Most importantly, China’s call for the introduction of a new reserve currency stems from its frustration with the failure of major governments – whether in the US or Europe – to govern their economic affairs with realism and good sense. China recognizes that America is in great difficulty (indeed, it recognizes this more clearly than the US itself), and that, given the poisonous political atmosphere prevailing in Washington, there will be no easy return to good government, economic stability, and strong growth.