The Rise of the Global South - Read by Eunice Wong

This article is read by Eunice Wong. You can find her work at www.eunicewong.actor.Text originally published May 28, 2026.The Chris Hedges Report is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.Full Text: The humiliating defeat of Israel and the United States in their war on Iran, along with the savagery of the ongoing genocide in Gaza, are ushering in a new world order. This order is one where voices of reason and stability emanate not from the West — which spent tens of billions of dollars sustaining Israel’s genocide — but from the Global South, including China. It is an order where alliances are being rapidly reconfigured to protect countries from a rogue American state that lashes out like a wounded beast, as it spirals toward terminal decline.The end of the U.S. Empire, led by an impetuous and clueless Donald Trump, is irreversible. The U.S. has lost its sixth war in the Middle East in 25 years. Iran’s power has been enhanced not only because it — along with Oman — controls the Strait of Hormuz — where roughly 25 percent of the world’s seaborne oil and 20 percent of the world’s seaborne liquified natural gas pass through — but because it has delivered a stark message, with its drones and missiles, to U.S. allies and bases in the region, while sending the global economy into a tailspin.Trump and Israeli Prime Minister Benjamin Netanyahu — who reportedly lured Trump into the war with Alice-in-Wonderland visions of easy regime change in Iran following the decapitation strikes against the country on February 28, 2026, which included the assassination of Iran’s Supreme Leader Ayatollah Ali Khamenei and other political and military figures, along with 168 school children and their teachers — may strike Iran again. They are desperate. But a renewed bombing of Iran will not work. Iran’s mosaic defense strategy ensures all political and military commanders are easily replaced.Iran can strangle the world economy by closing the Strait of Hormuz. It can accelerate the pain by getting its Yemeni allies — Ansar Allah — to close the Bab el-Mandeb Strait in the Red Sea, just as they did to Israel-bound ships when defending Palestinians after October 7. This could result in a complete blockade. Saudi Arabia, with the Bab el-Mandeb Strait open, is able to bypass the Strait of Hormuz and export five million barrels a day through its pipeline to tankers in the Red Sea port of Yanbu.If a ceasefire between the U.S. and Iran is not reached soon, the global economy will crash, perhaps within weeks. The U.S. and its allies, such as Japan, have released some of their extensive strategic oil reserves, however they will not be able to cushion markets indefinitely. Stockpiles in America’s Strategic Petroleum Reserve are near their lowest in more than 40 years. Once these reserves are depleted, the price of fuel will skyrocket. If a barrel of oil shoots up to $200, the price at the pump could climb as high as $10 per gallon. This, coupled with shortages of other petroleum-based products, along with nitrogen fertilizer, aluminum, and helium — an indispensable element in the production of MRI machines and semiconductors — are already shutting down vital industries and driving up prices on basic commodities.The World Bank projects a 31 percent increase in the cost of nitrogen fertilizers alone — which are produced in the Persian Gulf and transit through the Strait of Hormuz — if the war continues. This will mean a steep rise in the price of food.Trump is like a dog being pushed unwillingly into a crate. When it appears a deal with Iran is close, he snarls and barks, sabotaging the proposed 30-to-60-day ceasefire agreement. Netanyahu’s apoplectic fits about any agreement that would halt Israeli attacks against Lebanon, along with the potential release of some of Iran’s estimated $100 billion in frozen assets, spurs Trump’s momentary defiance.But the clock is ticking. There is little time left. And the longer Trump waits, the worse it will get. Neither Trump, nor Netanyahu, are the masters of this game. Iran holds the cards.Israel’s dream of formalizing its hegemony over the Middle East, codified in the Abraham Accords during Trump’s first term — which normalized relations between Israel and regional states — is dead. This war and the genocide in Gaza killed it.Trump is attempting to revive them by inserting them into a deal to end the war on Iran. He has demanded states previously uninvolved with the Abraham Accords, such as Pakistan and eventually, Iran, sign up to normalize relations with Israel. Pakistan — the only state to publicly respond — rejected the invitation due to what it called a clash with the country’s “fundamental ideologies.” Every other state Trump appealed to reacted with bewildered silence.Iran demands the removal of sanctions and an end to the naval blockade — which the Central Intelligence Agency concluded Iran can endure for months before it experiences severe economic hardship — in exchange for reopening the Strait of Hormuz. The proposed agreement makes no mention of Iran’s ballistic missile arsenal, which U.S. military and intelligence officials believe remains at 70 percent pre-war levels, according to The New York Times.Iran, Pakistan, Turkey and Qatar — a lead negotiator with Hamas — are the new powerbrokers in the region.Pakistan not only signed a mutual defense pact with Saudi Arabia in 2025, it deployed troops, jets and air defense systems to the Gulf dictatorship in April. It has also been hosting ceasefire talks between Trump’s Dumb and Dumber duo of lead negotiators — his feckless son-in-law Jared Kushner and fellow real estate developer and golfing partner, Steve Witkoff.The war has enhanced the prestige and power of China, which compared to Washington is seen globally as embodying rational, prudent and stable leadership. Iran, in a sign of the new global order, permits Chinese and Pakistani tankers, along with other ships not allied with Israel and the U.S., to travel through the Strait.Israel, unable to convince the U.S. to do its dirty work of bombing Iran into a failed state, will, I expect, strike out with renewed fury against Gaza, perhaps occupying the remaining 30 percent of what is left of the besieged territory. It will continue its Gaza-like policy of turning every structure south of Lebanon’s Litani River into rubble, which it bombs daily despite Iran stating that attacks on Lebanon violate the current ceasefire agreement.Trump’s savagery and bluster – he threatened to “blow up” Oman if it fails to “behave” after reports of Oman jointly charging tolls with Iran for ships passing through the Strait of Hormuz – cannot mask the impotence of the U.S. The refusal by America’s allies to heed Trump’s call to help him reopen the Strait, along with the economic misery visited on nations struggling to cope with shortages and the rising costs of energy and fertilizer supplies, are stark evidence of Washington’s pariah status.Empires, blinded by the myth of their own omnipotence and military superiority, blunder at the final stages into conflicts with little understanding of where they are headed. They alienate their allies. They stumble from one military fiasco to the next, as the U.S. has done for over two decades in the Middle East.The British Empire in 1956, already in precipitous decline, was humiliated when it conspired with France and Israel to seize the Suez Canal, which Gamal Abdel Nasser had nationalized. The U.S. forced all three countries to halt the invasion. Britain’s pound sterling gave way to the petrodollar. It signaled the last chapter of the British Empire.The war on Iran is Washington’s Suez Crisis.This may not be the end of the American Empire, but it is the beginning of the end.Thanks for reading The Chris Hedges Report! This post is public so feel free to share it.PhotosChris HedgesChris Hedges, a former Pulitzer Prize winning foreign correspondent for the New York Times and best selling author of ‘Empire of Illusion’, stands next to a window for a portrait, Princeton, NJ, November 2010. Hedges is also the author of ‘Death of the Liberal Class’ and is a columnist for Truthdig. 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Cairo, Egypt: Egyptian premier Gamal Abdel Nasser, whose government last night unexpectedly announced its recognition of Communist China, is shown as he was greeted by Moslem children during a recent visit to the tombs of soldiers who died during the Palestinian War in 1948. The visit was made in connection with the Festival of Bairam, the holy month of Moslems. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit chrishedges.substack.com/subscribe