Well, except that Machaka has been finished off by now.
As for Jotunheim, I did notice that they still had a lot of blood slaves (among other things) in their coffers, and that was why I reckoned them as still being able to put up a fight.
I guess the lesson is: don't surrender when you still have something like... 130 blood slaves perhaps, items in the lab, and miscellaneous gems here and there.
Arcoscephale considers declaring war on Ermor because of their offending rankings: they have put the Beloved Arcoscephale behind Vanheim and Ulm, contrary to alphabetical ordering and common sense (everybody knows Arcoscephale has the power to take over the whole world in two turns, but we are swell folks and so we don't fight wars. Really!).