\u30c6\u30fc\u30de\u306f\u30a4\u30f3\u30d5\u30ec\u3067\u3042\u308b\u3002\u7269\u4fa1\u9ad8\u9a30\u306f\u30a2\u30e1\u30ea\u30ab\u304c\u5927\u898f\u6a21\u306a\u73fe\u91d1\u7d66\u4ed8\u3092\u884c\u3046\u3068\u767a\u8868\u3057\u305f\u9803\u304b\u3089\u61f8\u5ff5\u3055\u308c\u3001\u7b46\u8005\u3092\u542b\u3080\u4e00\u90e8\u306e\u30d5\u30a1\u30f3\u30c9\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u3089\u304c\u8b66\u544a\u3057\u3066\u3044\u305f\u304c\u3001\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u3092\u4e88\u60f3\u3057\u305f\u30b8\u30e7\u30fc\u30b8\u30fb\u30bd\u30ed\u30b9\u6c0f\u306e\u8b66\u544a\u304c\u7121\u8996\u3055\u308c\u305f\u3088\u3046\u306b\u3001\u3053\u308c\u3089\u306e\u8b66\u544a\u306f\u7121\u8996\u3055\u308c\u305f\u3002<\/p>\n\n\n\n
- \u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u3001\u65b0\u578b\u30b3\u30ed\u30ca\u3067\u306e\u4f01\u696d\u6551\u6e08\u3068\u30d8\u30ea\u30b3\u30d7\u30bf\u30fc\u30de\u30cd\u30fc\u3092\u75db\u70c8\u6279\u5224 (2020\/3\/29)<\/a><\/li><\/ul>\n\n\n\n
\u3057\u304b\u3057\u305d\u306e\u5f8c\u3001\u91d1\u878d\u5e02\u5834\u3067\u306f\u91d1\u5c5e\u3084\u30a8\u30cd\u30eb\u30ae\u30fc\u8cc7\u6e90\u3001\u8fb2\u4f5c\u7269\u306a\u3069\u306e\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u9298\u67c4\u304c\u9ad8\u9a30\u3057\u305f\u3002\u30a4\u30f3\u30d5\u30ec\u306f\u307e\u305a\u91d1\u878d\u5e02\u5834\u3067\u5148\u306b\u7e54\u308a\u8fbc\u307e\u308c\u308b\u304b\u3089\u3067\u3042\u308b\u3002\u4e3b\u8981\u306a\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u306e\u4e2d\u3067\u4e00\u756a\u4e0a\u304c\u3063\u305f\u306e\u306f\u9285\u3060\u308d\u3046\u3002<\/p>\n\n\n\n
![\"\"](\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/11\/2021-11-23-copper-chart.png\")
<\/a><\/figure>\n\n\n\n\u305d\u3057\u3066\u73fe\u91d1\u7d66\u4ed8\u306b\u3088\u308b\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u9ad8\u9a30\u306b\u8ffd\u3044\u6253\u3061\u3092\u304b\u3051\u305f\u306e\u304c\u30ea\u30d9\u30e9\u30eb\u6d3e\u306e\u4eba\u3005\u304c\u793e\u4f1a\u5168\u4f53\u306b\u5f37\u8981\u3057\u305f\u8131\u70ad\u7d20\u653f\u7b56\u3067\u3042\u308b\u3002<\/p>\n\n\n\n
\u5f7c\u3089\u304c\u5316\u77f3\u71c3\u6599\u306e\u4f9b\u7d66\u3092\u7121\u7406\u77e2\u7406\u6291\u3048\u8fbc\u3093\u3060\u306e\u3067\u3001\u5316\u77f3\u71c3\u6599\u304c\u9ad8\u9a30\u3057\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002\u5929\u7136\u30ac\u30b9\u306e\u9ad8\u9a30\u306f\u8131\u70ad\u7d20\u3092\u5f37\u884c\u3057\u305f\u30e8\u30fc\u30ed\u30c3\u30d1\u3067\u7279\u306b\u9177\u304f\u3001\u88d5\u798f\u306a\u30ea\u30d9\u30e9\u30eb\u6d3e\u306e\u653f\u6cbb\u7684\u306a\u904a\u3073\u306e\u305b\u3044\u3067\u8ca7\u56f0\u5c64\u306f\u6696\u623f\u306a\u3057\u306e\u51ac\u3092\u8fce\u3048\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n
- \u30b5\u30de\u30fc\u30ba\u6c0f: \u30a8\u30cd\u30eb\u30ae\u30fc\u4fa1\u683c\u3092\u9ad8\u9a30\u3055\u305b\u308b\u8131\u70ad\u7d20\u653f\u7b56\u306f\u5065\u5168\u3067\u306f\u306a\u3044<\/a><\/li>
- \u30d5\u30e9\u30f3\u30b9\u3001\u30a4\u30f3\u30d5\u30ec\u5bfe\u7b56\u3067\u73fe\u91d1\u7d66\u4ed8\u3078<\/a><\/li><\/ul>\n\n\n\n
\u3053\u3046\u3057\u305f\u72b6\u6cc1\u306f\u5f90\u3005\u306b\u65e5\u7528\u54c1\u5168\u822c\u306b\u6ce2\u53ca\u3057\u59cb\u3081\u305f\u3002\u539f\u6cb9\u4fa1\u683c\u9ad8\u9a30\u306f\u5316\u5b66\u7e4a\u7dad\u3084\u30d7\u30e9\u30b9\u30c1\u30c3\u30af\u88fd\u54c1\u306e\u4fa1\u683c\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u3002\u3053\u3046\u3057\u3066\u30a4\u30f3\u30d5\u30ec\u306f\u793e\u4f1a\u5168\u4f53\u306e\u73fe\u8c61\u3068\u306a\u3063\u305f\u306e\u3067\u3042\u308b\u3002\u91d1\u878d\u5bb6\u306b\u306f\u53bb\u5e74\u304b\u3089\u5206\u304b\u308a\u304d\u3063\u3066\u3044\u305f\u3053\u3068\u306b\u3001\u4e00\u822c\u4eba\u3084\u653f\u6cbb\u5bb6\u3084\u4e2d\u592e\u9280\u884c\u5bb6\u306a\u3069\u306e\u7d20\u4eba\u305f\u3061\u306f\u4eca\u66f4\u614c\u3066\u59cb\u3081\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n\n\n\n
- 10\u6708\u306e\u7c73\u30a4\u30f3\u30d5\u30ec\u306f\u5e74\u738712%\u8fd1\u3044\u9ad8\u9a30\u3001\u6765\u5e74\u306f\u7269\u8cc7\u4e0d\u8db3\u304b<\/a><\/li>
- \u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306f\u305f\u3060\u30a4\u30f3\u30d5\u30ec\u304c\u7d9a\u304b\u306a\u3044\u3088\u3046\u306b\u7948\u3063\u3066\u3044\u308b\u3060\u3051<\/a><\/li><\/ul>\n\n\n\n
\u30a4\u30f3\u30d5\u30ec\u306e\u682a\u5f0f\u5e02\u5834\u3078\u306e\u5f71\u97ff<\/strong><\/p>\n\n\n\n
\u73fe\u91d1\u7d66\u4ed8\u3068\u8131\u70ad\u7d20\u306e\u60aa\u5f71\u97ff\u304c\u30a4\u30f3\u30d5\u30ec\u3060\u3051\u3060\u3063\u305f\u306a\u3089\u3070\u307e\u3060\u826f\u304b\u3063\u305f\u3060\u308d\u3046\u3002\u8ca7\u3057\u3044\u4eba\u305f\u3061\u304c\u98e2\u3048\u305f\u308a\u51cd\u3048\u305f\u308a\u3059\u308b\u3060\u3051\u3067\u3001\u30ea\u30d5\u30ec\u6d3e\u306e\u4eba\u3005\u304b\u3089\u3059\u308c\u3070\u300c\u30a4\u30f3\u30d5\u30ec\u306f\u554f\u984c\u306a\u3044\u300d\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308b\u306e\u3060\u308d\u3046\u3002<\/p>\n\n\n\n
- \u30cf\u30a4\u30a8\u30af: \u30a4\u30f3\u30d5\u30ec\u4e3b\u7fa9\u306f\u975e\u79d1\u5b66\u7684\u8ff7\u4fe1<\/a><\/li><\/ul>\n\n\n\n
\u3057\u304b\u3057\u308f\u308c\u308f\u308c\u306f\u307e\u3060\u30a4\u30f3\u30d5\u30ec\u306e\u682a\u5f0f\u5e02\u5834\u3078\u306e\u5f71\u97ff\u3092\u8b70\u8ad6\u3057\u3066\u3044\u306a\u3044\u3002<\/p>\n\n\n\n
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Fed\u306f\u66f4\u306b\u30d1\u30a6\u30a8\u30eb\u6c0f\u3092\u7f6e\u304d\u53bb\u308a\u306b\u3057\u306a\u304c\u3089\u30c6\u30fc\u30d1\u30ea\u30f3\u30b0\u3092\u52a0\u901f\u3057\u3088\u3046\u3068\u3057\u3066\u304a\u308a\u3001\u305d\u306e\u5f8c\u306b\u306f\u5f53\u7136\u5229\u4e0a\u3052\u304c\u63a7\u3048\u3066\u3044\u308b\u3002<\/p>\n\n\n\n
- \u30a2\u30e1\u30ea\u30ab\u3001\u30c6\u30fc\u30d1\u30ea\u30f3\u30b0\u52a0\u901f\u3092\u793a\u5506\u3000\u682a\u4fa1\u66b4\u843d\u306b\u5411\u3051\u3066\u52a0\u901f\u3078<\/a><\/li><\/ul>\n\n\n\n
\u3053\u3046\u3057\u3066\u4e2d\u592e\u9280\u884c\u306f\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3092\u4f59\u5100\u306a\u304f\u3055\u308c\u3066\u3044\u308b\u3002\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u306f\u6c7a\u3057\u3066\u826f\u3044\u72b6\u614b\u3067\u306f\u306a\u3044\u304c\u3001\u7269\u4fa1\u4e0a\u6607\u3092\u6291\u3048\u308b\u305f\u3081\u306b\u91d1\u5229\u3092\u4e0a\u3052\u3056\u308b\u3092\u5f97\u306a\u3044\u3002<\/p>\n\n\n\n
- \u7b2c3\u56db\u534a\u671f\u306e\u30a2\u30e1\u30ea\u30abGDP\u306f\u5927\u5e45\u6e1b\u901f\u3001\u30b9\u30bf\u30b0\u30d5\u30ec\u30fc\u30b7\u30e7\u30f3\u3078\u79d2\u8aad\u307f<\/a><\/li><\/ul>\n\n\n\n
\u3053\u308c\u306f2018\u5e74\u306e\u4e16\u754c\u540c\u6642\u682a\u5b89\u3068\u4f3c\u305f\u72b6\u6cc1\u3067\u3042\u308b\u3002\u5f53\u6642\u306e\u682a\u4fa1\u30c1\u30e3\u30fc\u30c8\u3092\u63b2\u8f09\u3057\u3088\u3046\u3002<\/p>\n\n\n\n
![\"\"](\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/11\/late-2018-s-and-p-500-chart.png\")
<\/a><\/figure>\n\n\n\n\u5f53\u6642\u3001\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306f\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3092\u5f37\u884c\u3057\u3001\u682a\u4fa1\u304c\u66b4\u843d\u3092\u59cb\u3081\u305f\u5f8c\u3082\u682a\u4fa1\u306e\u4e0b\u843d\u306f\u81ea\u5206\u306e\u305b\u3044\u3067\u306f\u306a\u3044\u3068\u8a00\u3044\u5f35\u3063\u3066\u3044\u305f\u3002<\/p>\n\n\n\n
- \u4e16\u754c\u540c\u6642\u682a\u5b89\u3092\u4e88\u60f3\u3067\u304d\u305f\u7406\u7531\u3068\u682a\u4fa1\u4e0b\u843d\u306e\u539f\u56e0 (2018\/10\/28)<\/a><\/li><\/ul>\n\n\n\n
\u4e2d\u592e\u9280\u884c\u306e\u8a00\u3046\u3053\u3068\u306f\u307b\u3068\u3093\u3069\u5e38\u306b\u9593\u9055\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n
\u4eca\u56de\u3082\u540c\u3058\u3088\u3046\u306b\u91d1\u878d\u5f15\u304d\u7de0\u3081\u304c\u3042\u308b\u6c34\u6e96\u307e\u3067\u5f37\u304f\u306a\u308b\u3068\u682a\u4fa1\u304c\u4e0b\u843d\u3092\u59cb\u3081\u308b\u3060\u308d\u3046\u3002\u3057\u304b\u30572018\u5e74\u3068\u306f\u9055\u3046\u3053\u3068\u304c1\u3064\u3042\u308b\u3002\u305d\u308c\u306f\u30a4\u30f3\u30d5\u30ec\u3067\u3042\u308b\u3002<\/p>\n\n\n\n
\u30a4\u30f3\u30d5\u30ec\u306b\u304a\u3051\u308b\u91d1\u878d\u653f\u7b56<\/strong><\/p>\n\n\n\n
2018\u5e74\u306e\u4e16\u754c\u540c\u6642\u682a\u5b89\u304c\u6700\u7d42\u7684\u306b\u53ce\u307e\u3063\u305f\u306e\u306f\u3001\u682a\u5b89\u306e\u539f\u56e0\u304c\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3067\u3042\u308a\u3001\u6700\u5f8c\u306e\u6700\u5f8c\u306b\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u304c\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3092\u64a4\u56de\u3057\u305f\u3053\u3068\u3067\u3001\u682a\u5b89\u306e\u539f\u56e0\u304c\u53d6\u308a\u9664\u304b\u308c\u305f\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n\n\n\n
\u3057\u304b\u3057\u4eca\u56de\u3001\u4e2d\u592e\u9280\u884c\u306f\u81ea\u5206\u306e\u610f\u5fd7\u3067\u5f15\u304d\u7de0\u3081\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u306e\u3067\u306f\u306a\u304f\u3001\u7269\u4fa1\u304c\u9ad8\u9a30\u3057\u3066\u3044\u308b\u304b\u3089\u5f15\u304d\u7de0\u3081\u3092\u5f37\u3044\u3089\u308c\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002\u3057\u305f\u304c\u3063\u3066\u5f15\u304d\u7de0\u3081\u3092\u9014\u4e2d\u3067\u6b62\u3081\u308b\u3053\u3068\u306f\u51fa\u6765\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u304c\u3001\u305d\u3046\u3059\u308b\u3068\u4eca\u5ea6\u306f\u7269\u4fa1\u9ad8\u9a30\u304c\u6b62\u307e\u3089\u306a\u304f\u306a\u308b\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n
\u3068\u3044\u3046\u3053\u3068\u3067\u3001\u4e2d\u592e\u9280\u884c\u306f\u5f15\u304d\u7de0\u3081\u3092\u7d9a\u3051\u3066\u682a\u4fa1\u3092\u66b4\u843d\u3055\u305b\u308b\u304b\u3001\u5f15\u304d\u7de0\u3081\u3092\u6b62\u3081\u3066\u8ab0\u3082\u65e5\u7528\u54c1\u3092\u8cb7\u3048\u306a\u304f\u306a\u308b\u304b\u3001\u3069\u3061\u3089\u304b\u3092\u9078\u3070\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u304f\u306a\u308b\u3002\u30a4\u30f3\u30d5\u30ec\u3078\u306e\u5bfe\u7b56\u3092\u8feb\u3089\u308c\u308c\u3070\u3001\u682a\u4fa1\u304c\u4e0b\u843d\u3057\u3066\u3044\u3066\u3082\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3092\u6b62\u3081\u3089\u308c\u306a\u3044\u72b6\u614b\u306b\u9665\u308b\u3060\u308d\u3046\u3002\u682a\u4fa1\u306f\u3069\u3046\u306a\u308b\u3060\u308d\u3046\u304b\u3002<\/p>\n\n\n\n
\u30a4\u30f3\u30d5\u30ec\u306b\u304a\u3051\u308b\u682a\u5f0f\u5e02\u5834<\/strong><\/p>\n\n\n\n
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![\"\"](\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/11\/1970-1974-us-cpi-growth-chart.png\")
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![\"\"](\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/11\/1970-1974-nasdaq-composite-chart.png\")
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