{"id":28683,"date":"2022-09-27T20:02:00","date_gmt":"2022-09-27T11:02:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=28683"},"modified":"2022-09-27T15:54:02","modified_gmt":"2022-09-27T06:54:02","slug":"%e3%82%b8%e3%83%a7%e3%83%b3%e3%83%bb%e3%83%9d%e3%83%bc%e3%83%ab%e3%82%bd%e3%83%b3%e6%b0%8f%e3%80%81%e3%82%a4%e3%83%b3%e3%83%95%e3%83%ac%e7%ac%ac2%e6%b3%a2%e3%81%a7%e9%87%91%e4%be%a1%e6%a0%bc%e9%ab%98","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/28683","title":{"rendered":"\u30b8\u30e7\u30f3\u30fb\u30dd\u30fc\u30eb\u30bd\u30f3\u6c0f\u3001\u30a4\u30f3\u30d5\u30ec\u7b2c2\u6ce2\u3067\u91d1\u4fa1\u683c\u9ad8\u9a30\u3092\u4e88\u60f3"},"content":{"rendered":"\n<p>\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u306e\u5e74\u306b\u30b5\u30d6\u30d7\u30e9\u30a4\u30e0\u30ed\u30fc\u30f3\u306e\u7a7a\u58f2\u308a\u3067\u5229\u76ca\u3092\u4e0a\u3052\u305f\u3053\u3068\u3067\u6709\u540d\u306aPaulson &amp; Co\u306e\u30b8\u30e7\u30f3\u30fb\u30dd\u30fc\u30eb\u30bd\u30f3\u6c0f\u304cBloomberg\u306e\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u91d1\u76f8\u5834\u306e\u4eca\u5f8c\u306e\u52d5\u5411\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>2022\u5e74\u682a\u5b89\u76f8\u5834\u306b\u304a\u3051\u308b\u30b4\u30fc\u30eb\u30c9<\/strong><\/p>\n\n\n\n<p>\u30dd\u30fc\u30eb\u30bd\u30f3\u6c0f\u306f2008\u5e74\u306e\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u3067\u5de8\u984d\u306e\u5229\u76ca\u3092\u51fa\u3057\u305f\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u306e1\u4eba\u3067\u3042\u308b\u3002\u3053\u306e\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u306f\u5f53\u6642\u306e\u3053\u3068\u306b\u3064\u3044\u3066\u3082\u8a9e\u3063\u3066\u3044\u308b\u306e\u3067\u305d\u308c\u3082\u5225\u9014\u53d6\u308a\u4e0a\u3052\u305f\u3044\u304c\u3001\u4eca\u56de\u306f\u91d1\u4fa1\u683c\u306b\u3064\u3044\u3066\u306e\u90e8\u5206\u3092\u7d39\u4ecb\u3057\u3088\u3046\u3002<\/p>\n\n\n\n<p>\u91d1\u76f8\u5834\u306f\u73fe\u5728\u3069\u3046\u306a\u3063\u3066\u3044\u308b\u304b\u3002\u30b4\u30fc\u30eb\u30c9\u306f\u30b3\u30ed\u30ca\u5f8c\u306e\u7de9\u548c\u306b\u3088\u3063\u3066\u30b3\u30ed\u30ca\u76f8\u5834\u521d\u671f\u306b\u5927\u304d\u304f\u4e0a\u304c\u3063\u305f\u9298\u67c4\u306e1\u3064\u3060\u304c\u3001\u305d\u306e\u4e0a\u3052\u76f8\u5834\u306f\u65e9\u304f\u30822020\u5e74\u306e\u590f\u306b\u306f\u7d42\u308f\u308a\u3001\u305d\u306e\u5f8c\u306f\u6a2a\u3070\u3044\u3092\u7d9a\u3051\u3001\u4eca\u5e74\u306e\u682a\u5b89\u76f8\u5834\u3067\u306f\u4e0b\u843d\u30c8\u30ec\u30f3\u30c9\u3068\u306a\u3063\u3066\u3044\u308b\u3002\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\/09\/2022-9-27-gold-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"618\" height=\"406\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/09\/2022-9-27-gold-chart.png\" alt=\"\" class=\"wp-image-28686\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/09\/2022-9-27-gold-chart.png 618w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/09\/2022-9-27-gold-chart-300x197.png 300w\" sizes=\"auto, (max-width: 618px) 100vw, 618px\" \/><\/a><\/figure>\n\n\n\n<p>\u91d1\u4fa1\u683c\u306f\u4eca\u5e74\u306e\u6625\u9803\u306b\u4e00\u5ea6\u6025\u4e0a\u6607\u3057\u305f\u305f\u3081\u3001\u305d\u306e\u5f8c\u306e\u4e0b\u3052\u5e45\u304c\u5927\u304d\u304f\u898b\u3048\u308b\u304c\u3001\u5e74\u59cb\u304b\u3089\u898b\u308c\u3070\u305d\u308c\u307b\u3069\u4e0b\u304c\u3063\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u306a\u3044\u3002\u30dd\u30fc\u30eb\u30bd\u30f3\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>\u30b4\u30fc\u30eb\u30c9\u306b\u3064\u3044\u30661\u3064\u8a00\u3048\u308b\u306e\u306f\u3001\u91d1\u4fa1\u683c\u304c\u5e74\u59cb\u304b\u30898%\u524d\u5f8c\u306e\u4e0b\u843d\u3068\u306a\u3063\u3066\u3044\u308b\u4e00\u65b9\u3067\u3001\u305d\u306e\u4e0b\u3052\u5e45\u306f\u682a\u5f0f\u3084\u50b5\u5238\u3088\u308a\u3082\u3088\u307b\u3069\u5c0f\u3055\u3044\u3068\u3044\u3046\u3053\u3068\u3060\u3002\u3060\u304b\u3089\u30b4\u30fc\u30eb\u30c9\u306f\u8cc7\u7523\u306e\u9003\u907f\u5148\u3068\u306a\u3063\u3066\u3044\u308b\u3002<\/p><\/blockquote>\n\n\n\n<p>2022\u5e74\u306b\u306f\u682a\u4fa1\u304c\u5927\u304d\u304f\u4e0b\u304c\u308b\u4e00\u65b9\u3067\u3001\u30a4\u30f3\u30d5\u30ec\u61f8\u5ff5\u304b\u3089\u8cb4\u91d1\u5c5e\u3084\u8fb2\u4f5c\u7269\u306a\u3069\u306e\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u9298\u67c4\u306f\u682a\u4fa1\u307b\u3069\u306f\u4e0b\u304c\u3089\u306a\u3044\u3068\u3044\u3046\u306e\u304c\u7b46\u8005\u306e\u5e74\u59cb\u306b\u304a\u3051\u308b\u6295\u8cc7\u30c6\u30fc\u30de\u3060\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u3060\u304b\u3089\u5e74\u59cb\u306e\u8a18\u4e8b\u3067\u306f\u682a\u306e\u7a7a\u58f2\u308a\u3068\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u306e\u8cb7\u3044\u3068\u3044\u3046\u4e21\u5efa\u3066\u3092\u63a8\u5968\u3057\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/18949\" data-type=\"post\" data-id=\"18949\">2022\u5e74\u306e\u30b9\u30bf\u30b0\u30d5\u30ec\u30fc\u30b7\u30e7\u30f3\u306b\u6295\u8cc7\u3059\u308b\u65b9\u6cd5 (2022\/1\/20)<\/a><\/li><\/ul>\n\n\n\n<p>\u682a\u4fa1\u306e\u4e0b\u843d\u3088\u308a\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u306e\u4e0b\u3052\u5e45\u306e\u65b9\u304c\u5c0f\u3055\u3051\u308c\u3070\u3001\u305d\u306e\u5dee\u304c\u5229\u76ca\u306b\u306a\u308b\u304b\u3089\u3067\u3042\u308b\u3002\u3057\u304b\u3057\u76f8\u5834\u5168\u4f53\u306e\u4e0b\u843d\u30c8\u30ec\u30f3\u30c9\u304c\u78ba\u5b9a\u3057\u3066\u304b\u3089\u306f\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u306e\u8cb7\u3044\u306e\u65b9\u306f\u624b\u4ed5\u821e\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u305d\u308c\u3067\u3082\u30b4\u30fc\u30eb\u30c9\u306e\u4e0b\u843d\u5e45\u306b\u3064\u3044\u3066\u306f\u3001\u5e74\u59cb\u304b\u3089\u8003\u3048\u308b\u3068\u5c0f\u5e45\u306b\u7559\u307e\u3063\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u91d1\u76f8\u5834\u306e\u4eca\u5f8c\u306e\u52d5\u5411<\/strong><\/p>\n\n\n\n<p>\u3057\u304b\u3057\u30dd\u30fc\u30eb\u30bd\u30f3\u6c0f\u306b\u3088\u308c\u3070\u3001\u91d1\u76f8\u5834\u306f\u4eca\u5f8c\u96e3\u3057\u3044\u5c40\u9762\u3092\u8fce\u3048\u308b\u3068\u3044\u3046\u3002\u5f7c\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>\u554f\u984c\u306f\u3001\u30b4\u30fc\u30eb\u30c9\u304c\u30a4\u30f3\u30d5\u30ec\u56de\u907f\u306e\u624b\u6bb5\u3067\u3042\u308b\u3053\u3068\u3060\u3002\u305d\u3057\u3066\u73fe\u5728\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u9ad8\u3044\u3082\u306e\u306e\u3001\u9577\u671f\u306e\u30a4\u30f3\u30d5\u30ec\u671f\u5f85\u306f2.5%\u7a0b\u5ea6\u3068\u975e\u5e38\u306b\u4f4e\u3044\u307e\u307e\u3060\u3002\u4e2d\u592e\u9280\u884c\u304c\u5229\u4e0a\u3052\u3092\u7d9a\u3051\u3066\u3044\u308b\u305f\u3081\u3001\u305d\u308c\u306f\u307b\u3068\u3093\u3069\u5909\u308f\u3063\u3066\u3044\u306a\u3044\u3002<\/p><\/blockquote>\n\n\n\n<p>\u5e02\u5834\u304c\u30a4\u30f3\u30d5\u30ec\u3092\u4e88\u60f3\u3057\u3066\u3044\u306a\u3044\u306e\u3060\u304b\u3089\u3001\u30a4\u30f3\u30d5\u30ec\u30d8\u30c3\u30b8\u3067\u3042\u308b\u3068\u3053\u308d\u306e\u30b4\u30fc\u30eb\u30c9\u306b\u3082\u8cb7\u3044\u306f\u96c6\u307e\u3089\u306a\u3044\u3068\u3044\u3046\u308f\u3051\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u5e02\u5834\u306e\u30a4\u30f3\u30d5\u30ec\u671f\u5f85\u306b\u3064\u3044\u3066\u306f\u50b5\u5238\u6295\u8cc7\u5bb6\u306e\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304c\u4e0d\u5408\u7406\u3068\u3057\u3066\u6279\u5224\u3057\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/28474\" data-type=\"post\" data-id=\"28474\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u4e2d\u592e\u9280\u884c\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u4e88\u60f3\u306f\u4eba\u9593\u304c\u60f3\u50cf\u53ef\u80fd\u306a\u4e2d\u3067\u4e00\u756a\u99ac\u9e7f\u3052\u305f\u7d4c\u6e08\u4e88\u60f3<\/a><\/li><\/ul>\n\n\n\n<p>\u3060\u304c\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u5e02\u5834\u3088\u308a\u3082\u66f4\u306b\u4f4e\u3044\u30a4\u30f3\u30d5\u30ec\u7387\u3092\u4e88\u60f3\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u3057\u3066\u3082\u30461\u3064\u306e\u554f\u984c\u306f\u91d1\u5229\u3067\u3042\u308b\u3002\u30dd\u30fc\u30eb\u30bd\u30f3\u6c0f\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>10\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u306f2%\u304b\u30893.6%\u8fba\u308a\u307e\u3067\u4e0a\u6607\u3057\u305f\u4e00\u65b9\u3067\u3001\u671f\u5f85\u30a4\u30f3\u30d5\u30ec\u7387\u306f2.5%\u8fd1\u8fba\u306b\u7559\u307e\u3063\u3066\u3044\u308b\u3002<\/p><p>\u3060\u304b\u3089\uff08\u56fd\u50b5\u306e\u91d1\u5229\u304b\u3089\u30a4\u30f3\u30d5\u30ec\u7387\u3092\u5dee\u3057\u5f15\u3044\u305f\uff09\u5b9f\u8cea\u91d1\u5229\u306f\u3001\u4ee5\u524d\u306f\u30de\u30a4\u30ca\u30b9\u3060\u3063\u305f\u3082\u306e\u306e\u3001\u73fe\u5728\u306f\u30d7\u30e9\u30b9\u306b\u306a\u3063\u3066\u3044\u308b\u3002\u5b9f\u8cea\u91d1\u5229\u304c\u30d7\u30e9\u30b9\u306b\u306a\u3063\u305f\u3053\u3068\u304c\u91d1\u4fa1\u683c\u306b\u3068\u3063\u3066\u5927\u304d\u306a\u91cd\u3057\u3068\u306a\u3063\u3066\u3044\u308b\u3002<\/p><\/blockquote>\n\n\n\n<p>\u30c9\u30eb\u76f8\u5834\u306b\u3068\u3063\u3066\u91d1\u5229\u304c\u91cd\u8981\u306a\u8981\u7d20\u3067\u3042\u308b\u3088\u3046\u306b\u3001\u30c9\u30eb\u5efa\u3066\u306e\u91d1\u4fa1\u683c\u306b\u3082\u30c9\u30eb\u306e\u91d1\u5229\u304c\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u3002\u30c9\u30eb\u306e\u91d1\u5229\u304c\u9ad8\u3051\u308c\u3070\u3001\u6295\u8cc7\u5bb6\u306f\u91d1\u5229\u306e\u4ed8\u304b\u306a\u3044\u30b4\u30fc\u30eb\u30c9\u3088\u308a\u3082\u9ad8\u91d1\u5229\u306e\u5f97\u3089\u308c\u308b\u30c9\u30eb\u3092\u9078\u597d\u3059\u308b\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30a2\u30e1\u30ea\u30ab\u306e\u671f\u5f85\u5b9f\u8cea\u91d1\u5229\uff0810\u5e74\uff09\u306f\u6b21\u306e\u3088\u3046\u306b\u63a8\u79fb\u3057\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\/09\/2022-9-27-us-10-year-inflation-indexed-treasury-bond-yield-long-term-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"465\" height=\"466\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/09\/2022-9-27-us-10-year-inflation-indexed-treasury-bond-yield-long-term-chart.png\" alt=\"\" class=\"wp-image-28694\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/09\/2022-9-27-us-10-year-inflation-indexed-treasury-bond-yield-long-term-chart.png 465w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/09\/2022-9-27-us-10-year-inflation-indexed-treasury-bond-yield-long-term-chart-300x300.png 300w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/09\/2022-9-27-us-10-year-inflation-indexed-treasury-bond-yield-long-term-chart-150x150.png 150w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/09\/2022-9-27-us-10-year-inflation-indexed-treasury-bond-yield-long-term-chart-120x120.png 120w\" sizes=\"auto, (max-width: 465px) 100vw, 465px\" \/><\/a><\/figure>\n\n\n\n<p>\u73fe\u5728\u306e\u6570\u5024\u306f1.3%\u3067\u3042\u308b\u3002\u6b74\u53f2\u7684\u6c34\u6e96\u304b\u3089\u898b\u3066\u3082\u304b\u306a\u308a\u4e0a\u304c\u3063\u3066\u304d\u305f\u3068\u8a00\u3046\u3079\u304d\u3060\u308d\u3046\u3002\u5b9f\u8cea\u91d1\u5229\u306f\u5b9f\u4f53\u7d4c\u6e08\u306b\u3082\u5f71\u97ff\u3092\u53ca\u307c\u3059\u305f\u3081\u3001\u91d1\u4fa1\u683c\u3088\u308a\u3082\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u304c\u305d\u308c\u306b\u8010\u3048\u3089\u308c\u308b\u306e\u304b\u3068\u3044\u3046\u554f\u984c\u306e\u65b9\u304c\u5927\u304d\u3044\u306e\u3060\u304c\u3001\u305d\u308c\u306f\u307e\u305f\u5225\u306e\u8a71\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/26936\" data-type=\"post\" data-id=\"26936\">\u30dd\u30b8\u30e3\u30fc\u30eb\u6c0f: \u653f\u7b56\u91d1\u5229\u306f5%\u4ee5\u4e0a\u306b\u4e0a\u304c\u3063\u3066\u666f\u6c17\u5f8c\u9000\u3067\u306f\u306a\u304f\u6050\u614c\u3092\u5f15\u304d\u8d77\u3053\u3059<\/a><\/li><\/ul>\n\n\n\n<p><strong>\u91d1\u4fa1\u683c\u306f\u518d\u4e0a\u6607\u3078<\/strong><\/p>\n\n\n\n<p>\u30a2\u30e1\u30ea\u30ab\u306e\u5b9f\u8cea\u91d1\u5229\u304c\u4e0a\u6607\u3059\u308b\u9650\u308a\u91d1\u76f8\u5834\u306e\u672a\u6765\u306f\u660e\u308b\u3044\u3068\u306f\u8a00\u3048\u306a\u3044\u3002\u3057\u304b\u3057\u3001\u305d\u308c\u306f\u9006\u306b\u8a00\u3048\u3070\u5b9f\u8cea\u91d1\u5229\u304c\u5929\u4e95\u3092\u8fce\u3048\u308b\u3068\u304d\u91d1\u76f8\u5834\u306f\u4e0a\u6607\u306b\u8ee2\u3058\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30dd\u30fc\u30eb\u30bd\u30f3\u6c0f\u306f\u91d1\u76f8\u5834\u306b\u3064\u3044\u3066\u6b21\u306e\u3088\u3046\u306b\u4e88\u60f3\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u4e2d\u592e\u9280\u884c\u304c\u6700\u5f8c\u307e\u3067\u91d1\u5229\u3092\u4e0a\u3052\u3001\u5b9f\u4f53\u7d4c\u6e08\u304c\u6c88\u307f\u3001\u305d\u3057\u3066\u5229\u4e0a\u3052\u304c\u7d42\u308f\u308b\u3068\u304d\u3001\u91d1\u76f8\u5834\u306f\u305d\u308c\u306b\u5bfe\u3057\u3066\u53cd\u5fdc\u3059\u308b\u3053\u3068\u306b\u306a\u308b\u3060\u308d\u3046\u3002\u305d\u3057\u3066\u4e2d\u592e\u9280\u884c\u304c\u30a4\u30f3\u30d5\u30ec\u3092\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u51fa\u6765\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u304c\u660e\u3089\u304b\u306b\u306a\u308b\u3002<\/p><\/blockquote>\n\n\n\n<p>\u30dd\u30fc\u30eb\u30bd\u30f3\u6c0f\u306f\u30a4\u30f3\u30d5\u30ec\u304c\u5236\u5fa1\u4e0d\u80fd\u306b\u306a\u308b\u3053\u3068\u3092\u30e1\u30a4\u30f3\u30b7\u30ca\u30ea\u30aa\u3068\u307f\u306a\u3057\u3066\u3044\u308b\u3002\u305d\u306e\u7406\u7531\u306f\u3001\u30a4\u30f3\u30d5\u30ec\u304c2%\u307e\u3067\u4e0b\u304c\u308b\u3088\u308a\u524d\u306b\u666f\u6c17\u5f8c\u9000\u304c\u6df1\u523b\u306a\u72b6\u6cc1\u306b\u306a\u308b\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u5f7c\u306f\u6b21\u306e\u3088\u3046\u306b\u7d9a\u3051\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u6700\u826f\u306e\u30b7\u30ca\u30ea\u30aa\u306b\u304a\u3044\u3066\u30822%\u307e\u3067\u4e0b\u304c\u3063\u305f\u308a\u306f\u3057\u306a\u3044\u30024%\u30015%\u30016%\u307e\u3067\u306a\u3089\u4e0b\u304c\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u3002\u3060\u304c\u305d\u306e\u6642\u70b9\u3067\u7d4c\u6e08\u306f\u6c88\u307f\u8fbc\u3093\u3067\u304a\u308a\u3001\u4e2d\u592e\u9280\u884c\u306f\u7de9\u548c\u3092\u4f59\u5100\u306a\u304f\u3055\u308c\u308b\u3060\u308d\u3046\u3002<\/p><p>\u305d\u3046\u3059\u308c\u3070\u30a4\u30f3\u30d5\u30ec\u304c\u623b\u3063\u3066\u304f\u308b\u3002\u305d\u306e\u6642\u306b\u306f\u9577\u671f\u306e\u30a4\u30f3\u30d5\u30ec\u671f\u5f85\u3082\u4e0a\u304c\u308b\u3002\u4e2d\u592e\u9280\u884c\u304c\u305d\u308c\u3092\u5236\u5fa1\u3067\u304d\u308b\u3068\u306f\u8ab0\u3082\u4fe1\u3058\u306a\u304f\u306a\u308b\u3002\u305d\u306e\u6642\u3053\u305d\u91d1\u4fa1\u683c\u304c\u4e0a\u6607\u3059\u308b\u6642\u3060\u3002<\/p><\/blockquote>\n\n\n\n<p>\u305d\u3057\u3066\u91d1\u4fa1\u683c\u306f1970\u5e74\u4ee3\u306e\u7269\u4fa1\u9ad8\u9a30\u6642\u4ee3\u306e\u3088\u3046\u306a\u6307\u6570\u95a2\u6570\u7684\u306a\u4e0a\u3052\u76f8\u5834\u306b\u5165\u3063\u3066\u3086\u304f\u3060\u308d\u3046\u3002\u5f53\u6642\u3001\u91d1\u4fa1\u683c\u306f20\u500d\u4ee5\u4e0a\u306b\u4e0a\u6607\u3057\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\/09\/1970s-gold-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"618\" height=\"406\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/09\/1970s-gold-chart.png\" alt=\"\" class=\"wp-image-28707\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/09\/1970s-gold-chart.png 618w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/09\/1970s-gold-chart-300x197.png 300w\" sizes=\"auto, (max-width: 618px) 100vw, 618px\" \/><\/a><\/figure>\n\n\n\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u3092\u6b63\u3057\u304f\u898b\u6975\u3081\u305f\u30dd\u30fc\u30eb\u30bd\u30f3\u6c0f\u306e\u91d1\u4fa1\u683c\u4e88\u60f3\u306f\u307e\u3063\u305f\u304f\u7406\u306b\u304b\u306a\u3063\u3066\u3044\u308b\u3068\u7b46\u8005\u306f\u8003\u3048\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u306f\u3063\u304d\u308a\u8a00\u3048\u3070\u3001\u3053\u306e\u30b7\u30ca\u30ea\u30aa\u306f\u524d\u3005\u304b\u3089\u5206\u304b\u308a\u304d\u3063\u3066\u3044\u305f\u3053\u3068\u3067\u306f\u306a\u3044\u304b\u3002\u30a2\u30e1\u30ea\u30ab\u3067\u884c\u308f\u308c\u305f\u83ab\u5927\u306a\u91d1\u984d\u306e\u73fe\u91d1\u7d66\u4ed8\u304c\u30a4\u30f3\u30d5\u30ec\u3092\u5f15\u304d\u8d77\u3053\u3059\u3068\u3044\u3046\u3053\u3068\u306f\u5206\u304b\u308a\u304d\u3063\u3066\u3044\u305f\u3053\u3068\u3067\u306f\u306a\u3044\u304b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/19942\" data-type=\"post\" data-id=\"19942\">\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9: \u30a4\u30f3\u30d5\u30ec\u306b\u306a\u3063\u3066\u9a5a\u3044\u3066\u3044\u308b\u30ea\u30d5\u30ec\u6d3e\u306f\u99ac\u9e7f\u3058\u3083\u306a\u3044\u306e\u304b<\/a><\/li><\/ul>\n\n\n\n<p>\u305d\u3057\u3066\u305d\u306e\u30a4\u30f3\u30d5\u30ec\u3092\u6291\u5236\u3059\u308b\u305f\u3081\u306e\u5f37\u529b\u306a\u91d1\u878d\u5f15\u304d\u7de0\u3081\u304c\u682a\u4fa1\u3092\u66b4\u843d\u3055\u305b\u308b\u3068\u3044\u3046\u3053\u3068\u306f\u5206\u304b\u308a\u304d\u3063\u3066\u3044\u305f\u3053\u3068\u3067\u306f\u306a\u3044\u304b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/27872\" data-type=\"post\" data-id=\"27872\">\u7c73\u56fd\u306e\u91cf\u7684\u5f15\u304d\u7de0\u3081\u3001\u4eca\u6708\u304b\u30892018\u5e74\u4e16\u754c\u540c\u6642\u682a\u5b89\u306e\u6642\u306e2\u500d\u306e\u898f\u6a21\u306b\u62e1\u5927<\/a><\/li><\/ul>\n\n\n\n<p>\u305d\u3057\u3066\u91d1\u878d\u5f15\u304d\u7de0\u3081\u306f\u30a4\u30f3\u30d5\u30ec\u7387\u3088\u308a\u3082\u7d4c\u6e08\u6210\u9577\u7387\u3092\u5927\u304d\u304f\u4e0b\u843d\u3055\u305b\u3001\u6700\u7d42\u7684\u306b\u306f\u4e2d\u592e\u9280\u884c\u306f\u7de9\u548c\u518d\u958b\u3092\u4f59\u5100\u306a\u304f\u3055\u308c\u3001\u30a4\u30f3\u30d5\u30ec\u306f\u7b2c2\u6ce2\u3078\u3068\u7a81\u5165\u3057\u3066\u3086\u304f\u3068\u3044\u3046\u3053\u3068\u306f\u5206\u304b\u308a\u304d\u3063\u3066\u3044\u305f\u3053\u3068\u3067\u306f\u306a\u3044\u304b\u3002\u30a4\u30f3\u30d5\u30ec\u7b2c2\u6ce2\u30b7\u30ca\u30ea\u30aa\u306b\u3064\u3044\u3066\u306f\u53bb\u5e74\u306e\u8a18\u4e8b\u306e\u6642\u70b9\u3067\u65e2\u306b\u8aac\u660e\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/17958\" data-type=\"post\" data-id=\"17958\">\u73fe\u5728\u306e\u30a2\u30e1\u30ea\u30ab\u306e\u7269\u4fa1\u9ad8\u9a30\u306f\u30a4\u30f3\u30d5\u30ec\u7b2c1\u6ce2\u306b\u904e\u304e\u306a\u3044 (2021\/12\/6)<\/a><\/li><\/ul>\n\n\n\n<p>\u4f55\u6545\u3053\u308c\u3089\u3059\u3079\u3066\u306e\u3053\u3068\u306f\u305d\u3082\u305d\u3082\u8d77\u3053\u3089\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u304b\u3063\u305f\u306e\u304b\u3002<\/p>\n\n\n\n<p>\u4e2d\u592e\u9280\u884c\u3084\u653f\u6cbb\u5bb6\u306f\u3084\u308b\u524d\u304b\u3089\u60b2\u60e8\u306a\u7d50\u679c\u304c\u5206\u304b\u308a\u304d\u3063\u3066\u3044\u305f\u99ac\u9e7f\u3052\u305f\u30b7\u30ca\u30ea\u30aa\u3092\u308f\u3056\u308f\u3056\u5b9f\u969b\u306b\u306a\u305e\u3089\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u304b\u3063\u305f\u306e\u304b\uff1f\u3000\u6709\u6a29\u8005\u306f\u4f55\u6545\u73fe\u91d1\u7d66\u4ed8\u3092\u652f\u6301\u3057\u305f\u306e\u304b\uff1f\u3000\u8ab0\u304b\u6559\u3048\u3066\u307b\u3057\u3044\u3002\u7b46\u8005\u306b\u306f\u7406\u89e3\u4e0d\u80fd\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/10473\" data-type=\"post\" data-id=\"10473\">\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9: \u653f\u5e9c\u304c\u91d1\u878d\u5371\u6a5f\u304b\u3089\u5b88\u3063\u3066\u304f\u308c\u308b\u3068\u601d\u3046\u306a<\/a><\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u306e\u5e74\u306b\u30b5\u30d6\u30d7\u30e9\u30a4\u30e0\u30ed\u30fc\u30f3\u306e\u7a7a\u58f2\u308a\u3067\u5229\u76ca\u3092\u4e0a\u3052\u305f\u3053\u3068\u3067\u6709\u540d\u306aPaulson &amp; Co\u306e\u30b8\u30e7\u30f3\u30fb\u30dd\u30fc\u30eb\u30bd\u30f3\u6c0f\u304cBloomberg\u306e\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u91d1\u76f8\u5834\u306e\u4eca\u5f8c\u306e\u52d5\u5411\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u3002<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[57,110],"tags":[167,184],"class_list":["post-28683","post","type-post","status-publish","format-standard","hentry","category-commodity-markets","category-gold","tag-inflation","tag-john-paulson"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/28683","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=28683"}],"version-history":[{"count":32,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/28683\/revisions"}],"predecessor-version":[{"id":28718,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/28683\/revisions\/28718"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=28683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=28683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=28683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}