Yankee hegemony finished? Really?

Today, a report in the Hindu quotes Hugo Chavez as saying,

Yankee Hegemony finished!

And in the same paper,on the same page just below the article I see the following,

Gilani backs Kayani's salvo against US operations.

Before you ask (in case there's any American reading this), Gilani is the new President of Pakistan and Kayani is the General of Pakistan's army. And the report said that Bush had approved the movement of US troops into Pakistan for "strategic operations", WITHOUT the approval of Islamabad. And the raison d'être? Strategically clearing the Pakistan militant outposts is the only way to win the war in Afghanistan.

Now clearly, has the hegemony really ended?

Technically, no. Since US still is a major power in the world today (economically and militarily-wise). But I would say today more countries support US because they are afraid of their over-developed trigger finger. And they like to prove it now and then by bombing a few nations every once-in-a-while. Guess it gives them some kind of assurance that 'Okay, we are still cool!'

But in a global scale, I would say the hegemony is actually coming to its end. Recent events if you see, the world is increasingly becoming a bi-polar partisan where on one side we see Russia (who is I believe morally correct even after Georgia invasion because it was Georgia which attached South Ossetia - which has big Russian population - in the first place) who now enjoys support of not only the Republic of China, but also other South American countries (see recent war games of Russia and Venezuela). And as far as we know, South American countries share excellent rapport between them. So, if they feel any threat from the Americans (which I believe they do, and the reason for their ties with Russia), it won't be long before we see the Latin America united under one banner, support loud and clear in favour of Russia.

On the other hand, we have US of A, who is backed today by Western and some countries in Eastern Europe.

So we are increasingly seeing this bi-polar divide in the world, and pretty fast at that. The new cold war has begun. The countries are choosing their loyalties, and it won't be long before those countries which are neutral now (like India) will be forced to choose which side they belong to.