“I’ve waited 40 years for this moment.”

In a congressional meeting room, somewhere on Capitol Hill, one of the world’s leading skeptical climate scientists, Dr. Tim Ball, is toasting the advent of the Trump administration.

“I don’t want to use the phrase tipping point because that’s a phrase that has been abused in the scientific area. But I think we’re on the verge of a dramatic shift,” Ball tells the small invited audience of journalists, scientists, think-tankers, lawyers and DC politicos. He’s talking about the war on the Green Blob.

Most of them are scarred veterans of the decades-long battle to expose the man-made global warming scare as what another speaker, Tony Heller, describes as “the biggest scientific deception in history.” Many have suffered personally and professionally for speaking out against the so-called “consensus.”

But with Trump’s inauguration it will be the beginning of the end for the Green Blob—that sinister cabal of corrupt politicians, UN and EU technocrats, bent scientists, shrill activists, rent-seeking corporatists, blood-sucking lawyers and gullible journalists which has held the world to ransom these last four decades by promoting the man-made climate change scare story and other, related environmental scams.

Donald Trump's assault on trade is escalating. First the foes were China and Mexico. Now it is the world.

The Trump transition team is now mooting an import tariff of 10% across the board, doubling down on earlier talk of a 5% duty. This is a sobering demarche. Such thinking is of a different character to Mr. Trump's campaign rhetoric, which mostly hinted at trade sanctions to force concessions.

A catch-all tariff is a change of belief systems. It overthrows the free trade order that has been upheld and policed by Washington since the 1940s.

Markets are still behaving as if they will get the "good Trump" (tax cuts and fiscal stimulus) rather than the "bad Trump" (trade wars), despite mounting evidence to the contrary.

In fairness to the Trump camp, we should not be beguiled too easily by free trade pieties, or fall for the canard that the Smoot-Hawley Tariff Act of 1930 caused the Great Depression. It could not possibly have done the damage so often claimed.

Nonetheless, it may be that Mr. Trump and his coterie in Washington are walking straight into the "Thucydides Trap" in their handling of China.

When former Texas governor Rick Perry ran for president in 2012, he promised he'd abolish the U.S. Department of Energy (at least when he could remember it). Liberals wrote this off as typical conservative stupidity.

Why would anyone want to abolish the DOE? According to one liberal commentator, it was because the department "was established during Jimmy Carter's administration and it perhaps sounds like it might have something to do with solar panels."

Jimmy Carter created it, all right, but solar panels were only a symptom of the real problem. The DOE was conceived in dark and pessimistic beliefs and forecasts that have proven totally wrong. As Obama might say, the DOE is on the wrong side of history.

Thanks to the DOE, we've endured wasteful, panicked policies such as massive subsidies for the wind and solar power, and electric cars.  Worst of all, Congress has saddled consumers with ethanol subsidies and mandates.

These boondoggles cost us billions of dollars, and none of them are commercially viable in their own right.  The DOE isn’t viable either.  It’s time to get rid of it.

So this is how it ends — in a whimper wrapped in self-pity and recriminations.

With President Obama on the defensive at his final press conference, Hillary Clinton’s last campaign event resembling a wake, and Electoral College protests ending in total failure and farce, the Democrat Party is limping off the stage and into the political winter.

It was supposed to sit atop the national power pyramid for decades, a new paradigm of liberals, progressives, the young, the old, the unions and blacks, Latinos, Muslims and Asians.

The torch would be passed from Obama to Clinton, a liberal Supreme Court would vastly expand executive power and the regulatory state would enforce climate-change orthodoxy on all industry and elitist dictates on every American. Globalism would be the new patriotism.

But a funny thing happened on the way to one-party dominance: The people who work for a living said no, hell no. Their revolt brings Donald Trump to the White House amid hopes of a revival of the economy and of the American spirit.

Thoroughly beaten, the Dems are at their lowest point in nearly a century. From the White House to Congress to statehouses, they are on the outside looking in.  Are we witnessing their death throes as an organized political party?

The Italian referendum and close-shave Austrian election are symptoms of a continent that may be teetering on the brink of political disintegration.

It’s just possible that an empire may be collapsing before our eyes, as the Habsburg and Ottoman empires did before it, in or around the same neighborhood.

With the rise of nationalist parties in Italy, Austria, Hungary, Poland, the Netherlands, France, Germany and Britain, the possibility that the Brussels union has fomented, rather than suppressed, nationalism can no longer be dismissed.  The European Union may be encouraging precisely what it was founded to avert.

Against this background, it is worth recalling that the leading theory among economic historians for why Europe after 1400 became the wealthiest and most innovative continent is political fragmentation.

Precisely because it was not unified, Europe became a laboratory for different ways of governing, enabling the discovery of regimes that allowed free markets and invention to flourish, first in northern Italy and some parts of Germany, then the low countries, then Britain.

By contrast, China’s unity under one ruler prevented such experimentation.  Just what the mandarins of the EU are doing now.

As the Dow flirts with Trumpian heights of 20,000 on Wall Street, the Shanghai Composite in China has been drifting down for seven consecutive weeks.

It is hard to construct a case that reconciles this split, given the tightly intertwined nature of the world's financial system and the trans-Pacific symbiosis that we call Chimerica. One of these two markets must reverse.

If you are waiting for the next Chinese boom, you have already missed it. The latest 18-month mini-cycle has peaked. The authorities are being forced to tighten. China's $9 trillion bond market is seizing up.

Forty companies have had to cancel or postpone bond issuance this month. Nomura says 24 large firms are in default negotiations, ranging from steel and construction to shipbuilding, chemicals, textiles, and solar.

Beijing let it rip earlier this year with a fiscal deficit of 4% of GDP - a one-off loosening of two to three percentage points that you would expect only in an emergency - and it deliberately stoked a housing bubble in the cities of the Eastern seaboard.

The stimulus was comparable in scale China's post-Lehman blitz, but the effects have been far less because the efficiency of credit has collapsed.  It now takes four yuan of loans to generate one yuan of growth. Since there has been almost no underlying reform, this has merely bought time at the cost of greater imbalances.