Home > Ruhnama blog, TURKMENISTAN > Great Turkmenbashy’s philosophy: Safeguarding the economy

Great Turkmenbashy’s philosophy: Safeguarding the economy

November 6, 2008

©  Reflections on the Ruhnama
By Steve in Wisconsin
Publication date:  November 6, 2008

Turkmenistan largely avoided the recent global financial crisis that has befallen many of the world’s economies. It is fair to say, in view that current Turkmen president Gurbanguly Berdymukhamedov has been in power for less than 2 years, that Turkmenistan’s ability to withstand economic turmoil can be credited to the policies of his predecessor, Saparmyrat Turkmenbashy the Great, – policies which continue to be upheld by the new leader.

A recent article had this to say:

While other countries in the Caucasus and Central Asia grapple with the global financial crisis, Turkmenistan seems set to sidestep trouble. But this is not because Turkmenistan’s leaders have been particularly savvy, prudent or even lucky, analysts say. Rather it is the insular attitude of the gas-rich state’s leadership – past and present – that is protecting Ashgabat.

“The global economic crisis will have a much lesser effect in Turkmenistan. The simple reason for this is the country hasn’t integrated with the global economy,” said Michael Dennison, a global risks analyst with Control Risks, an independent consultancy group based in London. “The financial sector [in Turkmenistan] is much less developed than in other states of the Former Soviet Union and as such global currents are less applicable.”

“The country hasn’t borrowed heavily and it’s used its external rents gained from gas exports to finance development. It’s not indebted like other states, most notably Kazakh banks, which are likely to owe anything up to $10-billion by the end of the year,” he added.

Ref: “Ashgabat Sidesteps Global Credit Crisis, But Faces Inflation Fight
EurasiaNet, 30-Oct-2008

The above article mentions that Turkmenistan’s financial sector is ‘less developed’ than elsewhere in the former Soviet Union – but this is not necessarily a deficiency, in fact it is what saved the Turkmen economy in this recent global downturn.

In the Ruhnama, Great Turkmenbashy emphasizes self-reliance:

Our ancestors did not say in vain, “If your brother has much wealth, you are rich too; but if you are able to live by your own means then you are also rich.”

Ruhnama I, p. 54.

Turkmenbashy embarked on an ambitious modernization program designed to increase his country’s level of self-sufficiency. Large agricultural projects, more responsible use of domestic oil and gas reserves, conservation of natural resources and lands, new manufacturing facilities – all designed to diminish reliance on foreign sources and this includes avoiding the pitfalls of becoming a debtor nation.

The scheduled meeting in Ashgabat of the Islamic Development Bank in June 2009 will undoubtedly strengthen regional reliance and cooperation. But one also needs to consider the principles of Islamic Banking vs. Western banking – and understand how the former banking system, based on the Qur’an, has escaped the recent failures of Western financial institutions and the subsequent grandiose bail-out schemes to rescue them.

Great Turkmenbashy writes:

If spring water is contaminated, it will be because of the spring itself. If a brook gets contaminated, the source will be the reason behind that!

Ruhnama II, p. 86

Turkish intellectual and Muslim scholar, Mr Adnan Oktar (a.k.a. Harun Yahya), has written an analysis of the matter: The Solution To The Economic Crisis, which I have reprinted with his permission. [Removed from my previous site by Blogger/Google].

Great Turkmenbashy writes:
We should get rid of the idea of living a life of dependency, so embedded in us during the Soviet era. We should digest the spirit of sovereignty and freedom that independence has brought.

Once our independent state consolidated, some politicians, economists, and journalists who viewed themselves as the guardians of democracy, knowing that I made natural gas, electricity, water, and salt free for my people, advised me: “Nothing is free in a free market ecomony. Economics prefers transaction. That is the rule of economics.”

Indeed, economics does have rules. For we are humans after all. However, I absolutely believe that man should not be a slave to the rules of economics. On the contrary, the rules of economics must serve mankind.

Ruhnama II, p. 226.

Great Turkmenbashy “thought outside the box” – and his disinclination to obediently walk the path expected of him by Western and international financial institutions has, even today, shielded his country’s economy from adversity.

[End.]

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