Subscribe to Hypernormal Times on Substack.
Damian Pudner — monetary economist, founder of the Great British Think Tank (GBTT), former Head of Rate Sales for EMEA at UBS.
A 25-year rates trader turned monetary economist explains why UK gilts trade at a "moron premium," why he'd scrap the Bank of England's 2% inflation target, and how he's actually positioning his own portfolio in bonds, equities and gold.
Damian explains why he's a "broad money" monetarist, why the Bank of England's 2% inflation target should be scrapped in favour of nominal GDP targeting, and why the Monetary Policy Committee needs more practitioners and fewer career academics. He unpacks the UK's persistent gilt-market "moron premium," lays out what a modern-day version of the 1976 IMF crisis could look like, and shares how he personally allocates across equities, short-duration bonds, gold and, notably, not Bitcoin. The conversation also covers Gary Stevenson's wealth-inequality argument, the real economic impact of AI, and why Damian believes Britain needs a Thatcher-, Reagan-, or Milei-style reset before the next election cycle.
UK gilts, Bank of England, monetary policy, inflation target, nominal GDP targeting, broad money, M4X, monetarism, moron premium, UK debt crisis, gold investing, Bitcoin vs gold, Gary Stevenson, quantitative easing, fiscal dominance, UK economy, bond investing, portfolio strategy, Great British Think Tank
This podcast explores stocks, markets, and capital, examines the role of gold in finance, unpacks tax policy and economics, discusses pathways to financial freedom and retirement, explains how interest rates affect investing, features insights from financial advisers, analyzes inflation, recession, and market volatility, covers the actions of central banks, evaluates different assets, addresses inheritance planning, reviews portfolio construction with bonds and an isa, assesses long-term returns and allocation strategies, explores macro trends, and helps listeners understand risk and pensions.
