I still hope for victory, but not by arms. For into the midst of all these policies comes the Ring of Power, the foundation of Barad-Dur, and the hope of Sauron.
Concerning this thing, you now all know enough for the understanding of our plight, and of Sauron's. If he regains it, your valor is vain, and his victory will be swift and complete: so complete that none can forsee the end of it while this world lasts.
Middle-Earth has fallen. Sauron has regained the Ring, and as foretold, his victory was swift and complete. Minas Tirith is no more, and now two cities of Minas Morgul sit grinning at each other across a dead land filled with rottenness. Rivendell and Lorien have also fallen, and the Shire is enslaved. Even Bombadil, who was Last as he was First, fell at the end. Frodo and Sam lay dead outside of Bree.
Gandalf is gone, and many fear he is now prisoner in Barad-Dur. Saruman has been overthrown and the Nazgul control Orthanc, and their terror is now much increased as their Master holds the Ring.
But a glimmer of hope endures. For the two Blue Wizards, Alatar and Pallando, whom men know as Morinethar and Romenstamo, have arisen once again, and are gathering to themselves the remnants of a conquered people, Elves, Dwarves, Men and others who still resist the will of the Dark Lord.
But do they have any hope, or is all their resistance and hope vain? Only time will tell.
I intend to play Alatar (Morinethar). The field is now open for those interested. Here is something I have to go on from The Peoples of Middle-Earth pp.384-385
The 'other two' came much earlier at the same time probably as Glorifindel, when matters became very dangerous in the Second Age. Glorifindel was sent to aid Elrond and was (though not yet said) pre-eminent in the war in Eriador. But the other two Istari were sent for a different purpose. Morinethar and Romestamo, Darkness-slayer and East-helper. Their task was to circumvent Sauron; to bring help to the few tribes of Men that had rebelled from Melkor-worship, to stir up rebellion...and after his first fall to search out in hiding (in which they failed) and to cause [?dissension and disarray] among the dark East...They must have had very great influence on the history of the Second Age and Third Age in weakening and disarraying the forces of East...who would both in the Second Age and Third Age otherwise have...outnumbered the West.