NIALL FERGUSON: Donald Trump’s New World Order.

Donald Trump therefore enters the Oval Office with an underestimated advantage. Obama’s foreign policy has been a failure, most obviously in the Middle East, where the smoldering ruin that is Syria—not to mention Iraq and Libya—attests to the fundamental naivety of his approach, dating all the way back to the 2009 Cairo speech. The President came to believe he had an ingenious strategy to establish geopolitical balance between Sunni and Shi’a. But by treating America’s Arab friends with open disdain, while cutting a nuclear deal with Iran that has left Tehran free to wage proxy wars across the region, Obama has achieved not peace but a fractal geometry of conflict and a frightening, possibly nuclear, arms race. At the same time, he has allowed Russia to become a major player in the Middle East for the first time since Kissinger squeezed the Soviets out of Egypt in the 1972-79 period. The death toll in the Syrian war now approaches half a million; who knows how much higher it will rise between now and Inauguration Day?

Meanwhile, global terrorism has surged under Obama. Of the past 16 years, the worst year for terrorism was 2014, with 93 countries experiencing an attack and 32,765 people killed. 2015 was the second worst, with 29,376 deaths. Last year, four radical Islamic groups were responsible for 74 per cent of all deaths from terrorism: ISIS, Boko Haram, the Taliban, and al-Qaeda. In this context, the President’s claims to be succeeding against what he euphemistically calls “violent extremism” are absurd. Much opprobrium has been heaped on Donald Trump in the course of the past year. But there was much that was true in his underreported August 15 foreign policy speech on the subject of Islamic extremism and the failure of the Obama Administration to defeat it.

The “Obama Doctrine” has failed in Europe, too, where English voters opted to leave the EU in defiance of the President’s threats, and where the German leadership he recently praised has delivered, first, an unnecessarily protracted financial crisis in the European periphery and, second, a disastrous influx to the core of migrants, some but not all of them refugees from a region that Europe had intervened in just enough to exacerbate its instability.

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Obama was elected in no small part because he was the “UnBush.” That and his near-personality cult with leftists around the world gave him something approaching carte blanche to pursue a naive (at best) and wildly destructive (almost everywhere) foreign policy. If he backs down from his silly campaign promises to shake down NATO, then as the UnObama, Trump may prove — even to his harshest critics in Europe and elsewhere — to be welcome and stabilizing change agent.