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...policymaking committee's other critical task is to reform the IMF itself. Its 24-member executive board is dominated by Western nations, and doesn't take into account the rise of new powers like Brazil, Russia, India and China - the "BRIC" nations. Under a complex system of voting rights, Italy has greater clout than Russia or India. "Belgium and the Netherlands have one seat each, the same as Brazil, which is totally absurd," says Cornell's Prasad...

Author: /time Magazine | Title: Boutros-Ghali's Developing Vision for the IMF | 5/25/2009 | See Source »

Dubai's rise had been decades in the making, but the property market really exploded following a 2003 law change that made it easier for foreigners to own land. With credit cheap and readily available, no income tax, and many more sunshine hours than Britain or Russia, Dubai attracted a new wave of Europeans, who arrived with big hopes and little understanding of Muslim values. In one infamous culture clash, two Britons were imprisoned for having sex on a public beach and insulting police officers after a drunken Friday brunch...

Author: /time Magazine | Title: Dubai's Sand Castles | 5/25/2009 | See Source »

...statement that the test would "serve to deepen North Korea's isolation." South Korea called for an "emergency meeting" of the United Nations Security Council (a wish that was granted, with a meeting scheduled for later on Monday). The Japanese government said it would "not tolerate" such actions. Russia expressed its "concern." Even China, North Korea's alleged ally, said it was "firmly opposed" to the test...

Author: /time Magazine | Title: North Korean Nuke Test: What Good Is Diplomacy? | 5/25/2009 | See Source »

Vladimir Putin, Russia's Prime Minister and former President, is not renowned for his love of literature. But on Sunday he gave Russian journalists an unexpected reading tip: the diaries of Anton Denikin, a commander in the White Army, which fought the Bolsheviks after the revolution in 1917. (See TIME's photos of last year's war in Georgia...

Author: /time Magazine | Title: Putin to the West: Hands off Ukraine | 5/25/2009 | See Source »

...discussion there about Big Russia and Little Russia - Ukraine," Russian news wires quoted Putin as saying after laying a wreath in Moscow at the grave of Denikin, who is now portrayed as a Russian patriot. "He says that no one should be allowed to interfere in relations between us; they have always been the business of Russia itself." (See TIME's Person of the Year: Vladimir Putin...

Author: /time Magazine | Title: Putin to the West: Hands off Ukraine | 5/25/2009 | See Source »

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