[hn_throwaway_99]

One clarification if you're not familiar with New Zealand banking. The article states:

> Last week, Bank of New Zealand warned that “things could well and truly turn to custard” as the global economy is plunged into recession.

I read that and thought "Holy hell, central bankers in the US are usually extremely measured in their comments, they would never say something like 'things could well and truly turn to custard'". I misunderstood, thinking that "Bank of New Zealand" is their central bank. It's just another big bank, not "The Reserve Bank of New Zealand", which is their actual central bank.

[lostlogin]

> Bank of New Zealand

And here is the funny bit, it's Australian owned. If it's anything like the rest of the market which is dominated by Australian banks, it'll pay some old kiwiana type music when you are on hold and say 'Kia Ora' or similar at regular intervals. Kiwi as.

[shakna]

Similarly, the Commonwealth Bank of Australia sounds like a government bank, and in fact even began as one, but is actually privitised. They also happen to be the sole owners for New Zealand's ASB - So that one is also Australian!

[thecoppinger]

If I had a dollar for every time I’ve had to listen to Six60 while on hold, I’d be rich enough to start a bank.

[dzhiurgis]

Well my call to waka kotahi cost me 90 euros last week. 30 minute wait time and 6 minute convo. Turns out calls outside EU while roaming is priced at a whopping 2.5 eur a minute.

[littlethrowaway]

Skype call credit can certainly help you out when calling home from overseas!

[dzhiurgis]

Yeah Skype is actually expensive for what you can find elsewhere (Toolani was good). I was expecting it to cost extra, maybe 50ct, not 2.5 eur.

[astrange]

"Central bankers are extremely measured in their comments" is usually true, but it's a funny thing to say about New Zealand, because the reason the US and other countries have a 2% inflation target is almost literally because a New Zealand central banker made it up off the top of his head on TV once.

This works okayish but, you know, could be better. (Some more explanation at https://someunpleasant.substack.com/p/the-prime-directive.)

[happymellon]

Assuming you are American, do you also get confused with Bank of America, or US Bank?

Most countries have a retail bank that uses the name of the country or region, even if they aren't the central bank.

[hn_throwaway_99]

Many central banks are named "Bank of <Country Name>", like Bank of England (for historical reasons not Bank of UK), Bank of Germany, Bank of France (Banque de France) or Bank of Spain (Banco de España). If we had a private "Bank of The United States", then yes, that would be confusing, but no official institutions are named "BlahBlah of America".

Also, the fact that the official central bank is so close at "The Reserve Bank of New Zealand" makes it more confusing for those unfamiliar.

[WillPostForFood]

no official institutions are named "BlahBlah of America".

The only one I can think of is Voice of America. Definitely none of the major departments or agencies.

[happymellon]

The German central bank is The Deutsche Bundesbank,which literally means "German Federal Bank" not "Bank of Germany".

[iggldiggl]

Also regarding the putative "Bank of Germany" – in German "Deutsche Bank" (literally "German Bank") sounds more natural than "Bank von Deutschland" (if you literally translate "Bank of Germany"), and there actually is a "Deutsche Bank", but it is a private entity (and always has been).

[happymellon]

Indeed, which is why I found it very odd that the two people who tried to argue that it is common then used Germany.

[Dracophoenix]

Oddly enough, the originating bank that formed what is now known as Bank of America was founded under the name Bank of Italy. So it can get even more confusing.

[rich_sasha]

England, France, Spain, Germany and Italy have f"Bank of {country}" as central bank. I stopped looking after these 5.

[happymellon]

And you would also be wrong.

The German central bank is The Deutsche Bundesbank,which literally means "German Federal Bank" not "Bank of Germany".

[Strom]

Interestingly they don't seem to translate their name in their English material, they just continue using the German name.

[fulafel]

Euro countries: 11/25 are named "Bank of <country>" (or other language version thereof)

Source: https://en.wikipedia.org/wiki/European_Central_Bank#Capital_...

[soperj]

Prior to 2012, there was also the National Bank of New Zealand which was also just another retail bank. Extra confusion haha.

[yonaguska]

Let's be clear, the federal reserve does not belong to the USA, and is not beholden to any direct representation to the people of the United States.

I'm not familiar with how the Reserve Bank of New Zealand operates, but if it's anything like our federal reserve, the country belongs to the bank, and not the other way around.

[prottog]

> the federal reserve does not belong to the USA

Come now, that's legal fiction designed to maintain the independence of the Fed. Congress created the Federal Reserve System and could remove it or twist it to whatever shape it sees fit tomorrow if it wants.

There's a good argument to be made that the Fed ran easy-money policies for too long in 2021 in order to secure Chair Powell's reappointment in early 2022; this gives you a clue as to who they are in fact beholden to, despite their nominal independence.

[matteotom]

The Fed is designed to be independent from the whims of any individual politician, but it still exists due to an act of congress, and could be changed at any time by congress passing a law and the president signing it. And if that can't/doesn't happen, it's because _congress_ doesn't represent the people of the United States.

[nobody9999]

Edit: As was pointed out, I didn't read the comment I replied to in the best light.

As such, I'm deleting the original text, since I can't delete this comment any more.

My apologies.

[hn_throwaway_99]

That is an extremely curious reading of the comment you are responding to, given that it appeared they were just arguing that if people want to change the Fed, and it doesn't happen, then that would show Congress doesn't represent the people of the US.

[coliveira]

> if that can't/doesn't happen, it's because _congress_ doesn't represent the people of the United States.

You're just saying the same thing with different words. If the Fed or the congress doesn't represent the people it doesn't make any difference to the elite class, who indeed own these two entities.

[idiotsecant]

The distinction is significant though, there mechanisms to limit the fed's power if it's necessary, even if those levers and dials are not being currently used.

[astrange]

The Fed is independent because things generally go terribly when it's not independent. The people who control fiscal policy don't do a good job of monetary policy.

If this causes worse problems (which it may but hasn't yet) things will simply be changed again.

[recuter]

Clear as custard.