{"id":58361,"date":"2025-01-11T20:00:00","date_gmt":"2025-01-11T11:00:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=58361"},"modified":"2025-01-11T16:16:34","modified_gmt":"2025-01-11T07:16:34","slug":"%e3%83%95%e3%82%a9%e3%83%b3%e3%83%bb%e3%82%b0%e3%83%a9%e3%82%a4%e3%82%a2%e3%83%bc%e3%83%84%e6%b0%8f-%e6%9c%ac%e5%bd%93%e3%81%ae%e3%82%a4%e3%83%b3%e3%83%95%e3%83%ac%e3%81%af%e6%94%bf%e5%ba%9c%e7%b5%b1","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/58361","title":{"rendered":"\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f: \u672c\u5f53\u306e\u30a4\u30f3\u30d5\u30ec\u306f\u653f\u5e9c\u7d71\u8a08\u3088\u308a\u3082\u9177\u3044\u3001\u7d19\u5e63\u306e\u4fa1\u5024\u306f\u4e0b\u304c\u308a\u7d9a\u3051\u308b"},"content":{"rendered":"\n<p>Von Greyerz\u306e\u30a8\u30b4\u30f3\u30fb\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f\u304c\u81ea\u793e\u306e\u52d5\u753b\u914d\u4fe1\u3067\u5e74\u59cb\u304b\u3089\u98db\u3070\u3057\u3066\u3044\u308b\u3002\u30b3\u30ed\u30ca\u5f8c\u306e\u30a4\u30f3\u30d5\u30ec\u306f\u5341\u5206\u306b\u4eba\u3005\u306e\u751f\u6d3b\u3092\u5727\u8feb\u3057\u3066\u3044\u308b\u304c\u3001\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f\u306f\u653f\u5e9c\u304c\u767a\u8868\u3057\u3066\u3044\u308b\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u6570\u5b57\u306f\u305d\u3082\u305d\u3082\u6b63\u78ba\u3067\u306f\u306a\u304f\u3001\u5b9f\u969b\u306e\u72b6\u6cc1\u306f\u3082\u3063\u3068\u9177\u3044\u3068\u3044\u3046\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u653f\u5e9c\u50b5\u52d9\u3068\u30a4\u30f3\u30d5\u30ec<\/strong><\/p>\n\n\n\n<p>\u30b3\u30ed\u30ca\u5f8c\u306e\u30a4\u30f3\u30d5\u30ec\u306e\u539f\u56e0\u306f\u3001\u4e2d\u592e\u9280\u884c\u304c\u7d19\u5e63\u3092\u5370\u5237\u3057\u3001\u305d\u308c\u3092\u653f\u5e9c\u304c\u73fe\u91d1\u7d66\u4ed8\u3068\u3044\u3046\u5f62\u3067\u3070\u3089\u6492\u3044\u305f\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/50460\" data-type=\"post\" data-id=\"50460\">\u30c8\u30e9\u30f3\u30d7\u6c0f: \u73fe\u91d1\u7d66\u4ed8\u3067\u30a4\u30f3\u30d5\u30ec\u3092\u5f15\u304d\u8d77\u3053\u3057\u305f\u306e\u306f\u30d0\u30a4\u30c7\u30f3\u6c0f\u3060<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u653f\u5e9c\u304c\u501f\u91d1\u3092\u5897\u3084\u3057\u3001\u305d\u308c\u3092\u4e2d\u592e\u9280\u884c\u304c\u7d19\u5e63\u5370\u5237\u3067\u307e\u304b\u306a\u3063\u3066\u3044\u308b\u3068\u3044\u3046\u72b6\u6cc1\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\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\">\n<p>\u50b5\u52d9\u304c\u7206\u767a\u7684\u306b\u5897\u52a0\u3057\u3066\u3044\u308b\u3002\u8ca1\u653f\u8d64\u5b57\u306f\u3059\u3079\u3066\u306e\u56fd\u3067\u3069\u3093\u3069\u3093\u5897\u3048\u3066\u3086\u304f\u3060\u308d\u3046\u3002\u3060\u304b\u3089\u50b5\u52d9\u3082\u66f4\u306b\u5897\u3048\u308b\u3002\u305d\u3057\u3066\u305d\u308c\u304c\u30a4\u30f3\u30d5\u30ec\u306b\u7e4b\u304c\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u305d\u3057\u3066\u4eba\u3005\u306f\u300c\u3082\u306e\u306e\u5024\u6bb5\u304c\u4e0a\u304c\u3063\u3066\u3044\u308b\u300d\u3068\u3044\u3046\u3002\u3057\u304b\u3057\u305d\u308c\u306f\u9055\u3046\u3002\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u8a00\u3063\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>\u30a4\u30f3\u30d5\u30ec\u306f\u3082\u306e\u306e\u4fa1\u5024\u304c\u4e0a\u304c\u308b\u3053\u3068\u3067\u306f\u306a\u3044\u3002\u30a4\u30f3\u30d5\u30ec\u306f\u901a\u8ca8\u306e\u4fa1\u5024\u304c\u4e0b\u304c\u308b\u3053\u3068\u3060\u3002<\/p>\n\n\n\n<p>\u3053\u3053\u306b\u306f\u5927\u304d\u306a\u9055\u3044\u304c\u3042\u308b\u3002\u653f\u5e9c\u306f\u3044\u3064\u3082\u300c\u7269\u4fa1\u304c\u4e0a\u304c\u3063\u3066\u3044\u308b\u300d\u3068\u8a00\u3046\u304c\u3001\u5b9f\u969b\u306b\u306f\u5358\u306b\u3042\u306a\u305f\u304c\u6301\u3063\u3066\u3044\u308b\u30c9\u30eb\u306a\u308a\u30e6\u30fc\u30ed\u306a\u308a\u30dd\u30f3\u30c9\u306a\u308a\u306e\u4fa1\u5024\u304c\u4e0b\u304c\u3063\u3066\u3044\u308b\u3060\u3051\u3060\u3002\u305d\u3057\u3066\u305d\u306e\u539f\u56e0\u306f\u3001\u653f\u5e9c\u304c\u7d99\u7d9a\u7684\u306b\u3042\u306a\u305f\u306e\u304a\u91d1\u306e\u4fa1\u5024\u3092\u7834\u58ca\u3057\u3066\u3044\u308b\u3053\u3068\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u653f\u5e9c\u306b\u304a\u91d1\u304c\u306a\u304f\u3068\u3082\u3001\u4e2d\u592e\u9280\u884c\u306b\u7d19\u5e63\u5370\u5237\u3055\u305b\u308c\u3070\u3044\u304f\u3089\u3067\u3082\u652f\u51fa\u3092\u5897\u3084\u3057\u3001\u81ea\u5206\u306e\u7968\u7530\u3092\u6e80\u8db3\u3055\u305b\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3002<\/p>\n\n\n\n<p><strong>\u30a4\u30f3\u30d5\u30ec\u306e\u672c\u5f53\u306e\u59ff<\/strong><\/p>\n\n\n\n<p>\u3060\u304c\u653f\u5e9c\u652f\u51fa\u306e\u7d50\u679c\u306f\u30a4\u30f3\u30d5\u30ec\u3067\u3042\u308b\u3002\u73fe\u91d1\u7d66\u4ed8\u3092\u53d7\u3051\u53d6\u3063\u305f\u4eba\u306b\u3068\u3063\u3066\u3082\u5927\u640d\u3060\u308d\u3046\u3057\u3001\u65e5\u672c\u306e\u4f4f\u6c11\u7a0e\u975e\u8ab2\u7a0e\u4e16\u5e2f\u3078\u306e\u7d66\u4ed8\u91d1\u306e\u3088\u3046\u306b\u3001\u73fe\u91d1\u7d66\u4ed8\u3092\u53d7\u3051\u53d6\u3089\u305a\u306b\u30a4\u30f3\u30d5\u30ec\u304b\u5897\u7a0e\uff08\u3069\u3061\u3089\u304b\u3057\u304b\u9078\u3079\u306a\u3044\uff09\u3060\u3051\u53d7\u3051\u53d6\u308b\u4eba\u306b\u3068\u3063\u3066\u306f\u3082\u3046\u6700\u60aa\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p>\u307e\u305f\u5186\u5b89\u653f\u7b56\u306b\u81f3\u3063\u3066\u306f\u8ab0\u306e\u5f97\u306b\u306a\u3063\u305f\u306e\u304b\u7406\u89e3\u3057\u304c\u305f\u3044\u3002\u8f38\u51fa\u4f01\u696d\u3067\u3055\u3048\u3001\u53d7\u3051\u53d6\u308b\u30c9\u30eb\u306e\u91d1\u984d\u306f\u540c\u3058\u3067\u3042\u308a\u3001\u305d\u308c\u3092\u6e1b\u4fa1\u3055\u308c\u305f\u65e5\u672c\u5186\u306b\u63db\u7b97\u3057\u305f\u5834\u5408\u306b\u6570\u5b57\u304c\u5897\u3048\u305f\u3088\u3046\u306b\u898b\u3048\u308b\u3060\u3051\u3067\u3042\u308b\u3002\u6e1b\u4fa1\u3055\u308c\u305f\u901a\u8ca8\u3067\u91d1\u984d\u3092\u8a08\u7b97\u3057\u3066\u306f\u3044\u3051\u306a\u3044\u3068\u7b46\u8005\u306f\u4f55\u5ea6\u3082\u8a00\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u3053\u3046\u3044\u3046\u653f\u6cbb\u3092\u7d9a\u3051\u308c\u3070\u6700\u7d42\u7684\u306b\u3069\u3046\u306a\u308b\u304b\u306f\u3001\u30a2\u30eb\u30bc\u30f3\u30c1\u30f3\u306e\u30cf\u30d3\u30a8\u30eb\u30fb\u30df\u30ec\u30a4\u5927\u7d71\u9818\u304c\u8aac\u660e\u3057\u3066\u304f\u308c\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/57641\" data-type=\"post\" data-id=\"57641\">\u30df\u30ec\u30a4\u5927\u7d71\u9818\u3001\u30a4\u30f3\u30d5\u30ec\u653f\u7b56\u3092\u6c38\u9060\u306b\u7d9a\u3051\u308b\u3068\u3069\u3046\u306a\u308b\u304b\u3092\u8a9e\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u30a2\u30d9\u30ce\u30df\u30af\u30b9\u5f8c\u3001\u65e5\u672c\u5186\u306e\u70ba\u66ff\u30ec\u30fc\u30c8\u306f\u534a\u5206\u306b\u4e0b\u843d\u3057\u3066\u3044\u308b\u3002\u305d\u308c\u306f\u660e\u3089\u304b\u306b\u30a2\u30eb\u30bc\u30f3\u30c1\u30f3\u306e\u72b6\u6cc1\u3078\u306e\u7b2c\u4e00\u6b69\u306a\u306e\u3060\u304c\u3001\u591a\u304f\u306e\u65e5\u672c\u4eba\u306f\u6c17\u4ed8\u3044\u3066\u3044\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f\u306b\u3088\u308c\u3070\u3001\u4eca\u56fd\u6c11\u304c\u8a8d\u8b58\u3057\u3066\u3044\u308b\u30a4\u30f3\u30d5\u30ec\u3001\u3042\u308b\u3044\u306f\u653f\u5e9c\u304b\u3089\u30a4\u30f3\u30d5\u30ec\u306e\u72b6\u614b\u306f\u3053\u3046\u3060\u3068\u4f1d\u3048\u3089\u308c\u3066\u3044\u308b\u30a4\u30f3\u30d5\u30ec\u306f\u3001\u7d4c\u6e08\u306e\u672c\u5f53\u306e\u59ff\u3067\u306f\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\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\">\n<p>\u30a4\u30f3\u30d5\u30ec\u306f2%\u30843%\u30844%\u306a\u3069\u3067\u306f\u306a\u3044\u3002\u307b\u3068\u3093\u3069\u306e\u56fd\u306f\u73fe\u5728\u30a4\u30f3\u30d5\u30ec\u304c2%\u7a0b\u5ea6\u304b\u305d\u308c\u3088\u308a\u3084\u3084\u9ad8\u3044\u304f\u3089\u3044\u3060\u3068\u8a00\u3063\u3066\u3044\u308b\u304c\u3001\u7269\u4fa1\u4e0a\u6607\u304c2%\u306e\u308f\u3051\u304c\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u4f55\u51e6\u3078\u884c\u3063\u3066\u3082\u7269\u4fa1\u306f10%\u308220%\u3082\u4e0a\u304c\u3063\u3066\u3044\u308b\u3002\u653f\u5e9c\u7d71\u8a08\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u6570\u5b57\u306f\u99ac\u9e7f\u3052\u3066\u3044\u308b\u3002\u4eba\u3005\u306e\u6279\u5224\u304b\u3089\u653f\u5e9c\u3092\u5b88\u308b\u305f\u3081\u306b\u64cd\u4f5c\u3055\u308c\u305f\u6570\u5b57\u3060\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u8cb7\u3044\u7269\u3092\u3057\u305f\u308a\u4fdd\u967a\u306b\u5165\u3063\u305f\u308a\u65c5\u884c\u3057\u305f\u308a\u3059\u308c\u3070\u8ab0\u3067\u3082\u5206\u304b\u308b\u3002\u305d\u3093\u306a\u6570\u5b57\u306f\u5b9f\u5728\u3057\u306a\u3044\u3002\u7269\u4fa1\u306f\u3082\u3063\u3068\u4e0a\u304c\u3063\u3066\u3044\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u78ba\u304b\u306b\u3001\u4e00\u66429%\u307e\u3067\u4e0a\u304c\u3063\u305f\u30a2\u30e1\u30ea\u30ab\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u3055\u3066\u304a\u304d\u3001\u65e5\u672c\u306eCPI\uff08\u6d88\u8cbb\u8005\u7269\u4fa1\u6307\u6570\uff09\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u304c\u672c\u5f53\u306b\u6b63\u3057\u3044\u6570\u5b57\u306a\u306e\u304b\u3068\u3044\u3046\u3053\u3068\u306f\u7b46\u8005\u3082\u8003\u3048\u3066\u3044\u305f\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u8aad\u8005\u306f\u3069\u3046\u601d\u3046\u3060\u308d\u3046\u304b\uff1f\u3000\u7b46\u8005\u306e\u610f\u898b\u3067\u306f\u3001\u554f\u984c\u306e\u672c\u8cea\u306f\u6050\u3089\u304fCPI\u306e\u6570\u5b57\u304c\u6b63\u3057\u3044\u304b\u3069\u3046\u304b\u3067\u306f\u306a\u3044\u3002\u653f\u5e9c\u304c\u30a4\u30f3\u30d5\u30ec\u306b\u3088\u3063\u3066\u56fd\u6c11\u306e\u8cc7\u7523\u3092\u52dd\u624b\u306b\u6e1b\u3089\u3057\u3066\u3044\u308b\u304b\u3069\u3046\u304b\u3092\u8a08\u6e2c\u3059\u308b\u305f\u3081\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u6570\u5b57\u3092\u3001\u307e\u3055\u306b\u305d\u306e\u653f\u5e9c\u81ea\u8eab\u306b\u8a08\u6e2c\u3055\u305b\u3066\u3044\u308b\u3053\u3068\u81ea\u4f53\u306b\u5229\u76ca\u80cc\u53cd\u306e\u554f\u984c\u304c\u3042\u308b\u308f\u3051\u3067\u3042\u308b\u3002\u6ce5\u68d2\u306b\u76d7\u3093\u3060\u5185\u5bb9\u3092\u81ea\u5df1\u7533\u544a\u3055\u305b\u308b\u3088\u3046\u306a\u3082\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>\u3060\u304c\u7d19\u5e63\u306e\u4fa1\u5024\u4e0b\u843d\u3092\u3069\u306e\u3088\u3046\u306b\u6e2c\u308d\u3046\u3068\u3082\u3001\u901a\u8ca8\u306e\u4fa1\u5024\u304c\u653f\u6cbb\u5bb6\u306b\u3088\u3063\u3066\u9577\u671f\u7684\u306b\u5207\u308a\u4e0b\u3052\u3089\u308c\u3066\u3086\u304f\u3053\u3068\u306f\u6b74\u53f2\u7684\u4e8b\u5b9f\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>Bridgewater\u306e\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u306f\u3001\u30b3\u30ed\u30ca\u5f8c\u306e\u5404\u56fd\u306e\u73fe\u91d1\u7d66\u4ed8\u3092\u898b\u3066\u3001\u901a\u8ca8\u306e\u6b74\u53f2\u306b\u3064\u3044\u3066\u306e\u7814\u7a76\u3092\u300e<a href=\"https:\/\/amzn.to\/3IWcV1T\" target=\"_blank\" rel=\"noreferrer noopener\">\u4e16\u754c\u79e9\u5e8f\u306e\u5909\u5316\u306b\u5bfe\u51e6\u3059\u308b\u305f\u3081\u306e\u539f\u5247<\/a>\u300f\u306b\u63b2\u8f09\u3057\u3001\u5927\u82f1\u5e1d\u56fd\u306e\u30dd\u30f3\u30c9\u3084\u30aa\u30e9\u30f3\u30c0\u6d77\u4e0a\u5e1d\u56fd\u306e\u30ae\u30eb\u30c0\u30fc\u306a\u3069\u304b\u3064\u3066\u57fa\u8ef8\u901a\u8ca8\u3060\u3063\u305f\u901a\u8ca8\u3082\u542b\u3081\u3001\u6b74\u53f2\u4e0a\u3059\u3079\u3066\u306e\u901a\u8ca8\u306f\u653f\u5e9c\u306b\u3088\u3063\u3066\u305d\u306e\u4fa1\u5024\u3092\u5927\u304d\u304f\u6e1b\u3089\u3055\u308c\u3066\u304d\u305f\u3053\u3068\u3092\u8aac\u660e\u3057\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/58030\" data-type=\"post\" data-id=\"58030\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f: \u3059\u3079\u3066\u306e\u901a\u8ca8\u306f\u6700\u7d42\u7684\u306b\u4fa1\u5024\u3092\u843d\u3068\u3055\u308c\u3066\u6b7b\u306c\u3068\u3044\u3046\u6b74\u53f2\u7684\u4e8b\u5b9f\u3092\u8a8d\u8b58\u3059\u3079\u304d<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u305d\u306e\u4e8b\u5b9f\u3092\u77e5\u3063\u3066\u3044\u308b\u4eba\u306f\u540c\u3058\u7d50\u8ad6\u306b\u9054\u3059\u308b\u3002\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\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\">\n<p>\u3059\u3079\u3066\u306e\u7d19\u5e63\u306f\u305d\u306e\u672c\u8cea\u7684\u306a\u4fa1\u5024\u3078\u3068\u8fd4\u3063\u3066\u3086\u304f\u3002\u3064\u307e\u308a\u30bc\u30ed\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u305d\u308c\u306f\u65e5\u672c\u5186\u306f\u3082\u3061\u308d\u3093\u3001\u57fa\u8ef8\u901a\u8ca8\u3067\u3042\u308b\u30c9\u30eb\u3067\u3042\u3063\u3066\u3082\u4f8b\u5916\u3067\u306f\u306a\u3044\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/58199\" data-type=\"post\" data-id=\"58199\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f: \u30c9\u30eb\u306f\u5927\u82f1\u5e1d\u56fd\u306e\u30dd\u30f3\u30c9\u3068\u540c\u3058\u3088\u3046\u306b\u9577\u671f\u7684\u306b\u4e0b\u843d\u3057\u3066\u3086\u304f<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u4f55\u5e74\u3082\u7d19\u5e63\u3092\u8ca1\u5e03\u306b\u5165\u308c\u305f\u307e\u307e\u751f\u304d\u3066\u304d\u305f\u4eba\u3005\u306f\u300c\u305d\u3093\u306a\u99ac\u9e7f\u306a\u300d\u3068\u8a00\u3046\u3060\u308d\u3046\u3002\u3060\u304c\u305d\u308c\u306f\u6b74\u53f2\u7684\u4e8b\u5b9f\u3067\u3042\u308a\u3001\u4eee\u306b\u653f\u5e9c\u306e\u7d71\u8a08\u3092\u4fe1\u3058\u305f\u3068\u3057\u3066\u3082\u7d19\u5e63\u306e\u4fa1\u5024\u306f\u73fe\u5b9f\u306b\u6bce\u5e74\u6570\u30d1\u30fc\u30bb\u30f3\u30c8\u305a\u3064\u6e1b\u3089\u3055\u308c\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u3053\u308c\u304b\u3089\u3069\u3046\u306a\u308b\u304b\u3002\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f\u306f\u3001\u30a4\u30f3\u30d5\u30ec\u304c\u3053\u308c\u3067\u53ce\u307e\u308b\u3068\u306f\u8003\u3048\u3066\u3044\u306a\u3044\u3088\u3046\u3060\u3002\u305d\u3057\u3066\u7d19\u5e63\u3092\u6368\u3066\u3001\u8cb4\u91d1\u5c5e\u3092\u4fdd\u6709\u3059\u308b\u3053\u3068\u3092\u5968\u3081\u3066\u3044\u308b\u3002\u91d1\u4fa1\u683c\u306f\u5927\u304d\u304f\u4e0a\u304c\u3063\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>\u4eca\u3067\u3082\u5341\u5206\u306b\u751f\u6d3b\u306f\u82e6\u3057\u304f\u306a\u3063\u3066\u3044\u308b\u306e\u306b\u3001\u3053\u308c\u304b\u3089\u30a4\u30f3\u30d5\u30ec\u306f\u3082\u3063\u3068\u9177\u304f\u306a\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u304c\u91d1\u76f8\u5834\u304c\u7e54\u308a\u8fbc\u3093\u3067\u3044\u308b\u3053\u3068\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/49783\" data-type=\"post\" data-id=\"49783\">\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f: \u30b4\u30fc\u30eb\u30c9\u3068\u30b7\u30eb\u30d0\u30fc\u306e\u672c\u5f53\u306e\u4e0a\u3052\u76f8\u5834\u306f\u3053\u308c\u304b\u3089<\/a><\/li>\n<\/ul>\n\n\n\n<a href=\"https:\/\/amzn.to\/3xlpTUc\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/m.media-amazon.com\/images\/I\/81CZHKszf9L._SL160_.jpg\"><\/a><br><a href=\"https:\/\/amzn.to\/3xlpTUc\" target=\"_blank\" rel=\"noreferrer noopener\">\u4e16\u754c\u79e9\u5e8f\u306e\u5909\u5316\u306b\u5bfe\u51e6\u3059\u308b\u305f\u3081\u306e\u539f\u5247<\/a>\n","protected":false},"excerpt":{"rendered":"<p>Von Greyerz\u306e\u30a8\u30b4\u30f3\u30fb\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f\u304c\u81ea\u793e\u306e\u52d5\u753b\u914d\u4fe1\u3067\u5e74\u59cb\u304b\u3089\u98db\u3070\u3057\u3066\u3044\u308b\u3002\u30b3\u30ed\u30ca\u5f8c\u306e\u30a4\u30f3\u30d5\u30ec\u306f\u5341\u5206\u306b\u4eba\u3005\u306e\u751f\u6d3b\u3092\u5727\u8feb\u3057\u3066\u3044\u308b\u304c\u3001\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f\u306f\u653f\u5e9c\u304c\u767a\u8868\u3057\u3066\u3044\u308b\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u6570\u5b57\u306f\u305d\u3082\u305d\u3082\u6b63\u78ba\u3067\u306f\u306a\u304f &hellip; <a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/58361\" class=\"more-link\">\u7d9a\u304d\u3092\u8aad\u3080 <span class=\"screen-reader-text\">\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f: \u672c\u5f53\u306e\u30a4\u30f3\u30d5\u30ec\u306f\u653f\u5e9c\u7d71\u8a08\u3088\u308a\u3082\u9177\u3044\u3001\u7d19\u5e63\u306e\u4fa1\u5024\u306f\u4e0b\u304c\u308a\u7d9a\u3051\u308b<\/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":[118,19,108],"tags":[204],"class_list":["post-58361","post","type-post","status-publish","format-standard","hentry","category-us-bond-market","category-foreign-exchange-market","category-bond-markets","tag-egon-von-greyerz"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/58361","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=58361"}],"version-history":[{"count":44,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/58361\/revisions"}],"predecessor-version":[{"id":58405,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/58361\/revisions\/58405"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=58361"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=58361"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=58361"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}