{"id":50973,"date":"2024-07-08T20:00:00","date_gmt":"2024-07-08T11:00:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=50973"},"modified":"2024-07-08T01:42:53","modified_gmt":"2024-07-07T16:42:53","slug":"%e3%82%b8%e3%83%a7%e3%83%bc%e3%82%b8%e3%83%bb%e3%82%bd%e3%83%ad%e3%82%b9%e6%b0%8f%e3%80%81%e9%87%91%e8%9e%8d%e5%b7%a5%e5%ad%a6%e3%81%ab%e3%82%88%e3%82%8b%e3%83%aa%e3%82%b9%e3%82%af%e7%ae%a1%e7%90%86","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/50973","title":{"rendered":"\u30b8\u30e7\u30fc\u30b8\u30fb\u30bd\u30ed\u30b9\u6c0f\u3001\u91d1\u878d\u5de5\u5b66\u306b\u3088\u308b\u30ea\u30b9\u30af\u7ba1\u7406\u3092\u75db\u70c8\u6279\u5224"},"content":{"rendered":"\n<p>\u9ad8\u9f62\u306b\u306a\u308a\u3059\u3063\u304b\u308a\u30e1\u30c7\u30a3\u30a2\u9732\u51fa\u304c\u5c11\u306a\u304f\u306a\u3063\u305f\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306e\u5148\u99c6\u8005\u30b8\u30e7\u30fc\u30b8\u30fb\u30bd\u30ed\u30b9\u6c0f\u3060\u304c\u3001\u5f7c\u306e\u8ad6\u8aac\u3092\u88dc\u3046\u305f\u3081\u306b\u81ea\u4f1d\u7684\u8457\u66f8\u3067\u3042\u308b\u300e<a 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class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u30ea\u30b9\u30af\u3092\u8a08\u6e2c\u3059\u308b\u305f\u3081\u306e\u79d1\u5b66\u7684\u3067\u306f\u3063\u304d\u308a\u3057\u305f\u3084\u308a\u65b9\u306f\u4f7f\u308f\u306a\u3044\u3002\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u3092\u6271\u3063\u3066\u3044\u308b\u4eba\u3005\u306f\u975e\u5e38\u306b\u6d17\u7df4\u3055\u308c\u305f\u30ea\u30b9\u30af\u8a08\u7b97\u306e\u65b9\u6cd5\u3092\u4f7f\u3063\u3066\u3044\u308b\u3002\u305d\u308c\u306b\u6bd4\u3079\u3066\u308f\u308c\u308f\u308c\u306f\u7d20\u4eba\u306e\u3088\u3046\u306a\u3082\u306e\u3060\u3002\u77f3\u5668\u6642\u4ee3\u306e\u30ec\u30d9\u30eb\u3060\u3088\u3002\u308f\u3056\u3068\u305d\u3046\u3057\u3066\u3044\u308b\u306e\u3060\u304c\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u3053\u3046\u3057\u305f\u30ea\u30b9\u30af\u3092\u8a08\u6e2c\u3059\u308b\u305f\u3081\u306b\u91d1\u878d\u5de5\u5b66\u306f\u69d8\u3005\u306a\u6280\u6cd5\u3092\u767a\u9054\u3055\u305b\u305f\u3002\u5148\u7269\u3084\u30aa\u30d7\u30b7\u30e7\u30f3\u306a\u3069\u306e\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u5e02\u5834\u3067\u306f\u3001\u6700\u5148\u7aef\u306e\u91d1\u878d\u5de5\u5b66\u3092\u99c6\u4f7f\u3057\u3066\u624b\u8a08\u7b97\u3067\u306f\u51fa\u6765\u306a\u3044\u3088\u3046\u306a\u30ea\u30b9\u30af\u8a08\u7b97\u3092\u30a8\u30af\u30bb\u30eb\u3084\u30d7\u30ed\u30b0\u30e9\u30df\u30f3\u30b0\u3092\u4f7f\u3044\u306a\u304c\u3089\u884c\u306a\u3063\u3066\u3044\u308b\u4eba\u3005\u304c\u5927\u52e2\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u30bd\u30ed\u30b9\u6c0f\u306f\u305d\u3046\u3057\u305f\u624b\u6cd5\u3092\u4f7f\u308f\u306a\u3044\u3068\u3044\u3046\u3002\u3057\u304b\u3082\u300c\u308f\u3056\u3068\u305d\u3046\u3057\u3066\u3044\u308b\u300d\u3068\u3044\u3046\u3002<\/p>\n\n\n\n<p><strong>\u6570\u5b66\u7684\u30ea\u30b9\u30af\u7ba1\u7406\u306e\u76f2\u70b9<\/strong><\/p>\n\n\n\n<p>\u30bd\u30ed\u30b9\u6c0f\u306f\u305d\u306e\u7406\u7531\u306b\u3064\u3044\u3066\u6b21\u306e\u3088\u3046\u306b\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\">\n<p>\u4f55\u6545\u306a\u3089\u305d\u3046\u3044\u3046\u624b\u6cd5\u3092\u4fe1\u3058\u3066\u3044\u306a\u3044\u304b\u3089\u3060\u3002\u30ea\u30b9\u30af\u8a08\u7b97\u306e\u305f\u3081\u306e\u79d1\u5b66\u7684\u306a\u65b9\u6cd5\u306f\u4e00\u822c\u7684\u306b\u52b9\u7387\u7684\u5e02\u5834\u4eee\u8aac\u306e\u4eee\u5b9a\u306e\u4e0a\u306b\u7bc9\u304b\u308c\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u52b9\u7387\u7684\u5e02\u5834\u4eee\u8aac\u306f\u4eba\u306e\u7406\u89e3\u306e\u4e0d\u5b8c\u5168\u3055\u3068\u518d\u5e30\u6027\u306b\u57fa\u3065\u304f\u308f\u305f\u3057\u306e\u7406\u8ad6\u3068\u77db\u76fe\u3057\u3066\u3044\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u30bd\u30ed\u30b9\u6c0f\u306e\u6295\u8cc7\u7406\u8ad6\u306f\u300c\u5e02\u5834\u306f\u5e38\u306b\u9593\u9055\u3063\u3066\u3044\u308b\u300d\u3068\u3044\u3046\u4fe1\u5ff5\u306b\u57fa\u3065\u3044\u3066\u3044\u308b\u3002\u305d\u3057\u3066\u6295\u8cc7\u5bb6\u306e\u9593\u9055\u3063\u305f\u898b\u89e3\u304c\u5e02\u5834\u3067\u306e\u58f2\u8cb7\u3068\u3044\u3046\u5f62\u3067\u73fe\u5b9f\u306b\u53cd\u6620\u3055\u308c\u3001\u305d\u306e\u73fe\u5b9f\u306b\u5bfe\u3057\u3066\u5225\u306e\u53c2\u52a0\u8005\u304c\u9593\u9055\u3063\u305f\u898b\u89e3\u3092\u305d\u3053\u306b\u91cd\u306d\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u304c\u30bd\u30ed\u30b9\u6c0f\u306e\u518d\u5e30\u6027\u7406\u8ad6\u3067\u3042\u308b\u3002\u9593\u9055\u3063\u305f\u898b\u89e3\u306f\u4e92\u3044\u306b\u5f37\u5316\u3057\u5408\u3044\u306a\u304c\u3089\u30d0\u30d6\u30eb\u3092\u4f5c\u3063\u3066\u3086\u304f\u304c\u3001\u3084\u304c\u3066\u81e8\u754c\u70b9\u304c\u6765\u3066\u3059\u3079\u3066\u304c\u5d29\u58ca\u3059\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u6570\u5b66\u7684\u306a\u91d1\u878d\u8ad6\u3067\u306f\u305d\u3046\u3044\u3046\u8b70\u8ad6\u306f\u7121\u8996\u3055\u308c\u308b\u3002\u4f8b\u3048\u3070\u3042\u308b\u30dd\u30b8\u30b7\u30e7\u30f3\u306e\u30ea\u30b9\u30af\u306f\u3069\u3046\u8a08\u7b97\u3059\u308b\u304b\uff1f\u3000\u4f8b\u3048\u3070\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u8a08\u7b97\u3059\u308b\u3002\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3068\u306f\u3042\u308b\u8cc7\u7523\u4fa1\u683c\u306e\u4e0a\u4e0b\u52d5\u306e\u6fc0\u3057\u3055\u3092\u793a\u3059\u6570\u5b57\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306b\u306f2\u7a2e\u985e\u3042\u308b\u3002\u305d\u306e\u8cc7\u7523\u4fa1\u683c\u304c\u904e\u53bb\u306b\u3069\u306e\u3088\u3046\u306a\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3067\u63a8\u79fb\u3057\u305f\u304b\u3068\u3044\u3046\u30d2\u30b9\u30c8\u30ea\u30ab\u30eb\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3068\u3001\u5e02\u5834\u304c\u4e88\u60f3\u3059\u308b\u5c06\u6765\u306e\u4e0a\u4e0b\u5e45\u3067\u3042\u308b\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u3069\u3061\u3089\u3067\u8a08\u7b97\u3057\u3066\u3082\u300c\u5b9f\u969b\u306e\u5c06\u6765\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u300d\u3068\u306f\u9055\u3046\u3082\u306e\u306b\u306a\u308b\u3002\u5c06\u6765\u306e\u8cc7\u7523\u4fa1\u683c\u306e\u632f\u308c\u5e45\u306f\u904e\u53bb\u306e\u632f\u308c\u5e45\u304b\u3089\u306f\u4e88\u60f3\u3067\u304d\u306a\u3044\u3057\u3001\u5e02\u5834\u4e88\u60f3\u3082\u5916\u308c\u308b\u53ef\u80fd\u6027\u304c\u5927\u3044\u306b\u3042\u308b\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>1%\u306e\u30ea\u30b9\u30af\u30b7\u30ca\u30ea\u30aa<\/strong><\/p>\n\n\n\n<p>\u3053\u306e\u8b70\u8ad6\u3092\u53d6\u308a\u9055\u3048\u30661999\u5e74\u306b\u4e16\u754c\u3092\u91d1\u878d\u5371\u6a5f\u306b\u5dfb\u304d\u8fbc\u307f\u305d\u3046\u306b\u306a\u3063\u305f\u5de8\u5927\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u304c\u3042\u308b\u3002LTCM\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>LTCM\u306f\u3001\u307e\u3055\u306b\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u5e02\u5834\u306e\u4eba\u9593\u304c\u6bce\u65e5\u4f7f\u3063\u3066\u3044\u308b\u30d6\u30e9\u30c3\u30af\u30b7\u30e7\u30fc\u30eb\u30ba\u65b9\u7a0b\u5f0f\u3092\u767a\u660e\u3057\u305f1\u4eba\u3067\u3042\u308b\u30ce\u30fc\u30d9\u30eb\u7d4c\u6e08\u5b66\u8cde\u53d7\u8cde\u8005\u306e\u30de\u30a4\u30ed\u30f3\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u6c0f\u3092\u4e3b\u8981\u30e1\u30f3\u30d0\u30fc\u306b\u8fce\u3048\u305f\u91d1\u878d\u5de5\u5b66\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3060\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u3053\u306eLTCM\u306f\u81ea\u3089\u304c\u30c6\u30f3\u30fb\u30b7\u30b0\u30de\uff08\u7d71\u8a08\u7684\u306b\u307b\u3068\u3093\u3069\u8d77\u3053\u308b\u3053\u3068\u304c\u6709\u308a\u5f97\u306a\u3044\uff09\u3068\u60f3\u5b9a\u3057\u305f1998\u5e74\u306e\u30a2\u30b8\u30a2\u901a\u8ca8\u5371\u6a5f\u3068\u30ed\u30b7\u30a2\u8ca1\u653f\u5371\u6a5f\u306e\u62b1\u304d\u5408\u308f\u305b\u306b\u3088\u3063\u3066\u7834\u7dbb\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u306f\u5b9f\u969b\u306b\u30c6\u30f3\u30fb\u30b7\u30b0\u30de\uff08\u5730\u7403\u304c\u6ec5\u4ea1\u3059\u308b\u307e\u3067\u306b1\u56de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class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u79d1\u5b66\u7684\u3067\u5b9a\u91cf\u7684\u306a\u30ea\u30b9\u30af\u8a08\u7b97\u306f99%\u306e\u5834\u5408\u306f\u6b63\u3057\u304f\u6a5f\u80fd\u3059\u308b\u3002\u3060\u304c1%\u306e\u5834\u5408\u3067\u305d\u308c\u306f\u8aa4\u308b\u3002<\/p>\n\n\n\n<p>\u308f\u305f\u3057\u306f\u305d\u306e1%\u306e\u65b9\u306b\u8208\u5473\u304c\u3042\u308b\u306e\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u305d\u306e1%\u3068\u306f\u3001\u30bd\u30ed\u30b9\u6c0f\u306e\u8a00\u8449\u3067\u8a00\u3048\u3070\u5e02\u5834\u306e\u9593\u9055\u3063\u305f\u60f3\u5b9a\u304c\u81e8\u754c\u70b9\u306b\u9054\u3057\u3001\u5e02\u5834\u304c\u9006\u65b9\u5411\u306b\u52d5\u304d\u59cb\u3081\u308b\u6642\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u91d1\u878d\u5de5\u5b66\u306b\u300c\u8a8d\u77e5\u306e\u6b6a\u307f\u306e\u5dfb\u304d\u623b\u3057\u300d\u306a\u3069\u3068\u3044\u3046\u6982\u5ff5\u306f\u306a\u3044\u3002\u91d1\u878d\u5de5\u5b66\u306f\u5e02\u5834\u306f\u540c\u3058\u3088\u3046\u306b\u904e\u53bb\u304b\u3089\u672a\u6765\u3078\u7e4b\u304c\u3063\u3066\u3086\u304f\u3068\u60f3\u5b9a\u3059\u308b\u3002<\/p>\n\n\n\n<p>\u30bd\u30ed\u30b9\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u4e3b\u5f35\u3059\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow 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class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/48671\" data-type=\"post\" data-id=\"48671\">\u30eb\u30cd\u30c3\u30b5\u30f3\u30b9\u30fb\u30c6\u30af\u30ce\u30ed\u30b8\u30fc\u306e\u30b8\u30a7\u30fc\u30e0\u30ba\u30fb\u30b5\u30a4\u30e2\u30f3\u30ba\u6c0f\u8ffd\u60bc\u8a18\u4e8b<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/28719\" data-type=\"post\" data-id=\"28719\">\u30b8\u30e7\u30f3\u30fb\u30dd\u30fc\u30eb\u30bd\u30f3\u6c0f\u3001\u30b5\u30d6\u30d7\u30e9\u30a4\u30e0\u30ed\u30fc\u30f3\u306e\u7a7a\u58f2\u308a\u3067\u5927\u5132\u3051\u3057\u305f\u6642\u306e\u3053\u3068\u3092\u8a9e\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u3053\u308c\u306fAI\u306b\u682a\u4fa1\u4e88\u60f3\u304c\u3067\u304d\u306a\u3044\u7406\u7531\u3067\u3082\u3042\u308b\u3002\u4eba\u9593\u306e\u8133\u306f\u307e\u3060\u307e\u3060\u7528\u9014\u304c\u3042\u308b\u3088\u3046\u3060\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/47027\" data-type=\"post\" data-id=\"47027\">\u30b0\u30ea\u30d5\u30a3\u30f3\u6c0f: \u4eba\u5de5\u77e5\u80fd\u306b\u682a\u4fa1\u306e\u4e88\u6e2c\u306f\u3067\u304d\u306a\u3044<\/a><\/li>\n<\/ul>\n\n\n\n<a href=\"https:\/\/amzn.to\/4buXedL\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/m.media-amazon.com\/images\/I\/71xmWlpnvvL._SL160_.jpg\"><\/a><br><a href=\"https:\/\/amzn.to\/4buXedL\" target=\"_blank\" rel=\"noreferrer 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