{"id":29503,"date":"2022-10-11T20:02:00","date_gmt":"2022-10-11T11:02:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=29503"},"modified":"2022-10-11T16:23:54","modified_gmt":"2022-10-11T07:23:54","slug":"%e3%82%b5%e3%83%9e%e3%83%bc%e3%82%ba%e6%b0%8f-%e9%87%91%e8%9e%8d%e5%8d%b1%e6%a9%9f%e3%81%8c%e8%b5%b7%e3%81%93%e3%81%a3%e3%81%a6%e3%82%82%e5%88%a9%e4%b8%8a%e3%81%92%e3%82%92%e7%b6%99%e7%b6%9a%e3%81%9b","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/29503","title":{"rendered":"\u30b5\u30de\u30fc\u30ba\u6c0f: \u91d1\u878d\u5371\u6a5f\u304c\u8d77\u3053\u3063\u3066\u3082\u5229\u4e0a\u3052\u3092\u7d99\u7d9a\u305b\u3088"},"content":{"rendered":"\n<p>\u4e16\u754c\u7684\u306a\u30a4\u30f3\u30d5\u30ec\u304c\u307e\u3060\u307e\u3060\u53ce\u307e\u3089\u305a\u3001Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306e\u5f37\u529b\u306a\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3067\u682a\u4fa1\u304c\u66b4\u843d\u3059\u308b\u4e2d\u3001\u5229\u4e0a\u3052\u8cdb\u6210\u6d3e\u3068\u53cd\u5bfe\u6d3e\u306e\u8b70\u8ad6\u304c\u30d2\u30fc\u30c8\u30a2\u30c3\u30d7\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u4e16\u754c\u7684\u306a\u30a4\u30f3\u30d5\u30ec<\/strong><\/p>\n\n\n\n<p>\u73fe\u5728\u306e\u30a4\u30f3\u30d5\u30ec\u30922021\u5e74\u304b\u3089\u4e88\u60f3\u3057\u3001\u30a4\u30f3\u30d5\u30ec\u306f\u6839\u5f37\u304f\u3001\u5229\u4e0a\u3052\u3092\u7d99\u7d9a\u3059\u308b\u3088\u3046\u8a34\u3048\u3066\u304d\u305f\u30de\u30af\u30ed\u7d4c\u6e08\u5b66\u8005\u306e\u30e9\u30ea\u30fc\u30fb\u30b5\u30de\u30fc\u30ba\u6c0f\u306f\u3001Bloomberg\u306b\u3088\u308b\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u5229\u4e0a\u3052\u652f\u6301\u3092\u30d2\u30fc\u30c8\u30a2\u30c3\u30d7\u3057\u3001\u4eee\u306b\u91d1\u878d\u5371\u6a5f\u304c\u8d77\u3053\u3063\u3066\u3082\u5229\u4e0a\u3052\u3092\u7d99\u7d9a\u3059\u308b\u3088\u3046\u4e3b\u5f35\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u30b5\u30de\u30fc\u30ba\u6c0f\u306f\u307e\u305a\u3001\u5148\u9031\u516c\u8868\u3055\u308c\u305f\u96c7\u7528\u7d71\u8a08\u3067\u3001Fed\u304c\u52b4\u50cd\u5e02\u5834\u306e\u904e\u71b1\u3092\u6291\u3048\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u6700\u4e2d\u306b\u5931\u696d\u7387\u304c\u3080\u3057\u308d3.5%\u307e\u3067\u4e0b\u304c\u308a\u3001\u66f4\u306a\u308b\u904e\u71b1\u3092\u793a\u3057\u305f\u3053\u3068\u306b\u3064\u3044\u3066\u6b21\u306e\u3088\u3046\u306b\u30b3\u30e1\u30f3\u30c8\u3057\u305f\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u96c7\u7528\u7d71\u8a08\u306b\u306f\u30a4\u30f3\u30d5\u30ec\u304c\u5236\u5fa1\u4e0b\u306b\u7f6e\u304b\u308c\u308b\u5146\u5019\u306a\u3069\u4f55\u3082\u306a\u304b\u3063\u305f\u3002<\/p><p>\u7d4c\u6e08\u306f\u904e\u71b1\u3057\u3066\u304a\u308a\u3001\u7269\u4fa1\u304c\u4e0b\u304c\u308b\u3088\u3046\u306a\u72b6\u614b\u306b\u306f\u306a\u3044\u3002\u904e\u71b1\u306f\u6301\u7d9a\u3057\u3066\u3044\u308b\u3002<\/p><\/blockquote>\n\n\n\n<p>\u305d\u3057\u3066\u30b5\u30de\u30fc\u30ba\u6c0f\u306f\u30a4\u30f3\u30d5\u30ec\u304c\u305d\u308d\u305d\u308d\u30d4\u30fc\u30af\u3092\u8fce\u3048\u3001\u4e0b\u843d\u306b\u8ee2\u3058\u308b\u3068\u3044\u3046\u898b\u65b9\u306b\u3082\u6b21\u306e\u3088\u3046\u306b\u91d8\u3092\u3055\u3057\u305f\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u3044\u307e\u3060\u306b\u30a4\u30f3\u30d5\u30ec\u304c\u4e00\u6642\u7684\u3060\u3068\u601d\u3063\u3066\u3044\u308b\u4eba\u3005\u306f\u3001\u30a4\u30f3\u30d5\u30ec\u671f\u5f85\u304c\u9577\u671f\u7684\u306b\u306f\u306a\u3063\u3066\u3044\u306a\u3044\u3068\u8a00\u3063\u3066\u3044\u308b\u3002<\/p><\/blockquote>\n\n\n\n<p>\u3044\u307e\u3060\u306b\u30a4\u30f3\u30d5\u30ec\u304c\u4e00\u6642\u7684\u3060\u3068\u601d\u3063\u3066\u3044\u308b\u4eba\u304c\u3044\u308b\u306e\u304b\uff1f\u3000\u3060\u304cFed\u306e\u516c\u5f0f\u767a\u8868\u3067\u306f\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u6765\u5e74\u306e\u672b\u306b\u306f2%\u53f0\u306b\u307e\u3067\u843d\u3061\u3064\u304f\u3053\u3068\u306b\u306a\u3063\u3066\u304a\u308a\u3001\u9a5a\u304f\u3079\u304d\u3053\u3068\u306b\u91d1\u878d\u5e02\u5834\u306e5\u5e74\u30a4\u30f3\u30d5\u30ec\u671f\u5f85\u30822%\u53f0\u3068\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u3053\u3068\u306f\u50b5\u5238\u6295\u8cc7\u5bb6\u306e\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u3082\u4e0d\u5408\u7406\u3060\u3068\u3057\u3066\u6b21\u306e\u3088\u3046\u306b\u8a00\u3063\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<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u30a4\u30f3\u30d5\u30ec\u7387\u304c9%\u304c2%\u307e\u3067\u6975\u3081\u3066\u6025\u901f\u306b\u4e0b\u843d\u3059\u308b\u306a\u3089\u3070\u3001\u4e0b\u65b9\u5411\u306b\u884c\u304d\u904e\u304e\u308b\u3068\u8003\u3048\u306a\u3044\u7406\u7531\u304c\u4f55\u304b\u3042\u308b\u3060\u308d\u3046\u304b\uff1f<\/p><p>\u4f55\u65452%\u3067\u6b62\u307e\u308b\u306e\u304b\uff1f\u3000\u305d\u3053\u306b\u4f55\u304b\u9b54\u6cd5\u3067\u3082\u3042\u308b\u306e\u304b\uff1f<\/p><\/blockquote>\n\n\n\n<p>Fed\u306e\u30a4\u30f3\u30d5\u30ec\u4e88\u60f3\u304c\u9593\u9055\u3063\u3066\u3044\u308b\u306e\u306f\u3044\u3064\u3082\u306e\u3053\u3068\u3060\u304c\u3001\u5e02\u5834\u4e88\u60f3\u306e\u65b9\u306f\u3069\u3046\u89e3\u91c8\u3059\u3079\u304d\u304b\u3002\u30b5\u30de\u30fc\u30ba\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>\u3060\u304c\u4e8b\u5b9f\u306f\u3053\u3046\u3060\u3002\u9ad8\u3044\u30a4\u30f3\u30d5\u30ec\u7387\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u30a4\u30f3\u30d5\u30ec\u671f\u5f85\u304c\u843d\u3061\u7740\u3044\u3066\u3044\u308b\u3002\u306a\u3089\u3070\u30a4\u30f3\u30d5\u30ec\u671f\u5f85\u304c\u9577\u671f\u5316\u3057\u306a\u3044\u3088\u3046\u306b\u4eca\u7a4d\u6975\u7684\u306b\u52d5\u304f\u3053\u3068\u304c\u3088\u308a\u91cd\u8981\u3067\u306f\u306a\u3044\u304b\u3002<\/p><\/blockquote>\n\n\n\n<p>\u6050\u3089\u304f\u306f\u3001\u5e02\u5834\u304c\u30a4\u30f3\u30d5\u30ec\u306e\u9577\u671f\u5316\u3068\u3044\u3046\u307b\u307c\u907f\u3051\u3088\u3046\u306e\u306a\u3044\u672a\u6765\u304b\u3089\u76ee\u3092\u305d\u3089\u3057\u3066\u3044\u308b\u3053\u3068\u306f\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u30a4\u30f3\u30d5\u30ec\uff08\u3064\u307e\u308a\u30c9\u30eb\u7d19\u5e63\u306e\u6e1b\u4fa1\uff09\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u30c9\u30eb\u304c\u300c\u307e\u3060\u300d\u66b4\u843d\u3057\u3066\u3044\u306a\u3044\u3053\u3068\u3068\u95a2\u4fc2\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/11762\" data-type=\"post\" data-id=\"11762\">\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9: \u30c9\u30eb\u304c\u4e0b\u843d\u3057\u305f\u3089\u30a2\u30e1\u30ea\u30ab\u306f\u7d42\u308f\u308a<\/a><\/li><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/25558\" data-type=\"post\" data-id=\"25558\">\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f: \u4eca\u5f8c6\u30f6\u6708\u3067\u30c9\u30eb\u7a7a\u58f2\u308a\u3078<\/a><\/li><\/ul>\n\n\n\n<p>\u3060\u304b\u3089\u5e02\u5834\u304c\u9577\u671f\u306e\u30a4\u30f3\u30d5\u30ec\u3092\u53d7\u3051\u5165\u308c\u59cb\u3081\u308b\u3068\u304d\u3001\u30c9\u30eb\u306f\u66b4\u843d\u3057\u3001\u3042\u3089\u3086\u308b\u3082\u306e\u304c\u58ca\u308c\u59cb\u3081\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u3046\u306a\u3089\u306a\u3044\u3088\u3046\u306b\u30b5\u30de\u30fc\u30ba\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u8b66\u544a\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>\u307e\u3060\u4eba\u3005\u304c\u4f4e\u3044\u30a4\u30f3\u30d5\u30ec\u7387\u3092\u4e88\u60f3\u3057\u3066\u3044\u308b\u306e\u306a\u3089\u3001\u305d\u306e\u30a2\u30c9\u30d0\u30f3\u30c6\u30fc\u30b8\u304c\u3042\u308b\u9593\u306b\u30a4\u30f3\u30d5\u30ec\u3092\u6291\u5236\u3057\u3066\u3057\u307e\u3046\u3079\u304d\u306a\u306e\u3060\u3002<\/p><\/blockquote>\n\n\n\n<p>\u3060\u304c\u30b5\u30de\u30fc\u30ba\u6c0f\u306f\u3001\u305d\u3082\u305d\u3082\u7269\u4fa1\u304c\u9ad8\u9a30\u3057\u306a\u3044\u3088\u3046\u306b\u53bb\u5e74\u306e\u5185\u306b\u8b66\u544a\u3057\u3066\u3044\u305f\u306e\u3060\u304c\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/16416\" data-type=\"post\" data-id=\"16416\">\u30b5\u30de\u30fc\u30ba\u6c0f: \u30a4\u30f3\u30d5\u30ec\u306f\u4eca\u3084\u5e83\u7bc4\u56f2\u306b\u71c3\u3048\u5e83\u304c\u3063\u3066\u3044\u308b (2021\/10\/17)<\/a><\/li><\/ul>\n\n\n\n<p>\u4eca\u56de\u3001\u5f7c\u306e\u58f0\u306f\u805e\u304b\u308c\u308b\u306e\u3060\u308d\u3046\u304b\u3002<\/p>\n\n\n\n<p><strong>\u91d1\u878d\u5371\u6a5f\u3067\u7de9\u548c\u8ee2\u63db\u3059\u3079\u304d\u304b<\/strong><\/p>\n\n\n\n<p>\u307e\u305f\u3001\u6700\u8fd1\u30a4\u30ae\u30ea\u30b9\u306e\u30c8\u30e9\u30b9\u9996\u76f8\u306b\u3088\u308b\u30a4\u30f3\u30d5\u30ec\u5bfe\u7b56\u3067\u306e\u3070\u3089\u6492\u304d\uff08\u706b\u4e8b\u306b\u653e\u706b\u3059\u308b\u3088\u3046\u306a\u3082\u306e\u3067\u3042\u308b\uff09\u3092\u53d7\u3051\u3066\u30dd\u30f3\u30c9\u3068\u82f1\u56fd\u50b5\u304c\u66b4\u843d\u3057\u305f\u3053\u3068\u3092\u53d7\u3051\u3066\u3001\u5c02\u9580\u5bb6\u306e\u9593\u3067\u540c\u3058\u3088\u3046\u306a\u3053\u3068\u304c\u4ed6\u306e\u56fd\u3067\u3082\u6b21\u3005\u306b\u8d77\u304d\u59cb\u3081\u308b\u3068\u4e88\u60f3\u3059\u308b\u610f\u898b\u304c\u5897\u3048\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u7b46\u982d\u306f\u50b5\u5238\u6295\u8cc7\u5bb6\u306e\u30b9\u30b3\u30c3\u30c8\u30fb\u30de\u30a4\u30ca\u30fc\u30c9\u6c0f\u3067\u3042\u308a\u3001\u5f7c\u306f\u4ee5\u4e0b\u306e\u8a18\u4e8b\u30671998\u5e74\u306eLTCM\uff08\u5de8\u5927\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\uff09\u306e\u7834\u7dbb\u306b\u3088\u3063\u3066Fed\u304c\u7de9\u548c\u3092\u4f59\u5100\u306a\u304f\u3055\u308c\u305f\u4f8b\u306a\u3069\u3092\u6319\u3052\u3001\u305d\u3046\u3044\u3046\u72b6\u6cc1\u304c\u8fd1\u3065\u3044\u3066\u3044\u308b\u3068\u8a00\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/29410\" data-type=\"post\" data-id=\"29410\">\u30de\u30a4\u30ca\u30fc\u30c9\u6c0f: \u30a2\u30e1\u30ea\u30ab\u306f\u5229\u4e0a\u3052\u3092\u64a4\u56de\u3059\u308b\u306e\u3067\u306f\u306a\u304f\u3001\u64a4\u56de\u305b\u3056\u308b\u3092\u5f97\u306a\u304f\u306a\u308b<\/a><\/li><\/ul>\n\n\n\n<p>\u30b5\u30de\u30fc\u30ba\u6c0f\u306f\u4eca\u56de\u306e\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u3053\u3046\u3057\u305f\u53ef\u80fd\u6027\u306b\u3064\u3044\u3066\u3082\u610f\u898b\u3092\u8ff0\u3079\u3066\u3044\u308b\u3002\u6050\u3089\u304f\u306f\u30b5\u30de\u30fc\u30ba\u6c0f\u306f\u30de\u30a4\u30ca\u30fc\u30c9\u6c0f\u306e\u8b70\u8ad6\u3092\u805e\u3044\u3066\u3044\u308b\u306e\u3060\u308d\u3046\u3002\u30de\u30af\u30ed\u7d4c\u6e08\u5b66\u8005\u306e\u4e2d\u3067\u76f8\u5834\u3068\u7d4c\u6e08\u3092\u307e\u3068\u3082\u306b\u4e88\u60f3\u3067\u304d\u308b\u306e\u306f\u5f7c\u3060\u3051\u3060\u304b\u3089\u3001\u8b70\u8ad6\u306e\u76f8\u624b\u306f\u30de\u30a4\u30ca\u30fc\u30c9\u6c0f\u306e\u3088\u3046\u306a\u8cc7\u7523\u904b\u7528\u306e\u5b9f\u52d9\u5bb6\u3057\u304b\u3044\u306a\u3044\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u30b5\u30de\u30fc\u30ba\u6c0f\u306f\u3001LTCM\u7834\u7dbb\u306e\u3088\u3046\u306a\u91d1\u878d\u5371\u6a5f\u304c\u8d77\u304d\u308b\u304b\u3089\u7de9\u548c\u306b\u9006\u623b\u308a\u3059\u3079\u304d\u3060\u3068\u3044\u3046\u4e3b\u5f35\u306b\u306f\u540c\u610f\u3057\u306a\u3044\u3002\u3080\u3057\u308d\u5f7c\u306f\u3001\u305d\u3046\u3057\u305f\u72b6\u6cc1\u306b\u304a\u3051\u308b\u7de9\u548c\u3078\u306e\u9006\u623b\u308a\u304c\u30d0\u30d6\u30eb\u3092\u5f15\u304d\u8d77\u3053\u3057\u3001\u72b6\u6cc1\u3092\u60aa\u5316\u3055\u305b\u305f\u3068\u4e3b\u5f35\u3059\u308b\u3002<\/p>\n\n\n\n<p><strong>\u30b3\u30ed\u30ca\u5f8c\u306e\u7de9\u548c\u304c\u30a4\u30f3\u30d5\u30ec\u3092\u5f15\u304d\u8d77\u3053\u3057\u305f<\/strong><\/p>\n\n\n\n<p>\u5f7c\u306f\u3053\u3046\u8aac\u660e\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>\u904e\u53bb\u3092\u632f\u308a\u8fd4\u3063\u3066\u307f\u308c\u3070\u3001\u308f\u308c\u308f\u308c\u306f\u30b3\u30ed\u30ca\u5f8c\u306e\u91d1\u878d\u30b7\u30b9\u30c6\u30e0\u3092\u652f\u3048\u308b\u305f\u3081\u306b\u91d1\u5229\u3092\u5207\u308a\u4e0b\u3052\u904e\u304e\u3001\u4f4e\u304f\u4fdd\u3061\u904e\u304e\u305f\u3002<\/p><\/blockquote>\n\n\n\n<p>\u91d1\u5229\u3060\u3051\u3067\u306f\u306a\u304f\u3001\u3084\u308a\u904e\u304e\u305f\u306e\u306f\u660e\u3089\u304b\u306b\u73fe\u91d1\u7d66\u4ed8\u3067\u3042\u308b\u3002\u30a2\u30e1\u30ea\u30ab\u306e\u53ef\u51e6\u5206\u500b\u4eba\u6240\u5f97\u3068\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u30c1\u30e3\u30fc\u30c8\u3092\u4e26\u3079\u3066\u307f\u308c\u3070\u3001\u30a4\u30f3\u30d5\u30ec\u306e\u539f\u56e0\u304c\u4f55\u3067\u3042\u308b\u304b\u304c\u4e00\u76ee\u3067\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\/10\/2022-aug-us-disposable-personal-income-and-cpi-growth-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"545\" height=\"466\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/10\/2022-aug-us-disposable-personal-income-and-cpi-growth-chart.png\" alt=\"\" class=\"wp-image-29519\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/10\/2022-aug-us-disposable-personal-income-and-cpi-growth-chart.png 545w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/10\/2022-aug-us-disposable-personal-income-and-cpi-growth-chart-300x257.png 300w\" sizes=\"auto, (max-width: 545px) 100vw, 545px\" \/><\/a><\/figure>\n\n\n\n<p>\u30a4\u30f3\u30d5\u30ec\u304c\u52a0\u901f\u3057\u305f\u306e\u306f2021\u5e74\u306e\u5e8f\u76e4\u304b\u3089\u3067\u3042\u308a\u3001\u305d\u308c\u306f\u660e\u3089\u304b\u306b\u73fe\u91d1\u7d66\u4ed8\u306b\u3088\u3063\u3066\u6240\u5f97\u304c\u7206\u767a\u7684\u306b\u5897\u5927\u3057\u305f\u3053\u3068\u304c\u539f\u56e0\u3068\u306a\u3063\u3066\u3044\u308b\u3002\uff08\u30ed\u30b7\u30a2\u306e\u30a6\u30af\u30e9\u30a4\u30ca\u4fb5\u653b\u304c\u30a4\u30f3\u30d5\u30ec\u306e\u2026\u4f55\u3060\u3063\u305f\u304b\uff1f\u3000\u3082\u3046\u3053\u3046\u3044\u3046\u99ac\u9e7f\u3052\u305f\u8b70\u8ad6\u306f\u805e\u304d\u98fd\u304d\u305f\u306e\u3067\u3042\u308b\u3002\uff09<\/p>\n\n\n\n<p>\u5927\u4f53\u30012021\u5e74\u306b\u306f\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u306f\u30b3\u30ed\u30ca\u798d\u304b\u3089\u56de\u5fa9\u3057\u307e\u3068\u3082\u306a\u72b6\u614b\u306b\u623b\u3063\u3066\u3044\u305f\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u4f55\u6545\u3053\u306e\u3088\u3046\u306a\u73fe\u91d1\u7d66\u4ed8\u304c\u5fc5\u8981\u3060\u3063\u305f\u306e\u304b\uff1f\u3000\u4f55\u6545\u305d\u306e\u8cac\u4efb\u3092\u8ab0\u3082\u554f\u308f\u306a\u3044\u306e\u304b\uff1f\u3000\u305d\u3057\u3066\u4f55\u3088\u308a\u3001\u4f55\u6545\u653f\u6cbb\u5bb6\u306f\u3044\u307e\u3060\u306b\u3070\u3089\u6492\u304d\u3092\u7d9a\u3051\u3066\u30a4\u30f3\u30d5\u30ec\u306b\u653e\u706b\u3057\u7d9a\u3051\u3066\u3044\u308b\u306e\u304b\uff1f<\/p>\n\n\n\n<p><strong>LTCM\u306e\u7834\u7dbb<\/strong><\/p>\n\n\n\n<p>\u3082\u306f\u3084\u7b46\u8005\u306b\u306f\u7406\u89e3\u4e0d\u80fd\u306a\u306e\u3060\u304c\u3001\u30b5\u30de\u30fc\u30ba\u6c0f\u306e\u8b70\u8ad6\u306b\u8a71\u3092\u623b\u305d\u3046\u3002\u653f\u5e9c\u304c\u3070\u3089\u6492\u304d\u3092\u3084\u308a\u904e\u304e\u305f\u306e\u306f\u3053\u308c\u304c\u521d\u3081\u3066\u3067\u306f\u306a\u3044\u3002\u30b5\u30de\u30fc\u30ba\u6c0f\u306f\u3001\u30de\u30a4\u30ca\u30fc\u30c9\u6c0f\u304c\u8a00\u53ca\u3057\u305fLTCM\u306e\u4e8b\u4f8b\u306b\u3082\u8a00\u53ca\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>\u904e\u53bb\u3092\u632f\u308a\u8fd4\u3063\u3066\u307f\u308c\u3070\u3001\u30a2\u30b8\u30a2\u901a\u8ca8\u5371\u6a5f\u3068LTCM\u306e\u7834\u7dbb\u306e\u5f8c\u3001\u308f\u308c\u308f\u308c\u306f\u91d1\u5229\u3092\u4f4e\u304f\u4fdd\u3061\u904e\u304e\u3001\u7d50\u679c\u3068\u3057\u3066\u30d0\u30d6\u30eb\u3092\u5f15\u304d\u8d77\u3053\u3057\u305f\u3002<\/p><\/blockquote>\n\n\n\n<p>1998\u5e74\u306bLTCM\u304c\u7834\u7dbb\u3057\u305f\u5f8c\u3001LTCM\u3068\u305d\u308c\u306b\u95a2\u9023\u3059\u308b\u30dd\u30b8\u30b7\u30e7\u30f3\u304c\u3042\u307e\u308a\u306b\u5de8\u5927\u3060\u3063\u305f\u305f\u3081\u306b\u3001\u305d\u308c\u3089\u306e\u30d5\u30a1\u30f3\u30c9\u304c\u7834\u7dbb\u3057\u3066\u4fdd\u6709\u8a3c\u5238\u3092\u3059\u3079\u3066\u58f2\u308a\u306b\u51fa\u3055\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u304f\u306a\u308c\u3070\u3001\u4e16\u754c\u7d4c\u6e08\u304c\u6df7\u4e71\u3059\u308b\u3053\u3068\u304c\u76ee\u306b\u898b\u3048\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u3067Fed\u306f\u5e02\u5834\u3092\u6551\u6e08\u3059\u308b\u305f\u3081\u306b\u5229\u4e0b\u3052\u3092\u3057\u305f\u3002\u3060\u304c1998\u5e74\u3068\u3044\u3046\u5e74\u4ee3\u3092\u805e\u3044\u3066\u305d\u306e\u5f8c\u3069\u3046\u306a\u3063\u305f\u304b\u3001\u3053\u3053\u306e\u8aad\u8005\u306a\u3089\u3059\u3050\u306b\u601d\u3044\u6d6e\u304b\u3079\u308b\u3053\u3068\u304c\u51fa\u6765\u308b\u3060\u308d\u3046\u30022000\u5e74\u306e\u30c9\u30c3\u30c8\u30b3\u30e0\u30d0\u30d6\u30eb\u5d29\u58ca\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u73fe\u5728\u306eNasdaq\u304c\u91d1\u5229\u306e\u5909\u5316\u306b\u654f\u611f\u3067\u3042\u308b\u901a\u308a\u3001\u30c9\u30c3\u30c8\u30b3\u30e0\u30d0\u30d6\u30eb\u306f\u660e\u3089\u304b\u306b\u4f4e\u91d1\u5229\u306b\u3088\u3063\u3066\u91b8\u6210\u3055\u308c\u305f\u30d0\u30d6\u30eb\u3067\u3042\u308a\u30011998\u5e74\u306b\u5229\u4e0b\u3052\u304c\u884c\u308f\u308c\u305f\u3042\u3068Nasdaq\u304c\u3069\u3046\u306a\u3063\u305f\u304b\u3068\u8a00\u3048\u3070\u3001\u3053\u3046\u306a\u3063\u305f\u3002\u653f\u7b56\u91d1\u5229\u306e\u30c1\u30e3\u30fc\u30c8\u3082\u4e26\u3079\u3066\u307f\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\/2020\/01\/dot-com-bubble-nasdaq-composite-and-federal-funds-rate-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"483\" height=\"468\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2020\/01\/dot-com-bubble-nasdaq-composite-and-federal-funds-rate-chart.png\" alt=\"\" class=\"wp-image-8675\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2020\/01\/dot-com-bubble-nasdaq-composite-and-federal-funds-rate-chart.png 483w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2020\/01\/dot-com-bubble-nasdaq-composite-and-federal-funds-rate-chart-300x291.png 300w\" sizes=\"auto, (max-width: 483px) 100vw, 483px\" \/><\/a><\/figure>\n\n\n\n<p><strong>\u30d6\u30e9\u30c3\u30af\u30de\u30f3\u30c7\u30fc<\/strong><\/p>\n\n\n\n<p>\u66f4\u306b\u30b5\u30de\u30fc\u30ba\u6c0f\u304c\u4f8b\u306b\u51fa\u3059\u306e\u306f\u30011987\u5e74\u306e\u30d6\u30e9\u30c3\u30af\u30de\u30f3\u30c7\u30fc\u3067\u3042\u308b\u3002\u3053\u3061\u3089\u3082\u30de\u30a4\u30ca\u30fc\u30c9\u6c0f\u304c\u8a00\u53ca\u3057\u305f\u3082\u306e\u3067\u3001\u30b5\u30de\u30fc\u30ba\u6c0f\u306f\u660e\u3089\u304b\u306b\u30de\u30a4\u30ca\u30fc\u30c9\u6c0f\u306e\u8a00\u8449\u3092\u805e\u3044\u3066\u3044\u308b\u3088\u3046\u3060\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u904e\u53bb\u3092\u632f\u308a\u8fd4\u3063\u3066\u307f\u308c\u3070\u30011987\u5e74\u306e\u682a\u4fa1\u66b4\u843d\uff08\u8a33\u6ce8\uff1a\u30d6\u30e9\u30c3\u30af\u30de\u30f3\u30c7\u30fc\uff09\u306e\u5f8c\u306bFed\u304c\u7de9\u548c\u63aa\u7f6e\u3092\u884c\u306a\u3063\u305f\u5f8c\u3001\u7d4c\u6e08\u306f\u9a5a\u304f\u3079\u304d\u901f\u5ea6\u3067\u6210\u9577\u3057\u305f\u3002<\/p><\/blockquote>\n\n\n\n<p>\u305d\u3057\u3066\u3053\u306e\u6642\u306e\u30d0\u30d6\u30eb\u3067\u4e00\u756a\u83ef\u3005\u3057\u304f\u7834\u88c2\u3057\u305f\u306e\u306f\u65e5\u672c\u7d4c\u6e08\u306e1989\u5e74\u30d0\u30d6\u30eb\u5d29\u58ca\u3067\u3042\u308b\u3053\u3068\u306f\u8a00\u3046\u307e\u3067\u3082\u306a\u3044\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/10\/1988-2002-nikkei-225-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"742\" height=\"548\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/10\/1988-2002-nikkei-225-chart.png\" alt=\"\" class=\"wp-image-29535\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/10\/1988-2002-nikkei-225-chart.png 742w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/10\/1988-2002-nikkei-225-chart-300x222.png 300w\" sizes=\"auto, (max-width: 742px) 100vw, 742px\" \/><\/a><\/figure>\n\n\n\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>\u30b5\u30de\u30fc\u30ba\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u7e8f\u3081\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow 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