It’s time for everybody in Iraq to take a tranquiliser. The media will go on fizzing with apocalyptic speculations for a week or so, because that kind of talk always sells, but the war of movement is over.
It never was much of a war: a third of Iraq was captured by ISIS and various Sunni militias in one week at a cost that probably didn’t exceed a thousand lives (plus however many were murdered by ISIS afterwards).
The Islamist radicals have now reached approximately the limits of the territory in Iraq that has a Sunni Arab majority, and they’d be mad to throw away all their gains by trying to conquer Baghdad.
Baghdad is defended by Shia militias that already number in the tens of thousands and will probably soon pass the hundred thousand mark. Most of them know far less about fighting than the ISIS veterans, but they are just as keen on martyrdom and they would outnumber the ISIS fighters twenty-to-one, maybe fifty-to-one. Two or three days of street fighting in the huge, now mostly Shia city of Baghdad and ISIS would have no more troops.
So ISIS has advanced about as far as it is going to go. And, by the way, so has the Kurdistan Regional Government. The KRG’s Peshmerga troops now control not only the disputed oil city of Kirkuk but almost 100 percent of traditionally Kurdish territory in Iraq, compared to only about 70 percent two weeks ago.
During most of that time the Peshmerga and ISIS observed a de facto ceasefire while they concentrated on the territory that really mattered to them.
There have been some exchanges of fire between ISIS and Peshmerga in the past few days along the ill-defined border between their new holdings, but nothing very serious.
In ideological terms, ISIS would like to incorporate Kurdistan into its ever-expanding Islamic caliphate, which would erase all borders within the (Sunni) Muslim world, but in practical terms it knows that it cannot do that, at least for the moment.
In ideological terms, ISIS would also like to convert or exterminate all the Shias in the world, starting with the 20 million in Iraq, but in practical terms it cannot do that either.
So the borders of the three successors to the current state of Iraq, Kurdish, Shia Arab and Sunni Arab, have already been drawn, with the important addition that the Sunni Arab successor extends across the old international frontier to include eastern Syria as well.
These changes will not be reversed: the Shia-majority rump of the former Iraqi state that extends from Baghdad to Basra does not have the strength to restore the old centralised Iraq.
Is this really such a disaster? Not for the Kurds, obviously, and not really for the Shia Arabs either: they still have all of their own territory (i.e. Shia-majority territory) and most of the oil.
Nor will the Baghdad government which still rules that territory need US air power to save it. (US President Obama has just been stalling until that became clear).
The problematic bit is the Sunni Arabs of Iraq. They are clearly delighted to have shaken off the corrupt and oppressive sectarian rule of President Nuri al-Maliki, but for the near future at least they will have to contend with the unappetising prospect of being ruled instead by the incorruptible but brutally intolerant leaders of ISIS.
It should be borne in mind, however, that even now the great majority of the armed men who have created this new Sunni proto-state are not ISIS fanatics.
Most of them are either tribal militiamen or former members of the Baathist-era army that was dissolved by the invaders after the overthrow of Saddam Hussein. They belong to organisations that have real political power, and they vastly outnumber the ISIS fanatics.
Those same organisations broke the hold of "Al Qaeda in Iraq", the ancestor to ISIS, in western Iraq in 2007-09, and it’s entirely possible that in a few years’s time they will end up doing it again to ISIS.
But the borders of the new Sunni Arab state, stretching from western and northern Iraq into eastern Syria, may survive. There's no particular harm in that.
Gwynne Dyer is an independent journalist whose articles on world affairs are published in 45 countries.