Wiki: Glass-Steagall Act
The plaque at the old Shakey’s pizza parlor said it all,
“Shakey’s doesn’t cash checks, the bank doesn’t make pizza.”
Owning the technology infrastructure and the “user experience” is extremely lucrative. On the other side, being a bank can be lucrative but it also requires that you maintain much of the “plumbing” of the banking process which is a) very cumbersome, b) heavily regulated, and c) becoming commoditized.
Editorial Word on Social Media Banks
The Lord would have us understand that no one’s spiritual lot can be improved by being a lender or a money changer. Overall Social Media Banks are disguised as advertisements, but it is Big Data that sells your confidential assets, emails, IP address & other very confidential information to other corporations. Facebook’s database should be printing its own dollar anytime soon. In large, big companies will play it safe with new concepts, especially with old institutions like banks. The big 4 (Google, Amazon, Facebook, and Microsoft) will stay in their respective lanes as a long-term approach and might dabble in a few financial projects in the future. We would rather suggest – banks should become Google, Amazon, etc. by embracing technology and providing the next generation customer satisfaction and user experience consumers. If you stop and think about all the disruption (think of the UBERs of the world etc) it is all orienting value around the customer using new models and technology. We don’t see why the archaic bank models would be any different, as contrary to pointed out above, it may just take longer to gain trust. In the end, we Pakistanis had always listened to the notion that Israel controls the World Online economy. The plastic money is a hoax. Here you go, guys. The real New World Order.
Recent Criticism Tirade on the Cocomo Man
Boycott of all Candyland products is the talk of the town. Cult followers are going to defile anyone that doesn’t belong to their favorite party. They were too blind to see anything when the last government changed finance ministers like diapers. Some people are labeling someone a clown if they don’t know about web 3.0. They say, he is supposed to know this, he’s the minister of finance, he is representing financial policies, and he’s accountable for it all. He is the policymaker of a country that has immense IT export and resource potential.
I would say, ask Miftah about macroeconomics and then judge him. He has a Ph.D. in finance, not in technology. Even many technologists are bewildered about this. If he would’ve uttered nonsense about web 3.0, he would have received more harsh criticism for distorting facts. Everyone is disregarding the most important thing and that is he said the government won’t intervene over there. That’s the spirit Pakistan has been waiting for years. Let’s just hire a web 3.0 expert (are there any) as the finance minister. Sab theek ho jae ga?
People draw wrong parallels here. If you want to compare, compare Ahsan Iqbal with Murad Saeed, compare Hina Rabbani with Shah Mehmood. Sania Nishter was given the portfolio of PTIB first and she replaced Dr. Umar Saif. If you want to compare, Compare Sania with Dr. Umar (whom I clearly don’t like). Even Mr. Miftah Ismail is a very seasoned Economist. Read him and listen to him beyond the myopic vision. Much better than the likes of Asad Umer. No issues that’s why there are advisors who guide ministers about it.
Ph.D. in economics doesn’t equate to a multi-discipline grip over other matters. Better to acknowledge your limited understanding of the matter than claiming to be a master of the subject. He has particularly answered the question on web3.0, not on digital or cryptocurrency. Listen again. And in the last, he set out the policy guidelines that govt would not interfere in its development. This is how tech has evolved over the years. Plus, even IT experts are not agreed on one definition of such rapidly evolving fields. But yes, it’s Pakistan and you can claim to know this stuff & bash your minister after trading in Doge coins & Shiba.
He gave the perfect reply as a state representative over here. He passed the discussion to the state bank guy since they are more experts on Monetary things. Moreover, his reply is what we wanted that if you aren’t aware of something, we will not intervene over there. There are thousands of markets in different economies where the lawmakers have no clue about it, but they don’t interfere, unlike Pakistan.
This is the take of Uzair Younus, the guy who asked this question to Miftah.
But no, we love to twist videos because of our grudge. How can he understand when the web3.0 industry itself hasn’t figured out yet what they are. The main point is ‘as long as government stays away from them, they are fine. Appreciate this that at least we are realizing government shouldn’t intervene everywhere. He claimed he doesn’t know much and we should appreciate that. Unlike Mr. Know-it-All the Imran Khan.
To the concern that he criticized IK for being too ‘Islamic’ at that forum. What does he want to achieve by doing so: portraying himself as a Liberal slave and portraying his political rival as an Islamic extremist? Well actually, he is not ridiculing a basic Islamic concept, he is ridiculing PTI’s cynical use of a Quranic verse to paint your political opponents as the embodiment of Vice. And Shireen Mazari’s response to this is identical to rightwing parties that paint all criticism of them as attacks on Islam. This is the use of religion and that’s what IK violently opposed and had similar thoughts on Maulana Fazl ur Rehman. Now, if his opponents are accusing him of this, why feel offended?
Rest as for IK that’s totally his own opinion and he also has the right to freely express his opinion as amar bil maroof wa nahi anil munkar means “enjoin what is good and approved, and forbid what is evil and disapproved”, this is completely based on the people who have to decide what is good and wrong for them
Don’t know about his performance but definitely a finance minister we needed. Finally seeing someone coming from the background of economics, instead of accounting/MBA/finance people. I like the fact he is democratic and engages with economists who don’t belong to any party. Furthermore, this guy listens to the opinion of different economists on Twitter and is humbled enough to take the opinions of twitter economists. Recently he had a discussion with everyone on ProfitPk.
Finally, Miftah who is the current “bloody finance minister” or Federal Minister for Finance, Revenue, and Economic Affairs at the Government of Pakistan, could be reached at: miftah.ismail@candyland1.com unlike PTI ministers where you educate them on something and boom, they raid your social media and murder the stats. He has the guts to listen and respond.
