Received wisdom states that American subprime mortgages are to blame for triggering this recession. We’ve been led to believe that a toxic mix of fraud and stupidity undermined the entire global banking edifice – although quite how a few impoverished and misguided homeowners in the USA could achieve this feat has never really been explained in a satisfactory way.
Spin back to mid 2008 and the headlines were not about economic meltdown - they were about oil prices. The cost of crude had shot through $130 a barrel and Sequoia were engaged by a major multinational to test their Supply Chain strategy in the likely event of prices hitting $200+.
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