New Zealand is another tribute state to US monetary and military empire. As Governor of the RBNZ Brash oversaw the sale of NZs mutually owned banks which previously provided nearly all housing mortgage finance, to US shareholder majority owned banks, which now extract a higher ratio of NZs GDP as profits than any other OECD nation. The US majority shareholder 'Aussie' banks control over 80% of the NZ banking sector and have the worlds highest ratio of housing mortgage debt at over 60% of total lending. Brash does not seem to understand that the neoliberal reforms he took part in resulted in huge ongoing wealth extraction based on a fundamental misuse of fiat debt issuance. Allowing commercial banks to issue fiat debt finance toward non productive housing mortgage finance has driven housing costs up and created growing inequality and a huge drag on productivity. The US owned banks own the current NZ government, the current PM being the hand picked nominee successor to the previous PM who immediately upon resigning assumed the role of chairman of the largest US controlled bank, the ANZ. He previously worked for BoA before entering politics where he engineered multiple opportunities for the banks to increase their wealth extraction form NZ. Perhaps nowhere is the infiltration, undermining and corruption of our democracies by rentseeking bankers more clearly evident than in NZ.