Bangladesh, March 7 -- Politics in South Asia rarely moves in straight lines. It moves in circles, sometimes spirals—alliances forming in the shadows, enemies turning into tactical partners, and yesterdays rivals quietly discovering shared interests. Bangladesh, at this moment, may be entering precisely such a phase. Beneath the visible competition among political parties, a subtler realignment appears to be taking shape—one that could produce a political earthquake in the not-so-distant future.

The recent visit of US Assistant Secretary of State S. Paul Kapur to Dhaka offered a revealing glimpse into this shifting landscape. Officially, the trip revolved around strengthening economic and strategic cooperation between Washing...