{"id":5482,"date":"2017-02-09T14:55:45","date_gmt":"2017-02-09T05:55:45","guid":{"rendered":"http:\/\/www.globalmacroresearch.org\/jp\/?p=5482"},"modified":"2017-02-09T14:55:45","modified_gmt":"2017-02-09T05:55:45","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%e3%80%81%e9%87%91%e4%be%a1%e6%a0%bc%e4%b8%8b%e8%90%bd%e3%81%a7%e3%82%b4%e3%83%bc%e3%83%ab%e3%83%89%e3%81%ab%e5%86%8d","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/5482","title":{"rendered":"\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u3001\u91d1\u4fa1\u683c\u4e0b\u843d\u3067\u30b4\u30fc\u30eb\u30c9\u306b\u518d\u6295\u8cc7\u3001\u30c8\u30e9\u30f3\u30d7\u76f8\u5834\u5f8c\u9000\u3067"},"content":{"rendered":"<p>2016\u5e74\u306e\u30a2\u30e1\u30ea\u30ab\u5927\u7d71\u9818\u9078\u6319\u4ee5\u6765\u3001\u69d8\u3005\u306a\u30d5\u30a1\u30f3\u30c9\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u306e\u76f8\u5834\u89b3\u3092\u4f1d\u3048\u3066\u3044\u308b\u304c\u3001\u91d1\u5229\u4e0a\u6607\u3068\u682a\u9ad8\u306e\u30c8\u30ec\u30f3\u30c9\u3092\u4e00\u756a\u65e9\u304f\u3001\u3057\u304b\u3082\u4e00\u756a\u6b63\u78ba\u306b\u8a00\u3044\u5f53\u3066\u305f\u306e\u306f\u3001\u304b\u3064\u3066\u30b8\u30e7\u30fc\u30b8\u30fb\u30bd\u30ed\u30b9\u6c0f\u306e\u30af\u30a9\u30f3\u30bf\u30e0\u30d5\u30a1\u30f3\u30c9\u3092\u6307\u63ee\u3057\u305f\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u3060\u3063\u305f\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/4679\">\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u304c\u91d1\u58f2\u5374\u3001\u4e16\u754c\u7d4c\u6e08\u306b\u300c\u975e\u5e38\u306b\u3001\u975e\u5e38\u306b\u5f37\u6c17\u300d<\/a><\/li>\n<\/ul>\n<p>\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u306f\u305d\u308c\u307e\u3067\u4e16\u754c\u7d4c\u6e08\u306e\u505c\u6ede\u3092\u4e88\u60f3\u3057\u3066\u30b4\u30fc\u30eb\u30c9\u3092\u8cb7\u3063\u3066\u3044\u305f\u304c\u3001\u30c8\u30e9\u30f3\u30d7\u6c0f\u304c\u5927\u7d71\u9818\u9078\u3067\u52dd\u5229\u3059\u308b\u3068\u7d4c\u6e08\u6210\u9577\u3078\u306e\u671f\u5f85\u304c\u9ad8\u307e\u308a\u3001\u91d1\u5229\u304c\u4e0a\u6607\u3059\u308b\u3053\u3068\u3067\u3001\u91d1\u5229\u306e\u4ed8\u304b\u306a\u3044\u91d1\u306e\u9700\u8981\u304c\u5f31\u307e\u308b\u3068\u8e0f\u3093\u3067\u624b\u6301\u3061\u306e\u91d1\u3092\u58f2\u308a\u6255\u3063\u305f\u3002\u91d1\u4fa1\u683c\u306f\u305d\u306e\u5f8c\u5927\u5e45\u306b\u4e0b\u843d\u3057\u3066\u3044\u308b\u3002<\/p>\n<p><!--more--><strong>\u30c8\u30e9\u30f3\u30d7\u76f8\u5834\u306b\u304a\u3051\u308b\u91d1\u4fa1\u683c<\/strong><\/p>\n<p>\u3057\u304b\u3057Bloomberg\uff08<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2017-02-08\/druckenmiller-bought-gold-in-december-reversing-november-stance\" target=\"_blank\">\u539f\u6587\u82f1\u8a9e<\/a>\uff09\u306b\u3088\u308c\u3070\u3001\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u306f\u4e0b\u843d\u3057\u305f\u30b4\u30fc\u30eb\u30c9\u306b\u518d\u3073\u6295\u8cc7\u3057\u305f\u3068\u3044\u3046\u3002\u4ee5\u4e0b\u306f\u91d1\u4fa1\u683c\u306e\u30c1\u30e3\u30fc\u30c8\u3060\u304c\u300111\u6708\u4ee5\u6765\u4e00\u5ea6\u6025\u843d\u3057\u305f\u3082\u306e\u306e\u6628\u5e74\u672b\u304b\u3089\u6301\u3061\u76f4\u3057\u3066\u3044\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/02\/2017-2-9-gold-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5484\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/02\/2017-2-9-gold-chart.png\" alt=\"\" width=\"600\" height=\"402\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/02\/2017-2-9-gold-chart.png 600w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/02\/2017-2-9-gold-chart-300x201.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p>\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u306f12\u6708\u30681\u6708\u306b\u91d1\u3092\u8cfc\u5165\u3057\u305f\u3068\u306e\u3053\u3068\u3067\u3042\u308b\u3002\u5f7c\u306f\u305d\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u306b\u3064\u3044\u3066\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u8aac\u660e\u3057\u3066\u3044\u308b\u3002<\/p>\n<blockquote><p>\u4f55\u304b\u901a\u8ca8\u3092\u3044\u304f\u3089\u304b\u4fdd\u6709\u3057\u3088\u3046\u3068\u601d\u3063\u305f\u306e\u3060\u304c\u3001\u3069\u306e\u56fd\u3082\u81ea\u56fd\u306e\u901a\u8ca8\u306b\u4e0a\u6607\u3057\u3066\u307b\u3057\u3044\u3068\u306f\u601d\u3063\u3066\u3044\u306a\u3044\u3002\u305d\u3053\u3067\u3001\u91d1\u4fa1\u683c\u304c\u304b\u306a\u308a\u4e0b\u843d\u3057\u3066\u3044\u308b\u3053\u3068\u306b\u6c17\u304c\u4ed8\u3044\u305f\u3002\u3060\u304b\u3089\u91d1\u3092\u8cb7\u3063\u305f\u3002<\/p><\/blockquote>\n<p>\u3042\u307e\u308a\u7a4d\u6975\u7684\u306a\u8cb7\u3044\u3067\u306f\u306a\u3044\u304c\u3001\u5c11\u306a\u304f\u3068\u3082\u3069\u306e\u901a\u8ca8\u3088\u308a\u3082\u9b45\u529b\u7684\u3060\u3068\u5224\u65ad\u3057\u305f\u306e\u306f\u4e8b\u5b9f\u3060\u308d\u3046\u3002<\/p>\n<p>\u6295\u8cc7\u5bb6\u306f\u682a\u306b\u6295\u8cc7\u3059\u308b\u306b\u305b\u3088\u3001\u50b5\u5238\u306b\u6295\u8cc7\u3059\u308b\u306b\u305b\u3088\u3001\u81ea\u5206\u306e\u8cc7\u7523\u3092\u3069\u306e\u901a\u8ca8\u3067\u4fdd\u6709\u3059\u308b\u306e\u304b\u3092\u6c7a\u5b9a\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3002\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u306e\u5e2b\u3067\u3042\u308b\u30b8\u30e7\u30fc\u30b8\u30fb\u30bd\u30ed\u30b9\u6c0f\u306f\u3001\u3053\u306e\u3053\u3068\u306b\u3064\u3044\u3066\u81ea\u8457\u300e<a href=\"http:\/\/amzn.to\/2koYtmj\" target=\"_blank\">\u30bd\u30ed\u30b9\u306e\u932c\u91d1\u8853<\/a>\u300f\u3067\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u8a9e\u3063\u3066\u3044\u308b\u3002<\/p>\n<blockquote><p>\u6295\u8cc7\u5bb6\u306f\u81ea\u5df1\u8cc7\u91d1\u3092\u5fc5\u305a\u3069\u3053\u304b\u306e\u901a\u8ca8\u3067\u4fdd\u6709\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3002\uff08\u4e2d\u7565\uff09\u5fc5\u7136\u7684\u306b\u3001\u78ba\u56fa\u305f\u308b\u30de\u30af\u30ed\u7d4c\u6e08\u7684\u306a\u6295\u8cc7\u30b3\u30f3\u30bb\u30d7\u30c8\u304c\u306a\u304f\u3066\u3082\u3001\u901a\u8ca8\u306b\u3064\u3044\u3066\u6c7a\u5b9a\u3092\u4e0b\u3055\u3056\u308b\u3092\u3048\u306a\u304f\u306a\u308a\u3001\u5927\u3084\u3051\u3069\u3092\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3002<\/p><\/blockquote>\n<p>\u500b\u4eba\u6295\u8cc7\u5bb6\u306e\u591a\u304f\u306f\u3001\u81ea\u56fd\u901a\u8ca8\u3092\u7121\u30ea\u30b9\u30af\u3060\u3068\u898b\u505a\u3057\u3066\u3044\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u3002\u3057\u304b\u3057\u5b9f\u969b\u306b\u306f\u305d\u3046\u3067\u306f\u306a\u3044\u3002\u30bd\u30ed\u30b9\u6c0f\u306f\u305d\u3046\u3057\u305f\u59ff\u52e2\u3092\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u76ae\u8089\u3063\u3066\u3044\u308b\u3002<\/p>\n<blockquote><p>\u81ea\u5206\u304c\u91cd\u5927\u306a\u9078\u629e\u306b\u76f4\u9762\u3057\u3066\u3044\u308b\u3053\u3068\u3092\u77e5\u3089\u306a\u3044\u7121\u77e5\u306a\u540c\u50da\u306e\u30d5\u30a1\u30f3\u30c9\u30fb\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u3092\u3001\u3046\u3089\u3084\u307e\u3057\u304f\u601d\u3046\u3053\u3068\u304c\u3042\u308b\u3002\u3061\u306a\u307f\u306b\u30011981-1985\u5e74\u306b\u304b\u3051\u3066\u30c9\u30eb\u304c\u6025\u9a30\u3057\u3064\u3065\u3051\u305f\u3068\u304d\u3001\u79c1\u306f\u5927\u640d\u5bb3\u3092\u53d7\u3051\u305f\u304c\u3001\u5f7c\u3089\u306f\u640d\u5bb3\u3092\u514d\u308c\u305f\u306e\u3067\u3042\u308b\u3002<\/p><\/blockquote>\n<p>\u4e00\u65b9\u3067\u3001\u901a\u8ca8\u306e\u4ee3\u308f\u308a\u306b\u91d1\u3084\u539f\u6cb9\u306e\u3088\u3046\u306a\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u3092\u8cb7\u3046\u3068\u3044\u3046\u9078\u629e\u80a2\u306f\u3042\u308b\u3002\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u306f\u3001\u3069\u306e\u56fd\u3082\u91d1\u878d\u7de9\u548c\u306b\u8d70\u3063\u3066\u3044\u308b\u73fe\u72b6\u3067\u306f\u3001\u3042\u308b\u7a0b\u5ea6\u4e0b\u843d\u3057\u305f\u30b4\u30fc\u30eb\u30c9\u306f\u73fe\u91d1\u3088\u308a\u3082\u307e\u3057\u3060\u3068\u3044\u3046\u7d50\u8ad6\u306b\u9054\u3057\u305f\u306e\u3060\u308d\u3046\u3002\u30c9\u30eb\u3092\u8a55\u4fa1\u3057\u3066\u3044\u306a\u3044\u3068\u3044\u3046\u70b9\u306f\u3001\u8208\u5473\u6df1\u3044\u3068\u3053\u308d\u3067\u306f\u3042\u308b\u3002\u4e00\u65b9\u3067\u3001\u30bd\u30ed\u30b9\u6c0f\u3068\u3068\u3082\u306b\u30af\u30a9\u30f3\u30bf\u30e0\u30d5\u30a1\u30f3\u30c9\u3092\u7acb\u3061\u4e0a\u3052\u305f\u30b8\u30e0\u30fb\u30ed\u30b8\u30e3\u30fc\u30ba\u6c0f\u306f\u30ed\u30b7\u30a2\u30eb\u30fc\u30d6\u30eb\u3092\u8a55\u4fa1\u3057\u3066\u3044\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/5434\">\u30b8\u30e0\u30fb\u30ed\u30b8\u30e3\u30fc\u30ba\u6c0f: \u30ed\u30b7\u30a2\u5e02\u5834\u304f\u3089\u3044\u3057\u304b\u8cb7\u3048\u308b\u3082\u306e\u304c\u306a\u3044<\/a><\/li>\n<\/ul>\n<p><strong>2017\u5e74\u306e\u91d1\u4fa1\u683c\u898b\u901a\u3057<\/strong><\/p>\n<p>\u3055\u3066\u3001\u3067\u306f\u91d1\u4fa1\u683c\u304c\u4f55\u51e6\u307e\u3067\u4e0b\u843d\u3059\u308c\u3070\u5b89\u304f\u3001\u4f55\u51e6\u307e\u3067\u4e0a\u6607\u3059\u308c\u3070\u9ad8\u3044\u306e\u304b\u3060\u304c\u3001\u305d\u308c\u3092\u5206\u6790\u3059\u308b\u305f\u3081\u306b\u306f\u5e02\u5834\u306e\u8a55\u4fa1\u3059\u308b\u5b9f\u8cea\u91d1\u5229\u3092\u898b\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002<\/p>\n<p>\u4ee5\u4e0b\u306f\u91d1\u4fa1\u683c\u3068\u5b9f\u8cea\u9577\u671f\u91d1\u5229\u3092\u4e26\u3079\u305f\u30c1\u30e3\u30fc\u30c8\u3067\u3042\u308b\u3002\u91d1\u5229\u304c\u4e0a\u6607\u3059\u308c\u3070\u91d1\u5229\u306e\u4ed8\u304b\u306a\u3044\u30b4\u30fc\u30eb\u30c9\u306e\u9b45\u529b\u306f\u76f8\u5bfe\u7684\u306b\u4e0b\u843d\u3057\u3001\u91d1\u5229\u304c\u4e0b\u843d\u3059\u308c\u3070\u4e0a\u6607\u3059\u308b\u305f\u3081\u3001\u91d1\u4fa1\u683c\u3068\u5b9f\u8cea\u91d1\u5229\u306f\u53cd\u76f8\u95a2\u306e\u95a2\u4fc2\u306b\u3042\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/02\/2017-2-9-gold-and-us-real-long-term-interest-rates-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5485\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/02\/2017-2-9-gold-and-us-real-long-term-interest-rates-chart.png\" alt=\"\" width=\"538\" height=\"435\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/02\/2017-2-9-gold-and-us-real-long-term-interest-rates-chart.png 538w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/02\/2017-2-9-gold-and-us-real-long-term-interest-rates-chart-300x243.png 300w\" sizes=\"auto, (max-width: 538px) 100vw, 538px\" \/><\/a><\/p>\n<p>\u3053\u306e\u56f3\u306b\u3088\u308c\u3070\u3001\u91d1\u4fa1\u683c\u3068\u5b9f\u8cea\u91d1\u5229\u306e\u95a2\u4fc2\u306f\u304a\u304a\u3088\u305d\u4ee5\u4e0b\u306e\u901a\u308a\u3068\u306a\u308b\u3002<\/p>\n<ul>\n<li>$1,400 = -0.2%<\/li>\n<li>$1,300 = 0.1%<\/li>\n<li>$1,200 = 0.4%<\/li>\n<li>$1,100 = 0.7%<\/li>\n<li>$1,000 = 1.0%<\/li>\n<\/ul>\n<p>\u5b9f\u8cea\u91d1\u5229\u306f\u7406\u8ad6\u7684\u304b\u3064\u9577\u671f\u7684\u306b\u306f\u5b9f\u8ceaGDP\u6210\u9577\u7387\u306b\u8fd1\u4f3c\u3059\u308b\u3053\u3068\u306b\u306a\u3063\u3066\u3044\u308b\u3002\u73fe\u72b6\u3067\u306f\u30c8\u30e9\u30f3\u30d7\u76f8\u5834\u3092\u7e54\u308a\u8fbc\u3093\u3060\u4eca\u5f8c10\u5e74\u306e\u5b9f\u8ceaGDP\u6210\u9577\u7387\u306f\u304a\u3088\u305d\u5e74\u73870.4%-0.5%\u3060\u3068\u63a8\u5b9a\u3055\u308c\u3066\u3044\u308b\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n<p><strong>\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u4e0b\u306e\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u898b\u901a\u3057<\/strong><\/p>\n<p>\u3053\u306e\u6570\u5b57\u306f\u5b9f\u306f\u307e\u3060\u304b\u306a\u308a\u4f4e\u3044\uff08\u3064\u307e\u308a\u91d1\u4fa1\u683c\u304c\u9ad8\u3044\uff09\u3002\u6700\u8fd1\u767a\u8868\u3055\u308c\u305f\u6700\u65b0\u306e\u7c73\u56fd\u5b9f\u8ceaGDP\u6210\u9577\u7387\u306f1.90%\u3068\u306a\u3063\u3066\u304a\u308a\u3001\u7d71\u8a08\u7684\u306a\u5e95\u4e0a\u3052\u5206\u3092\u8003\u616e\u3057\u3066\u30821.5%\u5f31\u306e\u6210\u9577\u306f\u4fdd\u3063\u3066\u3044\u308b\u3068\u8a00\u3048\u308b\u3053\u3068\u306f\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3067\u8aac\u660e\u3057\u305f\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/5458\">2016\u5e74\u7b2c4\u56db\u534a\u671f\u7c73\u56fdGDP\u5185\u8a33: \u7d4c\u6e08\u6210\u9577\u304c\u56de\u5fa9\u3001\u679c\u305f\u3057\u3066\u30c8\u30e9\u30f3\u30d7\u52b9\u679c\u304b<\/a><\/li>\n<\/ul>\n<p>\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u5e02\u5834\u306e\u7e54\u308a\u8fbc\u3093\u3067\u3044\u308b\u7d4c\u6e08\u6210\u9577\u306f0.4-0.5%\u7a0b\u5ea6\u3067\u3042\u308a\u3001\u73fe\u5728\u306e\u6570\u5b57\u3068\u304b\u306a\u308a\u4e56\u96e2\u304c\u3042\u308b\u3002\u30b4\u30fc\u30eb\u30c9\u306b\u6295\u8cc7\u3057\u3066\u3044\u308b\u6295\u8cc7\u5bb6\u306f\u3001\u91d1\u4fa1\u683c\u304c\u7e54\u308a\u8fbc\u3093\u3067\u3044\u308b\u6570\u5b57\u304c\u3053\u3046\u3044\u3046\u3082\u306e\u3060\u3068\u3044\u3046\u3053\u3068\u3092\u7406\u89e3\u3057\u3066\u3044\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002<\/p>\n<p>\u3057\u304b\u3057\u3001\u5e02\u5834\u306e\u5b9f\u8cea\u9577\u671f\u91d1\u5229\u306f2008\u5e74\u306e\u91d1\u878d\u5371\u6a5f\u4ee5\u6765\u3001\u5b9f\u969b\u306e\u5b9f\u8cea\u7d4c\u6e08\u6210\u9577\u7387\u3088\u308a\u3082\u4f4e\u3044\u6570\u5b57\u306b\u4fdd\u305f\u308c\u7d9a\u3051\u3066\u3044\u308b\u3002\u4ee5\u4e0b\u306f\u4e8c\u3064\u3092\u4e26\u3079\u305f\u3082\u306e\u3067\u3042\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/02\/2017-2-9-us-real-gross-domestic-product-and-us-real-long-term-interest-rates-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5487\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/02\/2017-2-9-us-real-gross-domestic-product-and-us-real-long-term-interest-rates-chart.png\" alt=\"\" width=\"521\" height=\"410\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/02\/2017-2-9-us-real-gross-domestic-product-and-us-real-long-term-interest-rates-chart.png 521w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/02\/2017-2-9-us-real-gross-domestic-product-and-us-real-long-term-interest-rates-chart-300x236.png 300w\" sizes=\"auto, (max-width: 521px) 100vw, 521px\" \/><\/a><\/p>\n<p>\u3053\u306e\u7406\u7531\u306f\u3001\u7b2c\u4e00\u306b\u306f\u91cf\u7684\u7de9\u548c\u306b\u3088\u3063\u3066\u91d1\u5229\u304c\u4eba\u70ba\u7684\u306b\u4f4e\u304f\u4fdd\u305f\u308c\u305f\u3068\u3044\u3046\u3053\u3068\u3001\u305d\u3057\u3066\u7b2c\u4e8c\u306b\u306f\u5148\u9032\u56fd\u7d4c\u6e08\u306f\u4eca\u5f8c\u307e\u3059\u307e\u3059\u4f4e\u6210\u9577\u306b\u306a\u3063\u3066\u3086\u304f\u3068\u3044\u3046\u9577\u671f\u505c\u6ede\u8ad6\u304c\u5e02\u5834\u3067\u652f\u914d\u7684\u3067\u3042\u3063\u305f\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/2489\">\u5143\u7c73\u56fd\u8ca1\u52d9\u9577\u5b98\u30e9\u30ea\u30fc\u30fb\u30b5\u30de\u30fc\u30ba\u6c0f\u304c\u9577\u671f\u505c\u6ede\u8ad6\u3068\u306f\u4f55\u304b\u3092\u8a9e\u308b<\/a><\/li>\n<\/ul>\n<p>\u7b2c\u4e00\u306e\u7406\u7531\u3067\u3042\u308b\u91cf\u7684\u7de9\u548c\u306f\u3068\u3046\u306b\u7d42\u4e86\u3057\u305f\u3002\u305d\u3057\u3066\u7b2c\u4e8c\u306e\u7406\u7531\u3067\u3042\u308b\u9577\u671f\u505c\u6ede\u306b\u5bfe\u3057\u3066\u3001\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u306e\u7d4c\u6e08\u653f\u7b56\u304c\u3069\u308c\u3060\u3051\u306e\u3053\u3068\u3092\u51fa\u6765\u308b\u306e\u304b\u304c\u30d5\u30a1\u30f3\u30c9\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u3089\u306e\u9593\u3067\u8ad6\u70b9\u3068\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n<p>\u3082\u3057\u30c8\u30e9\u30f3\u30d7\u6c0f\u304c2%\u7a0b\u5ea6\u306e\u7d4c\u6e08\u6210\u9577\u3092\u7d99\u7d9a\u7684\u306b\u5b9f\u73fe\u3057\u3066\u3086\u3051\u308b\u306e\u3067\u3042\u308c\u3070\u3001\u91d1\u4fa1\u683c\u306f$1,000\u30c9\u30eb\u306e\u57a3\u6839\u306a\u3069\u98db\u3073\u8d8a\u3048\u3066\u66b4\u843d\u3057\u3066\u3086\u304f\u3053\u3068\u306b\u306a\u308b\u3002\u3057\u304b\u3057\u5e02\u5834\u306f\u305d\u306e\u78ba\u7387\u306f\u4f4e\u3044\u3068\u5224\u65ad\u3057\u3066\u304a\u308a\u3001\u308f\u305f\u3057\u3082\u305d\u308c\u306b\u540c\u610f\u3059\u308b\u3002\u3057\u304b\u3057\u4e00\u65b9\u3067\u3001\u5e02\u5834\u306e0.4-0.5%\u3068\u3044\u3046\u5224\u65ad\u306f\u59a5\u5f53\u306a\u306e\u3060\u308d\u3046\u304b\uff1f\u3000\u305d\u3053\u304c\u554f\u984c\u3068\u306a\u3063\u3066\u304f\u308b\u308f\u3051\u3067\u3042\u308b\u3002<\/p>\n<p>\u307e\u305f\u3001\u305d\u3046\u3057\u305f\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u306e\u8981\u7d20\u306b\u52a0\u3048\u3066\u3001\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u304c\u5b9f\u969b\u306e\u3068\u3053\u308d\u9ad8\u91d1\u5229\u3092\u8a31\u5bb9\u3057\u3066\u3086\u3051\u308b\u306e\u304b\u3001\u305d\u308c\u3068\u3082\u672c\u97f3\u3067\u306f\u4f4e\u91d1\u5229\u3092\u671b\u3093\u3067\u3044\u308b\u306e\u304b\u3068\u3044\u3046\u653f\u6cbb\u7684\u306a\u554f\u984c\u304c\u52a0\u308f\u3063\u3066\u304f\u308b\u3002<\/p>\n<p>Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306e\u30a4\u30a8\u30ec\u30f3\u8b70\u9577\u306f2018\u5e741\u6708\u3067\u4efb\u671f\u7d42\u4e86\u3068\u306a\u308a\u3001\u305d\u306e\u5f8c\u4efb\u306f\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u304c\u4efb\u547d\u3059\u308b\u3053\u3068\u306b\u306a\u308b\u3002\u65b0\u305f\u306a\u8b70\u9577\u304c\u3069\u3046\u3044\u3046\u91d1\u878d\u653f\u7b56\u3092\u671b\u3093\u3067\u3086\u304f\u306e\u304b\u3001\u9045\u304f\u3068\u30822017\u5e74\u306e\u5f8c\u534a\u306b\u306f\u5e02\u5834\u3067\u3082\u554f\u984c\u3068\u306a\u3063\u3066\u304f\u308b\u3060\u308d\u3046\u3002<\/p>\n<p><a href=\"https:\/\/www.amazon.co.jp\/%E6%96%B0%E7%89%88-%E3%82%BD%E3%83%AD%E3%82%B9%E3%81%AE%E9%8C%AC%E9%87%91%E8%A1%93-%E3%82%B8%E3%83%A7%E3%83%BC%E3%82%B8-%E3%82%BD%E3%83%AD%E3%82%B9\/dp\/4862801307\/ref=as_li_ss_il?ie=UTF8&amp;qid=1486616564&amp;sr=8-1&amp;keywords=%E3%82%BD%E3%83%AD%E3%82%B9%E3%81%AE%E9%8C%AC%E9%87%91%E8%A1%93&amp;linkCode=li2&amp;tag=globalmacrore-22&amp;linkId=691f767311e185d21c5d15a8c65071e4\" target=\"_blank\"><img decoding=\"async\" src=\"\/\/ws-fe.amazon-adsystem.com\/widgets\/q?_encoding=UTF8&amp;ASIN=4862801307&amp;Format=_SL160_&amp;ID=AsinImage&amp;MarketPlace=JP&amp;ServiceVersion=20070822&amp;WS=1&amp;tag=globalmacrore-22\" border=\"0\" \/><\/a><img loading=\"lazy\" decoding=\"async\" style=\"border: none !important; margin: 0px !important;\" src=\"https:\/\/ir-jp.amazon-adsystem.com\/e\/ir?t=globalmacrore-22&amp;l=li2&amp;o=9&amp;a=4862801307\" alt=\"\" width=\"1\" height=\"1\" border=\"0\" \/><br \/>\n<a href=\"http:\/\/amzn.to\/2koYtmj\" target=\"_blank\">\u30bd\u30ed\u30b9\u306e\u932c\u91d1\u8853<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>2016\u5e74\u306e\u30a2\u30e1\u30ea\u30ab\u5927\u7d71\u9818\u9078\u6319\u4ee5\u6765\u3001\u69d8\u3005\u306a\u30d5\u30a1\u30f3\u30c9\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u306e\u76f8\u5834\u89b3\u3092\u4f1d\u3048\u3066\u3044\u308b\u304c\u3001\u91d1\u5229\u4e0a\u6607\u3068\u682a\u9ad8\u306e\u30c8\u30ec\u30f3\u30c9\u3092\u4e00\u756a\u65e9\u304f\u3001\u3057\u304b\u3082\u4e00\u756a\u6b63\u78ba\u306b\u8a00\u3044\u5f53\u3066\u305f\u306e\u306f\u3001\u304b\u3064\u3066\u30b8\u30e7\u30fc\u30b8\u30fb\u30bd\u30ed\u30b9\u6c0f\u306e\u30af\u30a9\u30f3\u30bf\u30e0\u30d5\u30a1\u30f3\u30c9\u3092\u6307\u63ee\u3057\u305f\u30c9\u30e9\u30c3\u30b1\u30f3\u30df &hellip; <a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/5482\" class=\"more-link\">\u7d9a\u304d\u3092\u8aad\u3080 <span class=\"screen-reader-text\">\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u3001\u91d1\u4fa1\u683c\u4e0b\u843d\u3067\u30b4\u30fc\u30eb\u30c9\u306b\u518d\u6295\u8cc7\u3001\u30c8\u30e9\u30f3\u30d7\u76f8\u5834\u5f8c\u9000\u3067<\/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":[57,110],"tags":[130],"class_list":["post-5482","post","type-post","status-publish","format-standard","hentry","category-commodity-markets","category-gold","tag-stanley-druckenmiller"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/5482","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=5482"}],"version-history":[{"count":9,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/5482\/revisions"}],"predecessor-version":[{"id":5494,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/5482\/revisions\/5494"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=5482"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=5482"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=5482"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}