Finance ministers and central bank governors are from left to right in front row, Bank of Canada deputy governor John Murray, France Central Bank Governor Christian Noyer, European Central Bank President Jean-Claude Trichet, US Federal Reserve Chairman Ben Bernanke, Spain's Economy Minister Elena Salgado pose group photograph during the G20 Finance Ministers and Central Bank Governors meeting in Gyeongju Friday, Oct. 22, 2010.KIM JAE-HWAN
The graveyards of Gyeongju are like no other. Scattered through the city are the tombs of the Silla dynasty. Some of the large green mounds are in well-kept parks, others simply rise up in what appear to be abandoned urban fields.
This was the capital of the Silla kingdom, founded in 57 BC. It eventually grew into a dynasty that ruled most of modern-day Korea until 935 AD. It had a good run.
It is a dramatic backdrop for this weekend's G20 finance ministers' meeting at a time when world powers are shifting yet again.
The mighty British Empire, which once spread its reach to virtually every corner of the globe, is now putting navy ships in dry dock. This week, British Prime Minister David Cameron announced widespread cuts to government spending, including an 8-per-cent reduction to the defence budget.
Spain, another of the great colonizers, must now suffer the embarrassment of being among Europe's "PIGS" - the unflattering label used in economic talks to group Portugal, Ireland, Greece and Spain because of their high debt levels. Spain's power has long since been eclipsed by that of Brazil, which is among the world's new rising powers.
Then there is the United States. While it is still top dog, the great recession has not been kind. Treasury Secretary Tim Geithner serves as chief spokesman of the heavily indebted nations, seeking concessions from China and the other growing powers that are in the black, sitting on massive surpluses.
And yet, the American way is alive and well, even here in this ancient city. It's quite possible that many of the G20 finance ministers and central bankers won't even see the tombs and ancient ruins of Gyeongju. All of their meetings take place at a Hilton hotel in a touristy complex outside the city. There's an amusement park, a shooting range and a bowling alley all on the shore of a lake with a massive fountain in the middle.
The entire 1.6 square kilometres of Bomunho Lake is man made - and certainly not by the Sillas.