He is speaking of Babylon falling. At the time Jeremiah wrote this, they were so powerful as a nation that nobody wanted to deal with Babylon in an angry, accusative, attacking sort of way. He calls her "the praise of the nations." This means, essentially, "the greatest of the nations." Everybody praises Babylon as the greatest of the nations that are on earth. God applies that to Babylon in Revelation 18, or rather infers it, as it is not directly stated. Even so, Babylon "has glorified herself."
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