in goldman sachs for you boil water over here. what was the nonprofessional assure you of that? in the course of our. okay. so this is a very interesting question. the assertion is that the oil embargo against japan was the principal trigger that got the united states involved in war two. and i agree with that up to a point. and the point is that when the united states placed an oil embargo against japan, it pretty much guaran that japan would strike out against united states. i will say this and i was i actually a bit surprised by the fact that the debate over american entry into what's going to become world war two had almost nothing to do with policy toward japan. it was all focused, 98% focused on what was going on in europe. and part of this was because as well, europe has always been visible to americans. many more americans have ancestral roots in europe than have roots in japan. japan is far away. the war in japan was not well covered in the american press or on american radio. one of the features of my book is these are transcripts of the radio shows of edward r murrow,

i remind -- i am reminded at goldman sachs note over the summer, and they were right when it comes tolus out of china. they were waiting for the bazooka to see what trump was going to do when it comes to trade. we are at 25%, additional to what is already in place on chinese imports. jonathan: the next-door on our radar -- we should be talking about this. president trump announcing lens for a u.s. strategic crypto reserve, set to include undetermined amounts of major tokens, sending cryptocurrency prices soaring, recouping losses since its worst month since 2022. lisa: we should be talking about this, including tokens that are less mainstream then bitcoin. it ignited the ira people in the crypto universe who do not want you legitimacy placed on these. the only country that has really engaged with this type of crypto experiment has been el salvador, and it did not end well. at what point, to what end, is this coming on now. jonathan: the explanation i am waiting for is why the issuer of the reserve currency requires a strategic reserve of cryptocurrency. can you make sense of that? the

one example — the investment bank goldman sachs had, until a few weeks ago, a rule that if companieswhite men on their boards, they wouldn't assist their efforts to list on the stock exchange. my colleague, simonjack, though, asked the firm's international boss why the policy has now been dropped. the policy has now if you actually look across industry now, that was a policy served as a catalyst to try and drive a change of behaviour, a change in focus, and i think that's broadly achieved. and what's important here is you have a diversity of views on that board. here is you have a diversity and if you look at these companies, they've all embraced diversity, it's moved along. this was a policy from a decade or so ago, and i think it's served its purpose. so what do the numbers show? well, in america, women make up roughly a third of all directors of listed companies. that's roughly double what it is injapan, but a little less than australia and europe. now, of course, goldman isn't alone in abandoning some of its policies. dei has been on the defensive, sped up by two major events. th