Stephanie Kelton

As the world wakes up to the scale of the climate crisis, leading figures in finance and world-renowned economists are rallying to promote the first ever global postgraduate degree in the economics of sustainability. These online courses have been developed by not-for-profit Modern Money Lab, in partnership with Torrens University Australia and will begin in September this year.

With well over 200 expressions of interest so far, the appetite for a new kind of economic thinking has never been higher.The venture, bringing together concepts from ecological economics and modern monetary theory, is the brainchild of Associate Professor Steven Hail and Con Michalakis, Deputy Chief Investment Officer at Hostplus. Professor Stephanie Kelton, former Chief Economist on the U.S. Senate Budget Committee in Washington D.C. and author of the New York Times bestseller The Deficit Myth and Professor Scott Fullwiler, a world-renowned expert in macroeconomic policy, have also thrown their support behind the program.

“What we’re all working towards is putting together a genuinely global online qualification, which brings modern monetary theory and ecological economics together,” says Dr Hail.

“The reason we’re doing this is because we think it’s important and because it genuinely is the case, as far as we can tell, that there is no such qualification available anywhere in the world. Nobody has ever done it before.

“What has surprised me, having spent many years in the university sector, is not just the variety but the quality of applicants for this course, in terms of how motivated I would think they’d be and in terms of what they’re already doing in their lives, is far higher than anything that I’ve ever come across.

“I think there is a very real thirst to understand the relationship between the monetary system and our impact on the world and I know a lot of people have been waiting for something like this. It’s great to see that reflected in the applications we’re having,” he says.

“What we want to do, essentially, is to create a new generation of people working in finance, politics and in all institutions related to the political system, with the necessary background in understanding our monetary system, so that can shift the policy narrative and get decisions over the line that are more consistent with maintaining a healthy environment and concentrated on improving the quality of people’s lives.

“To get there we need to be agnostic about the potential for future economic growth and to rethink the purpose of economic policy. We need to move away from growth-ism, we need a better purpose.

“We also need an understanding of the appropriate role for governments to play in facilitating a transition to a more sustainable future, and it is our view that modern monetary theory is central to that understanding.

“The problems of the 21^st century cannot be solved using the economic thinking of the last century. This course is about giving people the equipment they need to meet the challenges of the decades ahead,” he says.

Leading finance professional, Con Michalakis, the Chair of Modern Money Lab, said: “The world needs a supply of well-trained economists who understand not only our planetary boundaries and the environmental challenges we face, but also the mechanics of money and finance and the appropriate role for governments to take.”

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Louise Watson

Global asset manager, Natixis Investment Managers, has announced the that its affiliate, Loomis, Sayles & Company has been awarded an AU180m US asset-backed securities mandate by the AU10.8bn superannuation fund, Statewide Super.

Louise Watson, Managing Director and Head of Distribution, Australia & New Zealand, for Natixis Investment Managers, said: “This mandate between Statewide Super and our affiliate, Loomis Sayles, means that the members of Statewide Super have access to a strategy that has been specifically built to reflect the current, low rate, environment. We’re pleased to be entrusted by Statewide Super via this new partnership with the important responsibility of delivering positive outcomes for their members.”

Alessandro Pagani, Head of the Mortgage and Structured Finance team at Loomis Sayles said: “We are so pleased to manage this mandate for Statewide Super, and believe that Loomis Sayles’ proven expertise in securitized credit investing is an excellent fit for their investment needs. We look forward to a long and productive partnership between Statewide Super, Loomis Sayles and Natixis Investment Managers.”

Statewide Super CIO Con Michalakis, said: “We appointed Loomis Sayles following a review of our defensive alternatives asset class at the end of last year. Cash gets you nothing and developed market sovereign bond yields remain low so by investing in this strategy I can get some yield pick-up.

” This mandate has been customised for Statewide Super and is targeting returns of cash plus 2 per cent to 3 per cent.

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