're not doing, depositors have absolutely slowed down in terms of withdrawal of deposit base. So at this point, it's just a matter of assets and liabilities and confidence in the market. And that issue with regional banks, whether it starts to kind of slow down and allow things to stabilize and move on, or if we still have more clouds ahead. That's the big story. The second one, though, didn't come till Friday, but it was a big one. And that is first the headline number, that there was something like 280,000 jobs created in April, and you had been expecting about 150,000. So you had this big blowout number. But then they had to downward revise the last two months' job creation by 150,000. And so essentially, you ended up only having 104,000 new jobs created with the new jobs being reported for April minus the revisions from the prior two months. And that ended up being lower than had been expected. So it was a real ambiguous report. Not one I would say was just right, like has some good news and some bad news right down the middle, but just very difficult to know what to make of it because there's seasonal reporting factors. There's just you know, is this data gonna end up having to be revised downward? The unemployment rate is at 3.4% down from 3.6%, that's basically tied for the all time lowest. I think that there continues to be real confusing data. Now the one thing I just want to get out of the way right away is those that will say well is this conspiratorial, is someone fudging the numbers are they lying to us? It's just simply not the case. Revisions go up and revisions go down for all sorts of reasons. There's a lot of complexity in the way this is reported. But my point is for an analyst like myself trying to make forward projections out of backward numbers, when the backward numbers can change to that gravity, it's really difficult. But this jobs report was arguably the first one that was below expectations in six months, even though the headline number was way above expectations. So that was quite something to deal with on Friday. And then the stock market, which had been down about 500 points Wednesday, and Thursday was up 500 points Friday. So this is exactly my prediction of the kind of year we're in: ambiguity, in markets and in the economy, and this week, gave us a microcosm of all of that.

EICHER: David, a question comes from Dan Walker of Santa Ynez, California. He’s a longtime listener and supporter and he appreciates hearing you each week, David. Mr. Walker writes:

“Your recent conversations about earnings season and ESG issues, along with some of the strains in the banking sector reminded me of an article in the WSJ related to an increase in [something called] the M-Score [... an academic theory that searches for manipulation in reporting earnings].” His question is whether this “M-Score” might be pointing to potentially more company failures in the near future. He says, “I wonder if you could discuss your thoughts on this.” So, David, what do you think of the M-Score, useful tool or no?

BAHNSEN: Well, I think the M-Score idea is really pretty silly. It's, there's a professor at Indiana University and two professors at University of Missouri, that just recently published a white paper about it, and perhaps a friend of theirs, or somebody at the Wall Street Journal wrote an article about it. But it isn't a metric I've ever heard of, or anybody, you know, adapts or uses, but it's a very common idea of just kind of blending a number of different accounting metrics, as attempt to try to see if in the future, it's going to be something different. You know, we already have these, we've had them forever, I mean, are earnings declining? well, that's a pretty good indicator of if things are not going well. Are credit spreads, widening? That's probably my favorite meaning is the cost of borrowing money going higher, because defaults are going higher, or because there's fear of defaults going higher. I'm a big believer that economics is the study of human action. And I don't think you get better indicators than things like credit spreads, that tell you what real people with real money are demanding in terms of protecting their own real money. And so there's all sorts of things like that out there. Look, if someone were asking me this question on the basis of how we evaluate individual companies, my firm happens to focus on dividend growth investing. And so we look at the ability of a company to continue growing their dividend. And how do you know that? Well, there, every accounting statement will show you the operating free cash flow. So forget all of this stuff. And that what I think they're calling it the M-Score about combining various elements of goodwill or intangibles or depreciation, you can just look at cash flows and see, it's been a very robust quarter for public companies reporting earnings. They've outperformed expectations, guidance going forward is good, free cash flow is higher. Now, a lot of companies are doing this, because they're charging more money, even though the volumes of their sales are not going higher. But that's not a negative. That's an indication of pricing power. That's a positive for those companies. So yeah, there's always new little accounting ideas, and so forth. And certainly there's professors that want to come up with new innovations or ideas, but the notion that all of a sudden, we're going to come up with a new gimmick to measure profitability in the country. We've had these things for 100 years, the author of Ecclesiastes had this right, there's nothing new under the sun.

EICHER: David, I really enjoy your Monday market beat and your sage guidance on dividend cafe. We are in the market for a new home and curious to get your take on ARMs vs. Fixed rate mortgages. With the predicted high mortgage interest rates but predicted lower rates later this year, are ARMs back in style for short-term (3-5 years) home ownership?”

So David, what do you say?

BAHNSEN: Look, it's very difficult to talk about the type of a loan product and the rates that somebody uses in the abstract or universally, because I believe everyone's situation for borrowing is going to be different. But one thing that is universally true right now is almost anybody who takes a loan this year or took one in the second half of last year is going to be refinancing in a year or two, just simply because they're going to be finding themselves in a position where rates are going to be way lower. And they can save a lot of money by moving into a new loan. And so whether they do a fixed rate, or an adjustable rate is somewhat immaterial now, because by definition, they've done an adjustable rate. They can buy a 30 year fixed right now, but they're gonna be refinancing it into a lower 30 year fixed in a year or two, right? And so I don't think it particularly matters a lot. The bigger issue to me is always not adjustable rate or fixed rate, which is really something has to be answered by the rate environment and the homeowner's intention, a reasonable but never assured probability that they intend to stay in the home for a long time. That makes a big difference. But the far bigger issue to me than adjustable rate versus fixed rate is interest-only versus amortization. And if someone intends to be in the home for a particular period of time, I think the more important issue is that they're amortizing the loan, that there's some form of principle payment being made. Whereas with interest-only loans, by definition, if it's being done, because they can only afford the interest-only portion, they shouldn't be buying the home. And if it's being done, just simply because they don't tend to stay there for a long time, I don't have a problem with that. But people just have to understand they're effectively a renter from the bank who pays property taxes, right, they're not really building an equity owning the home when they're not reducing the amount of debt on it. So I don't like giving the advice universally when it is better suited to each individual situation. But that's the environment we're in now. And it's not an environment we've been in for over 20 years, where I'm very confident anyone taking a new loan, in 22 and 23 will be refinancing their loan in the future. The question is just simply when.

EICHER: All right, if you have a question, you can reach us at editor@WNG.org.

David Bahnsen is founder, managing partner, and chief investment officer of The Bahnsen Group. His personal website is Bahnsen.com. His weekly Dividend Cafe is found at dividendcafe.com.

David, thanks, have a great week!

BAHNSEN: Thanks so much, Nick. Good to be with you.

NICK EICHER, HOST: Today is Monday, May 8th. Good morning! This is The World and Everything in It from listener-supported WORLD Radio. I’m Nick Eicher.

MARY REICHARD, HOST: And I’m Mary Reichard. Next up, the WORLD History Book. Two entries today. Before this past weekend—the last coronation of an English monarch took place nearly 70 years ago—we’ll return to that ceremony together. But first, this week marks the 75th anniversary of the modern state of Israel. Here’s Paul Butler.

PAUL BUTLER, REPORTER: We begin today on May 14th, 1948. It’s a late Friday afternoon. 250 guests quietly arrive at the Tel Aviv Museum. They are there by invitation of the World Zionist Organization.

David Ben-Gurion is the group’s leader. The grandfatherly man is standing at a podium with long tables jutting out from either side. Behind him: a picture of the founder of modern Zionism. He’s flanked by two large flags hanging on the wall, each featuring a simple blue star of David on a white field. A radio microphone sits atop the podium.

SOUND: [RADIO BROADCAST]

Promptly at 6pm Ben-Gurion strikes a gavel and stands—declaring the establishment of a Jewish state. The address is broadcast on a local radio station.

SOUND: [DECLARATION OF INDEPENDENCE]

The Land of Israel was the birthplace of the Jewish people. Here, their spiritual, religious, and national identity was formed. Here, they achieved independence and created a culture of national and universal significance.

The Israeli Declaration of Independence is inspired by America’s founding document. The final text had only been approved an hour before. The document includes a short history of the Zionist movement, the fight against Nazism, and the desire of the Jewish people to have a nation of their own. Ben-Gurion continues:

On November 29th, 1947, the General Assembly of the United Nations adopted a Resolution for the establishment of an independent Jewish State in Palestine…This recognition by the United Nations of the right of the Jewish people to establish their independent state may not be revoked. It is, moreover, the self-evident right of the Jewish people to be a nation, like all other nations, in its own sovereign state.

Ben-Gurion announces the formation of a temporary government until a constitution can be crafted and a proper assembly formed. But in the meantime he invites Jews from around the world to come home. Here’s a bit more from the address:

Our call goes out to the Jewish people all over the world to rally to our side in the task of immigration and development and to stand by us in the great struggle for the fulfillment of the dream of generations—the redemption of Israel.

25 members of the provisional government sign the declaration immediately. Another 12 will sign later. As the last representative signs his name, the guests sing the national anthem and Ben-Gurion declares: “The State of Israel is established! This meeting is adjourned!”

The United States is the first country to recognize the new state of Israel…just 11 minutes after the declaration. And within a year of its founding, the United Nations admits Israel as the 59th member of the assembly on May 11th, 1949.

SOUND: [ISRAEL NATIONAL ANTHEM]

Next, this weekend saw the coronation of King Charles III. It’s been nearly 70 years since the last ceremony. It took place on June 2nd, 1953:

SOUND: [ARRIVAL OF QUEEN ELIZABETH TO THE CORONATION]

As Elizabeth Alexandra Mary arrives by royal carriage, 8,000 guests wait inside London’s Westminster Abbey. The coronation ceremony begins with a grand procession—followed by guests pledging their allegiance to the 27-year old monarch.

ARCHBISHOP: I here present unto you Queen Elizabeth, your undoubted queen. Well, for all you who will come this day to do your homage and service? Are you willing to do the same? 

GUESTS: [Long live Queen Elizabeth!]

After fourteen months of planning, the solemn ceremony steeped in centuries of tradition takes place with great pageantry. An estimated 277 million people around the world tune in by television.

AUDIO FROM CEREMONY: There will follow the first part of the taking of the coronation oath.

After taking vows of fidelity to the United Kingdom and swearing to uphold the laws of God, Queen Elizabeth puts on ceremonial robes before taking her place upon her throne. The Archbishop then presents her with symbolic vestments and regalia.

MONTAGE: [PRESENTING THE ORB, SCEPTRE, RING, GLOVE]

ANNOUNCER: The moment of the Queen’s crowning has come.

With a flourish the Archbishop lifts the crown from its plush cushion. He clasps the crown between his hands, holds it high in the air, and slowly lowers it upon Elizabeth’s head. The guests erupt in unison.

GUESTS: All hail the queen! All hail the queen! All hail the queen!

There’s one young guest who watches intently nearby. Someone who just this weekend submitted to many of these same traditions 70 years later: Elizabeth’s first-born son: Charles.

ANNOUNCER: The Duke of Cornwall sees his mother crowned.

The cost of Queen Elizabeth’s coronation ceremony is estimated at more than one and a half million pounds—or about 40 million pounds today—which pales in comparison to King Charles III’s coronation which is expected to cost more than 125 million pounds.

[SOUND FROM CORONATION]

That’s this week’s WORLD History Book. I’m Paul Butler.

NICK EICHER, HOST: Tomorrow: The coronation of a king. And, Missouri is taking a unique approach to protecting its people from transgender medical interventions. We’ll have a report. That and more tomorrow.

I’m Nick Eicher.

MARY REICHARD, HOST: And I’m Mary Reichard. 

The World and Everything in It comes to you from WORLD Radio. WORLD’s mission is biblically objective journalism that informs, educates, and inspires.

The Apostle Paul says: “When I was a child, I spoke like a child, I thought like a child, I reasoned like a child. When I became a man, I gave up childish ways. For now we see in a mirror dimly, but then face to face. Now I know in part; then I shall know fully, even as I have been fully known. So now faith, hope, and love abide, these three; but the greatest of these is love.” 1 Corinthians chapter 12, verses 11 through 13.

Go now in grace and peace.

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