{"id":25829,"date":"2022-06-27T20:05:00","date_gmt":"2022-06-27T11:05:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=25829"},"modified":"2022-06-27T15:59:35","modified_gmt":"2022-06-27T06:59:35","slug":"%e3%83%89%e3%83%a9%e3%83%83%e3%82%b1%e3%83%b3%e3%83%9f%e3%83%a9%e3%83%bc%e6%b0%8f-%e7%b1%b3%e5%9b%bd%e6%a0%aa%e3%81%af30%e5%b9%b4%e4%b8%8a%e3%81%8c%e3%82%89%e3%81%aa%e3%81%84%e5%8f%af%e8%83%bd","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/25829","title":{"rendered":"\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f: \u7c73\u56fd\u682a\u306f30\u5e74\u4e0a\u304c\u3089\u306a\u3044\u53ef\u80fd\u6027"},"content":{"rendered":"\n<p>\u5f15\u304d\u7d9a\u304d\u3001\u30b8\u30e7\u30fc\u30b8\u30fb\u30bd\u30ed\u30b9\u6c0f\u306e\u30af\u30a9\u30f3\u30bf\u30e0\u30fb\u30d5\u30a1\u30f3\u30c9\u3092\u7387\u3044\u305f\u3053\u3068\u3067\u6709\u540d\u306a\u30b9\u30bf\u30f3\u30ec\u30fc\u30fb\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u306eSohn Conference\u306b\u304a\u3051\u308b\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u4eca\u56de\u306f\u30a2\u30e1\u30ea\u30ab\u5c48\u6307\u306e\u30d5\u30a1\u30f3\u30c9\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u304c\u7c73\u56fd\u682a\u306e\u9577\u671f\u898b\u901a\u3057\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u90e8\u5206\u3092\u7d39\u4ecb\u3057\u3088\u3046\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3068\u682a\u4fa1\u66b4\u843d<\/strong><\/p>\n\n\n\n<p>\u30a2\u30e1\u30ea\u30ab\u306e\u7269\u4fa1\u9ad8\u9a30\u3067\u4e2d\u592e\u9280\u884c\u304c\u5f37\u529b\u306a\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3092\u884c\u306a\u3044\u3001\u7d50\u679c\u3068\u3057\u3066\u682a\u4fa1\u304c\u4e0b\u843d\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/24032\" data-type=\"post\" data-id=\"24032\">5\u6708FOMC\u7d50\u679c\u30012018\u5e74\u4e16\u754c\u540c\u6642\u682a\u5b89\u6642\u306e2\u500d\u306e\u898f\u6a21\u306e\u91cf\u7684\u5f15\u304d\u7de0\u3081\u958b\u59cb<\/a><\/li><\/ul>\n\n\n\n<p>\u7b46\u8005\u3092\u542b\u3081\u3001\u30d5\u30a1\u30f3\u30c9\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u3089\u306f\u3053\u308c\u3092\u4e8b\u524d\u306b\u4e88\u60f3\u3057\u7a7a\u58f2\u308a\u3092\u884c\u306a\u3063\u3066\u5229\u76ca\u3092\u4e0a\u3052\u305f\u3002\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u3082\u305d\u306e1\u4eba\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/25236\" data-type=\"post\" data-id=\"25236\">\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u3001\u682a\u5f0f\u3068\u50b5\u5238\u3092\u5927\u91cf\u7a7a\u58f2\u308a\u306b\u6210\u529f\u3000\u682a\u5b89\u306f\u7d9a\u304f<\/a><\/li><\/ul>\n\n\n\n<p>\u5341\u5206\u306a\u5229\u76ca\u3092\u4e0a\u3052\u305f\u305f\u3081\u3001\u5f7c\u306f\u4eca\u7a7a\u58f2\u308a\u3092\u4e00\u65e6\u4f11\u6b62\u3057\u3066\u3044\u308b\u304c\u3001\u3042\u304f\u307e\u3067\u3053\u308c\u306f\u4e0b\u843d\u76f8\u5834\u306e\u8e0a\u308a\u5834\u306b\u904e\u304e\u306a\u3044\u3002\u7b46\u8005\u306f\u5929\u4e95\u304b\u3089\u5927\u5e95\u307e\u3067\u4ed8\u304d\u5408\u3046\u3064\u3082\u308a\u3060\u304c\u3001\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u306f\u7f8e\u5473\u3057\u3044\u3068\u3053\u308d\u3060\u3051\u3092\u53d6\u308b\u3064\u3082\u308a\u3089\u3057\u3044\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/25751\" data-type=\"post\" data-id=\"25751\">\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f: \u682a\u4fa1\u304c\u4e0a\u6607\u3057\u305f\u3089\u7a7a\u58f2\u308a\u3092\u518d\u958b\u3059\u308b<\/a><\/li><\/ul>\n\n\n\n<p>\u3053\u308c\u306f\u597d\u307f\u306e\u554f\u984c\u3067\u3042\u308b\u3002\u6295\u8cc7\u5bb6\u306f\u81ea\u5206\u304c\u53d6\u308c\u308b\u90e8\u5206\u3060\u3051\u3092\u5e02\u5834\u304b\u3089\u53d6\u3063\u3066\u884c\u3051\u3070\u826f\u3044\u3002<\/p>\n\n\n\n<p><strong>\u5de8\u5927\u7de9\u548c\u30d0\u30d6\u30eb\u5d29\u58ca\u306e\u7d50\u679c<\/strong><\/p>\n\n\n\n<p>\u3057\u304b\u3057\u7b46\u8005\u3082\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u3082\u30011980\u5e74\u306b\u59cb\u307e\u3063\u305f\u91d1\u878d\u7de9\u548c\u304c\u30a4\u30f3\u30d5\u30ec\u306b\u3088\u3063\u3066\u7d42\u308f\u308a\u3092\u544a\u3052\u300140\u5e74\u6765\u306e\u5de8\u5927\u7de9\u548c\u30d0\u30d6\u30eb\u304c\u5d29\u58ca\u3059\u308b\u4eca\u306e\u72b6\u6cc1\u304c\u3001\u3053\u306e\u7a0b\u5ea6\u306e\u682a\u5b89\u3067\u7d42\u308f\u308b\u3068\u306f\u307e\u3063\u305f\u304f\u601d\u3063\u3066\u3044\u306a\u3044\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/24577\" data-type=\"post\" data-id=\"24577\">\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9: 40\u5e74\u7d9a\u3044\u305f\u7c73\u56fd\u682a\u5f37\u6c17\u76f8\u5834\u304c\u5d29\u58ca\u3059\u308b<\/a><\/li><\/ul>\n\n\n\n<p>\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u8ff0\u3079\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u98a8\u8239\u304b\u3089\u591a\u304f\u306e\u7a7a\u6c17\u304c\u629c\u3051\u305f\u3068\u306f\u3044\u3048\u3001\u3053\u306e\u30d0\u30d6\u30eb\u306f\u5927\u304d\u3059\u304e\u308b\u3002\u3060\u304b\u3089\u30d0\u30d6\u30eb\u306e\u5d29\u58ca\u304c\u3069\u3046\u3044\u3046\u7d50\u679c\u3092\u3082\u305f\u3089\u3059\u304b\u3064\u3044\u3066\u306f\u3042\u3089\u3086\u308b\u53ef\u80fd\u6027\u3092\u8003\u616e\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3002<\/p><\/blockquote>\n\n\n\n<p>\u3042\u3089\u3086\u308b\u7d50\u679c\u304c\u8003\u3048\u3089\u308c\u308b\u3002\u682a\u4fa1\u306e\u5d29\u58ca\u304c\u666f\u6c17\u5f8c\u9000\u3068\u30c7\u30d5\u30ec\u3092\u3082\u305f\u3089\u3057\u3001\u4e2d\u592e\u9280\u884c\u306f\u518d\u3073\u7de9\u548c\u3059\u308b\u306e\u304b\uff1f\u3000\u3042\u308b\u3044\u306f\u682a\u4fa1\u304c\u4e0b\u843d\u3057\u3066\u3082\u30a4\u30f3\u30d5\u30ec\u306f\u53ce\u307e\u3089\u306a\u3044\u306e\u3060\u308d\u3046\u304b\u3002<\/p>\n\n\n\n<p><strong>\u904e\u53bb\u306e\u5927\u66b4\u843d<\/strong><\/p>\n\n\n\n<p>\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u8a9e\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u3053\u306e\u5f8c\u3069\u3046\u306a\u308b\u3060\u308d\u3046\u304b\uff1f\u3000\u4e2d\u592e\u9280\u884c\u304c\u307e\u305f\u7d19\u5e63\u3092\u5370\u5237\u3059\u308b\u3060\u308d\u3046\u304b\uff1f\u3000\u9177\u3044\u30b9\u30bf\u30b0\u30d5\u30ec\u30fc\u30b7\u30e7\u30f3\u306b\u306a\u308b\u306e\u3060\u308d\u3046\u304b\uff1f\u3000\u3042\u308b\u3044\u306f\u30c7\u30d5\u30ec\u306b\u306a\u308b\u306e\u3060\u308d\u3046\u304b\uff1f<\/p><\/blockquote>\n\n\n\n<p>\u7b46\u8005\u304c\u3053\u308c\u307e\u3067\u30e1\u30a4\u30f3\u30b7\u30ca\u30ea\u30aa\u3068\u3057\u3066\u8a9e\u3063\u3066\u304d\u305f\u306e\u306f\u3001\u682a\u4fa1\u66b4\u843d\u3067\u666f\u6c17\u5f8c\u9000\u306b\u9665\u308a\u3001\u4e2d\u592e\u9280\u884c\u304c\u7de9\u548c\u3092\u518d\u958b\u3059\u308b\u3053\u3068\u3067\u4eca\u3088\u308a\u9177\u3044\u30a4\u30f3\u30d5\u30ec\u7b2c2\u6ce2\u3078\u7a81\u5165\u3057\u3066\u3086\u304f\u3068\u3044\u3046\u30b7\u30ca\u30ea\u30aa\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/24285\" data-type=\"post\" data-id=\"24285\">\u30b5\u30de\u30fc\u30ba\u6c0f: \u73fe\u5728\u306e\u30a2\u30e1\u30ea\u30ab\u306e\u7269\u4fa1\u9ad8\u9a30\u306f\u30a4\u30f3\u30d5\u30ec\u7b2c1\u6ce2\u306b\u904e\u304e\u306a\u3044<\/a><\/li><\/ul>\n\n\n\n<p>\u3060\u304c\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u306f\u3082\u3063\u3068\u8996\u91ce\u3092\u5e83\u3052\u308b\u3079\u304d\u3060\u3068\u8a00\u3046\u3002\u5f7c\u306f\u6b21\u306e\u3088\u3046\u306b\u7d9a\u3051\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u30c7\u30d5\u30ec\u3068\u306f\u3069\u3046\u3044\u3046\u3053\u3068\u304b\u3068\u4eba\u3005\u306b\u805e\u304b\u308c\u308b\u3002\u3053\u308c\u307e\u3067\u91d1\u5229\u304c\u30bc\u30ed\u4ee5\u4e0b\u306b\u306a\u3089\u306a\u304b\u3063\u305f\u305f\u3081\u306b\u30a4\u30f3\u30d5\u30ec\u306b\u306f\u306a\u3089\u306a\u304b\u3063\u305f\u3002<\/p><p>\u3060\u304c\u3059\u3079\u3066\u306e\u30c7\u30d5\u30ec\u306f\u8cc7\u7523\u30d0\u30d6\u30eb\u306e\u5f8c\u306b\u767a\u751f\u3057\u3066\u3044\u308b\u3002\u305d\u3057\u3066\u3001\u4eca\u3001\u4e2d\u592e\u9280\u884c\u306f\u6700\u5927\u306e\u8cc7\u7523\u30d0\u30d6\u30eb\u3092\u4f5c\u308a\u4e0a\u3052\u305f\u3002<\/p><\/blockquote>\n\n\n\n<p>\u5f7c\u304c\u6307\u6458\u3059\u308b\u306e\u306f\u3001\u30a4\u30f3\u30d5\u30ec\u7b2c2\u6ce2\u306b\u81f3\u3089\u305a\u3001\u4e00\u767a\u3067\u30c7\u30d5\u30ec\u304b\u3089\u629c\u3051\u51fa\u305b\u306a\u304f\u306a\u308b\u307b\u3069\u306e\u5927\u6050\u614c\u306b\u9665\u308b\u53ef\u80fd\u6027\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u306f\u904e\u53bb\u306b\u4e8b\u4f8b\u304c\u3042\u308b\u3002\u5f7c\u306f\u6b21\u306e\u3088\u3046\u306b\u8ff0\u3079\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u305d\u3046\u306a\u308b\u3068\u8a00\u3063\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u306a\u3044\u304c\u3001\u8cc7\u7523\u30d0\u30d6\u30eb\u304c\u5d29\u58ca\u3057\u305f\u5f8c\u306e1930\u5e74\u4ee3\u306e\u3053\u3068\u3092\u8003\u3048\u3066\u307f\u308b\u3068\u3044\u3044\u3002\u6d88\u8cbb\u8005\u306e\u8cfc\u8cb7\u529b\u306f\u5b8c\u5168\u306b\u7834\u58ca\u3055\u308c\u305f\u3002<\/p><\/blockquote>\n\n\n\n<p>1930\u5e74\u4ee3\u3068\u306f\u30011929\u5e74\u306e\u4e16\u754c\u6050\u614c\u306b\u7d9a\u304f\u7d4c\u6e08\u505c\u6ede\u306e\u6642\u4ee3\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>1929\u5e74\u306f\u6050\u3089\u304f\u3053\u3053100\u5e74\u3067\u6700\u5927\u306e\u4e16\u754c\u7684\u306a\u30d0\u30d6\u30eb\u5d29\u58ca\u3060\u308d\u3046\u3002\u305d\u306e\u5f8c\u7d4c\u6e08\u3068\u91d1\u878d\u5e02\u5834\u306f\u9577\u3089\u304f\u56de\u5fa9\u3057\u306a\u304b\u3063\u305f\u3002\u3053\u306e\u9803\u306e\u30c0\u30a6\u5e73\u5747\u306e\u30c1\u30e3\u30fc\u30c8\u3092\u63b2\u8f09\u3057\u3088\u3046\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/06\/1924-1956-dow-jones-industrial-average-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"675\" height=\"543\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/06\/1924-1956-dow-jones-industrial-average-chart.png\" alt=\"\" class=\"wp-image-25836\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/06\/1924-1956-dow-jones-industrial-average-chart.png 675w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/06\/1924-1956-dow-jones-industrial-average-chart-300x241.png 300w\" sizes=\"auto, (max-width: 675px) 100vw, 675px\" \/><\/a><\/figure>\n\n\n\n<p>1929\u5e74\u306e\u4e0b\u843d\u5e45\u306f80%\u3067\u3042\u308b\u3002\u7b46\u8005\u306e\u60f3\u5b9a\u3057\u3066\u3044\u308b\u30a4\u30f3\u30d5\u30ec\u7b2c2\u6ce2\u30b7\u30ca\u30ea\u30aa\u3067\u3042\u308c\u3070\u60f3\u5b9a\u3055\u308c\u308b\u306e\u306f1974\u5e74\u306e\u3088\u3046\u306a50%\u4e0b\u843d\u3060\u304c\u3001\u4e00\u767a\u3067\u30c7\u30d5\u30ec\u307e\u3067\u884c\u304f1929\u5e74\u306e\u30e2\u30c7\u30eb\u306e\u5834\u5408\u3001\u4e0b\u843d\u5e45\u306f\u3082\u3063\u3068\u9177\u304f\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/24609\" data-type=\"post\" data-id=\"24609\">\u30dd\u30ba\u30b5\u30fc\u6c0f: \u7c73\u56fd\u682a\u66b4\u843d\u3067\u30b3\u30ed\u30ca\u682a\u5b89\u6642\u306e\u5e95\u5024\u306b\u9006\u623b\u308a\u3059\u308b\u53ef\u80fd\u6027<\/a><\/li><\/ul>\n\n\n\n<p>1929\u5e74\u306b400\u30c9\u30eb\u8fd1\u304f\u306e\u5927\u5929\u4e95\u3092\u4ed8\u3051\u305f\u30c0\u30a6\u5e73\u5747\u306f40\u30c9\u30eb\u8fd1\u8fba\u307e\u306780%\u307b\u3069\u66b4\u843d\u3057\u30011954\u5e74\u307e\u3067\u305d\u306e\u9ad8\u5024\u3092\u518d\u3073\u596a\u9084\u3059\u308b\u3053\u3068\u306f\u306a\u304b\u3063\u305f\u3002\u3064\u307e\u308a\u306f\u7c73\u56fd\u682a\u306f\u3053\u306e25\u5e74\u9593\u542b\u307f\u640d\u3092\u51fa\u3057\u7d9a\u3051\u305f\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3082\u3053\u306e\u671f\u9593\u306f\u7b2c2\u6b21\u4e16\u754c\u5927\u6226\u306e\u30a4\u30f3\u30d5\u30ec\u671f\u3092\u542b\u3093\u3067\u304a\u308a\u3001\u3064\u307e\u308a\u7269\u4fa1\u4e0a\u6607\u3092\u8003\u616e\u3057\u305f\u5b9f\u8cea\u30d9\u30fc\u30b9\u3067\u8003\u3048\u308b\u3068\u3001\u7c73\u56fd\u682a\u4fdd\u6709\u8005\u306f25\u5e74\u7d4c\u3063\u3066\u3082\u640d\u3092\u3057\u305f\u307e\u307e\u3060\u3063\u305f\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n\n\n\n<p><strong>\u7c73\u56fd\u682a\u304c\u4e0a\u6607\u3057\u306a\u3044\u6642\u4ee3\u306f\u666e\u901a\u306b\u5b58\u5728\u3059\u308b<\/strong><\/p>\n\n\n\n<p>\u3053\u308c\u307e\u3067100\u5e74\u307b\u3069\u306e\u91d1\u878d\u306e\u6b74\u53f2\u3092\u771f\u9762\u76ee\u306b\u52c9\u5f37\u3059\u308c\u3070\u5206\u304b\u308b\u3053\u3068\u3060\u304c\uff08\u52c9\u5f37\u3057\u305f\u304f\u306a\u3044\u304b\u3089\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u306b\u6295\u8cc7\u3057\u3066\u3044\u308b\u4eba\u3005\u306f\u8ab0\u3082\u52c9\u5f37\u3057\u306a\u3044\u3060\u308d\u3046\u304c\uff09\u3001\u7c73\u56fd\u682a\u3092\u542b\u3080\u682a\u5f0f\u304c\u4f55\u5341\u5e74\u3082\u8d64\u5b57\u306b\u306a\u3063\u305f\u307e\u307e\u306b\u306a\u308b\u671f\u9593\u306f\u3001\u666e\u901a\u306b\u5b58\u5728\u3059\u308b\u3002<\/p>\n\n\n\n<p>\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u306f\u4ed6\u306b\u3082\u4f8b\u3092\u6319\u3052\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u3053\u3053100\u5e74\u306e\u3042\u3044\u3060\u3067\u9177\u304b\u3063\u305f\u306e\u306f1920\u5e74\u4ee3\u306e\u30a2\u30e1\u30ea\u30ab\u3068\u30011989\u5e74\u306e\u65e5\u672c\u3060\u3002\u65e5\u672c\u306a\u3069\u306f\u4eca\u3067\u3082\u82e6\u3057\u3093\u3067\u3044\u308b\u3002<\/p><\/blockquote>\n\n\n\n<p>\u305d\u3057\u3066100\u5e74\u306e\u91d1\u878d\u53f2\u3092\u771f\u9762\u76ee\u306b\u52c9\u5f37\u3059\u308c\u3070\u898b\u3048\u3066\u304f\u308b\u306e\u306f\u3001\u65e5\u672c\u7d4c\u6e08\u306e\u5931\u308f\u308c\u305f30\u5e74\u306f\u65e5\u672c\u7279\u6709\u306e\u73fe\u8c61\u3067\u306f\u306a\u304f\u3001\u7de9\u548c\u30d0\u30d6\u30eb\u5d29\u58ca\u5f8c\u3001\u7de9\u548c\u3092\u884c\u308f\u306a\u3044\u304b\u3001\u3042\u308b\u3044\u306f\u884c\u3048\u306a\u3044\u5834\u5408\u306b\u666e\u901a\u306b\u8d77\u3053\u308b\u73fe\u8c61\u3060\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u65e5\u7d4c\u5e73\u5747\u306e\u9577\u671f\u30c1\u30e3\u30fc\u30c8\u3092\u898b\u3066\u307f\u308b\u3068\u30011989\u5e74\u4ee5\u6765\u682a\u4fa1\u306f\u4e0b\u304c\u308a\u7d9a\u3051\u3001\u30a2\u30d9\u30ce\u30df\u30af\u30b9\u3067\u7de9\u548c\u304c\u59cb\u307e\u3063\u305f2012\u5e74\u304b\u3089\u4e0a\u6607\u3092\u518d\u958b\u3057\u3066\u3044\u308b\u3053\u3068\u304c\u5206\u304b\u308b\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/06\/2022-6-27-nikkei-225-long-term-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"675\" height=\"543\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/06\/2022-6-27-nikkei-225-long-term-chart.png\" alt=\"\" class=\"wp-image-25850\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/06\/2022-6-27-nikkei-225-long-term-chart.png 675w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/06\/2022-6-27-nikkei-225-long-term-chart-300x241.png 300w\" sizes=\"auto, (max-width: 675px) 100vw, 675px\" \/><\/a><\/figure>\n\n\n\n<p>\u7121\u8ad6\u3001\u4eba\u3005\u304c\u5fd8\u308c\u3066\u3044\u308b\u306e\u306f\u3001\u7de9\u548c\u30d0\u30d6\u30eb\u304c\u306a\u3051\u308c\u3070\u305d\u3082\u305d\u308230\u5e74\u306f\u5931\u308f\u308c\u3066\u3044\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u305d\u3057\u3066\u6b74\u53f2\u306f\u7e70\u308a\u8fd4\u3059\u3002<\/p>\n\n\n\n<p>\u3053\u3046\u3057\u305f\u4e8b\u4f8b\u306f1929\u5e74\u4ee5\u5916\u306b\u3082\u30a2\u30e1\u30ea\u30ab\u306b\u5b58\u5728\u3059\u308b\u3002\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u306f\u5225\u306e\u4f8b\u3092\u6319\u3052\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u4eca\u56de\u306e\u30d0\u30d6\u30eb\u5d29\u58ca\u306e\u7d50\u679c\u306f\u3069\u3046\u306a\u308b\u3060\u308d\u3046\u304b\u30021966\u5e74\u304b\u30891982\u5e74\u306e\u3088\u3046\u306a\u300115\u5e74\u304b\u308920\u5e74\u307b\u3069\u682a\u4fa1\u304c\u4f4e\u8ff7\u3059\u308b\u6642\u4ee3\u304b\u3001\u3042\u308b\u3044\u306f\u65e5\u672c\u306e\u3088\u3046\u306a\u3082\u3063\u3068\u9177\u3044\u72b6\u614b\u304b\u3002<\/p><\/blockquote>\n\n\n\n<p>1966\u5e74\u304b\u30891982\u5e74\u306f\u3001\u307e\u3055\u306b\u73fe\u5728\u306e\u3088\u3046\u306a\u7269\u4fa1\u9ad8\u9a30\u304c\u30a2\u30e1\u30ea\u30ab\u3092\u8972\u3063\u305f\u6642\u671f\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u3057\u3066\u305d\u306e\u6642\u671f\u306eS&amp;P 500\u306f\u3053\u3046\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/06\/1966-1982-s-and-p-500-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"675\" height=\"543\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/06\/1966-1982-s-and-p-500-chart.png\" alt=\"\" class=\"wp-image-25849\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/06\/1966-1982-s-and-p-500-chart.png 675w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/06\/1966-1982-s-and-p-500-chart-300x241.png 300w\" sizes=\"auto, (max-width: 675px) 100vw, 675px\" \/><\/a><\/figure>\n\n\n\n<p>\u3053\u306e\u30c1\u30e3\u30fc\u30c8\u306b\u306f\u7b46\u8005\u304c2022\u5e74\u306e\u30e1\u30a4\u30f3\u30b7\u30ca\u30ea\u30aa\u3068\u898b\u306a\u3057\u3066\u3044\u308b1974\u5e74\u306e50%\u66b4\u843d\u304c\u542b\u307e\u308c\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u3057\u3066\u66f4\u306b\u91cd\u8981\u306a\u306e\u306f\u3001\u3053\u306e\u30c1\u30e3\u30fc\u30c8\u306b\u306f\u30a4\u30f3\u30d5\u30ec\u306b\u3088\u308b\u3001\u5e74\u738715%\u306b\u3082\u53ca\u3076\u5b9f\u8cea\u7684\u306a\u30c9\u30eb\u7d19\u5e63\u306e\u4fa1\u5024\u66b4\u843d\u304c\u8003\u616e\u3055\u308c\u3066\u3044\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u30c1\u30e3\u30fc\u30c8\u306f\u6a2a\u3070\u3044\u3060\u304c\u7c73\u56fd\u682a\u4fdd\u6709\u8005\u306e\u4fdd\u6709\u3059\u308b\u4fa1\u5024\u306f\u307e\u3063\u305f\u304f\u6a2a\u3070\u3044\u3067\u306f\u306a\u3044\u3002\u3080\u3057\u308d\u66b4\u843d\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u682a\u5f0f\u306f\u30a4\u30f3\u30d5\u30ec\u306b\u5f31\u3044\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/24809\" data-type=\"post\" data-id=\"24809\">\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9: \u73fe\u91d1\u306f\u30b4\u30df\u3001\u682a\u5f0f\u306f\u3082\u3063\u3068\u30b4\u30df<\/a><\/li><\/ul>\n\n\n\n<p>\u7d50\u5c40\u3001\u305d\u308c\u3092\u8003\u616e\u3059\u308c\u30701974\u5e74\u306e50%\u66b4\u843d\u3082\u30011929\u5e74\u306e80%\u66b4\u843d\u3082\u3001\u7d50\u679c\u306f\u5909\u308f\u3089\u306a\u304b\u3063\u305f\u3068\u3044\u3046\u3053\u3068\u304c\u8a00\u3048\u308b\u3002\u5b9f\u8cea\u30d9\u30fc\u30b9\u3067\u306f\u7d50\u5c40\u305d\u308c\u3060\u3051\u306e\u4e0b\u843d\u3092\u53d7\u3051\u5165\u308c\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3002\u30c4\u30b1\u306f\u652f\u6255\u308f\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/24345\" data-type=\"post\" data-id=\"24345\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306e\u666f\u6c17\u5f8c\u9000\u4e88\u60f3: \u73fe\u91d1\u7d66\u4ed8\u306e\u30c4\u30b1\u3092\u6255\u3046\u3053\u3068\u306b\u306a\u308b<\/a><\/li><\/ul>\n\n\n\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>\u305d\u308c\u304c\u91d1\u878d\u7de9\u548c\u306e\u7d50\u679c\u3067\u3042\u308a\u3001\u30ea\u30d5\u30ec\u653f\u7b56\u306e\u5f53\u7136\u306e\u5e30\u7d50\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/11992\" data-type=\"post\" data-id=\"11992\">\u30cf\u30a4\u30a8\u30af: \u30a4\u30f3\u30d5\u30ec\u4e3b\u7fa9\u306f\u975e\u79d1\u5b66\u7684\u8ff7\u4fe1<\/a><\/li><\/ul>\n\n\n\n<p>1980\u5e74\u304b\u308940\u5e74\u9593\u3001\u7c73\u56fd\u682a\u306f\u4e0a\u304c\u308a\u7d9a\u3051\u3066\u304d\u305f\u3002\u305d\u308c\u306f1980\u5e74\u306b\u3088\u3046\u3084\u304f\u7269\u4fa1\u9ad8\u9a30\u304c\u30d4\u30fc\u30af\u3092\u4ed8\u3051\u3001\u4f4e\u91d1\u5229\u653f\u7b56\u3092\u59cb\u3081\u3089\u308c\u308b\u3088\u3046\u306b\u306a\u3063\u305f\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u306e\u4f4e\u91d1\u5229\u653f\u7b56\u306f40\u5e74\u7d9a\u304d\u3001\u682a\u4fa1\u3092\u652f\u3048\u7d9a\u3051\u3066\u304d\u305f\u3002\u30a2\u30e1\u30ea\u30ab\u306e\u653f\u7b56\u91d1\u5229\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u63a8\u79fb\u3057\u3066\u304d\u305f\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/05\/2022-5-18-federal-funds-rate-long-term-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"551\" height=\"468\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/05\/2022-5-18-federal-funds-rate-long-term-chart.png\" alt=\"\" class=\"wp-image-24490\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/05\/2022-5-18-federal-funds-rate-long-term-chart.png 551w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/05\/2022-5-18-federal-funds-rate-long-term-chart-300x255.png 300w\" sizes=\"auto, (max-width: 551px) 100vw, 551px\" \/><\/a><\/figure>\n\n\n\n<p>\u305d\u3057\u3066\u305d\u308c\u306f\u3082\u3046\u7d42\u308f\u3063\u305f\u306e\u3060\u3002\u3053\u308c\u304b\u3089\u306f\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u304c\u6307\u6458\u3057\u3066\u3044\u308b\u3088\u3046\u306a\u5225\u306e\u671f\u9593\u306b\u5165\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/24032\" data-type=\"post\" data-id=\"24032\">5\u6708FOMC\u7d50\u679c\u30012018\u5e74\u4e16\u754c\u540c\u6642\u682a\u5b89\u6642\u306e2\u500d\u306e\u898f\u6a21\u306e\u91cf\u7684\u5f15\u304d\u7de0\u3081\u958b\u59cb<\/a><\/li><\/ul>\n\n\n\n<p>\u3060\u304b\u3089\u3001\u3053\u305340\u5e74\u306e\u7c73\u56fd\u682a\u306e\u30c1\u30e3\u30fc\u30c8\u3092\u898b\u3066\u3001\u7c73\u56fd\u682a\u304c\u4e0a\u304c\u308a\u7d9a\u3051\u308b\u3068\u601d\u3063\u3066\u3044\u308b\u4eba\u3092\u898b\u308b\u3068\u4f55\u3068\u3082\u8a00\u3048\u306a\u3044\u6c17\u6301\u3061\u306b\u306a\u308b\u3002\u5f7c\u3089\u306f\u81ea\u5206\u304c\u4f55\u3092\u898b\u3066\u3044\u308b\u306e\u304b\u3055\u3048\u5206\u304b\u3063\u3066\u3044\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u3069\u3046\u3057\u3088\u3046\u3082\u306a\u3044\u3002\u91d1\u878d\u5e02\u5834\u3067\u306f\u8ab0\u3067\u3082\u81ea\u5206\u306e\u9078\u629e\u306b\u8cac\u4efb\u3092\u6301\u305f\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u5927\u5929\u4e95\u3067\u7d20\u4eba\u306b\u6295\u8cc7\u3092\u5968\u3081\u59cb\u3081\u305f\u91d1\u878d\u5e81\u306b\u76f4\u63a5\u6587\u53e5\u3092\u8a00\u3046\u3079\u304d\u3060\u308d\u3046\u3002\u5f7c\u3089\u306e\u30a6\u30a7\u30d6\u30b5\u30a4\u30c8\u306b\u306f\u3053\u3046\u66f8\u3044\u3066\u3042\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u60aa\u8cea\u306a\u6295\u8cc7\u30fb\u9810\u91d1\u306e\u52e7\u8a98\u7b49\u306b\u3054\u6ce8\u610f\u304f\u3060\u3055\u3044\uff01<\/p><\/blockquote>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/24460\" data-type=\"post\" data-id=\"24460\">2022\u5e74\u30a4\u30f3\u30d5\u30ec\u682a\u4fa1\u66b4\u843d\u306f\u500b\u4eba\u6295\u8cc7\u5bb6\u304c\u5168\u54e1\u9000\u5834\u3059\u308b\u307e\u3067\u7d9a\u304f<\/a><\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u5f15\u304d\u7d9a\u304d\u3001\u30b8\u30e7\u30fc\u30b8\u30fb\u30bd\u30ed\u30b9\u6c0f\u306e\u30af\u30a9\u30f3\u30bf\u30e0\u30fb\u30d5\u30a1\u30f3\u30c9\u3092\u7387\u3044\u305f\u3053\u3068\u3067\u6709\u540d\u306a\u30b9\u30bf\u30f3\u30ec\u30fc\u30fb\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u306eSohn Conference\u306b\u304a\u3051\u308b\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u3042\u308b\u3002 \u4eca\u56de\u306f\u30a2\u30e1\u30ea\u30ab\u5c48\u6307\u306e\u30d5\u30a1\u30f3\u30c9\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u304c\u7c73\u56fd\u682a\u306e\u9577\u671f\u898b\u901a &hellip; <a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/25829\" class=\"more-link\">\u7d9a\u304d\u3092\u8aad\u3080 <span class=\"screen-reader-text\">\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f: \u7c73\u56fd\u682a\u306f30\u5e74\u4e0a\u304c\u3089\u306a\u3044\u53ef\u80fd\u6027<\/span> <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[59,111],"tags":[130],"class_list":["post-25829","post","type-post","status-publish","format-standard","hentry","category-us-stock-market","category-stock-markets","tag-stanley-druckenmiller"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/25829","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/comments?post=25829"}],"version-history":[{"count":45,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/25829\/revisions"}],"predecessor-version":[{"id":25878,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/25829\/revisions\/25878"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=25829"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=25829"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=25829"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}