{"id":58406,"date":"2025-01-12T20:00:00","date_gmt":"2025-01-12T11:00:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=58406"},"modified":"2025-01-12T16:36:41","modified_gmt":"2025-01-12T07:36:41","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-2025%e5%b9%b4%e3%81%ae%e3%82%a4%e3%83%b3%e3%83%95%e3%83%ac%e3%81%af2%e5%b9%b4%e5%89%8d%e3%82%88","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/58406","title":{"rendered":"\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f: 2025\u5e74\u306e\u30a4\u30f3\u30d5\u30ec\u306f2\u5e74\u524d\u3088\u308a\u3082\u6df1\u523b\u306a\u9280\u884c\u5371\u6a5f\u3092\u5f15\u304d\u8d77\u3053\u3057\u3001\u4e2d\u592e\u9280\u884c\u306f\u91cf\u7684\u7de9\u548c\u3092\u518d\u958b\u3059\u308b"},"content":{"rendered":"\n<p>\u5f15\u304d\u7d9a\u304d\u3001Von Greyerz\u306e\u30a8\u30b4\u30f3\u30fb\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f\u306e\u81ea\u793e\u914d\u4fe1\u52d5\u753b\u3067\u3042\u308b\u3002\u4eca\u56de\u306f\u30a4\u30f3\u30d5\u30ec\u306f2025\u5e74\u4ee5\u5f8c\u3082\u7d99\u7d9a\u3059\u308b\u3068\u4e88\u60f3\u3059\u308b\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f\u304c\u3001\u305d\u306e\u7d4c\u6e08\u3078\u306e\u5f71\u97ff\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u90e8\u5206\u3092\u7d39\u4ecb\u3059\u308b\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u30a4\u30f3\u30d5\u30ec\u3068\u30b4\u30fc\u30eb\u30c9<\/strong><\/p>\n\n\n\n<p>\u524d\u56de\u306e\u8a18\u4e8b\u3067\u306f\u3001\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f\u306f\u653f\u5e9c\u767a\u8868\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u6570\u5b57\u304c\u672c\u5f53\u306b\u6b63\u3057\u3044\u306e\u304b\u3068\u3044\u3046\u3053\u3068\u306b\u7591\u554f\u3092\u5448\u3057\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/58361\" data-type=\"post\" data-id=\"58361\">\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<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f\u306b\u3088\u308c\u3070\u3001\u30a4\u30f3\u30d5\u30ec\u3068\u306f\u3082\u306e\u306e\u4fa1\u5024\u304c\u4e0a\u304c\u308b\u3053\u3068\u3067\u306f\u306a\u304f\u3001\u8ab0\u3082\u304c\u6301\u3063\u3066\u3044\u308b\u7d19\u5e63\u306e\u4fa1\u5024\u304c\u4e0b\u304c\u308b\u3053\u3068\u3067\u3042\u308a\u3001Bridgewater\u306e\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u304c\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\u3067\u691c\u8a3c\u3057\u305f\u3088\u3046\u306b\u3001\u6b74\u53f2\u4e0a\u3059\u3079\u3066\u306e\u901a\u8ca8\u306f\u653f\u5e9c\u306b\u3088\u3063\u3066\u9577\u671f\u7684\u306b\u4fa1\u5024\u304c\u4e0b\u3052\u3089\u308c\u3066\u3044\u308b\u304b\u3089\u3001\u7d19\u5e63\u3067\u306f\u306a\u304f\u30b4\u30fc\u30eb\u30c9\u306a\u3069\u306e\u73fe\u7269\u8cc7\u7523\u3092\u4fdd\u6709\u3059\u3079\u304d\u3060\u3068\u5968\u3081\u3066\u3044\u305f\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>\u30b4\u30fc\u30eb\u30c9\u306f\u307e\u305a\u4f55\u3088\u308a\u7269\u7406\u7684\u306b\u5b58\u5728\u3059\u308b\u73fe\u7269\u8cc7\u7523\u3067\u3001\u9280\u884c\u30b7\u30b9\u30c6\u30e0\u306e\u5916\u306b\u305d\u308c\u3092\u4fdd\u6709\u3067\u304d\u308b\u3002\u305d\u308c\u306f\u3042\u306a\u305f\u306e\u8cc7\u7523\u3067\u3042\u3063\u3066\u3001\u4ed6\u306e\u8ab0\u306b\u3082\u4f9d\u5b58\u3057\u3066\u3044\u306a\u3044\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u30b4\u30fc\u30eb\u30c9\u306a\u3089\u3070\u7d19\u5e63\u306e\u3088\u3046\u306b\u4e2d\u592e\u9280\u884c\u304c\u52dd\u624b\u306b\u5370\u5237\u3057\u3001\u3042\u306a\u305f\u306e\u8ca1\u5e03\u306b\u5165\u3063\u3066\u3044\u308b\u5185\u306b\u6bce\u5e74\u4fa1\u5024\u304c\u8584\u3081\u3089\u308c\u3066\u3086\u304f\u3068\u3044\u3046\u3053\u3068\u3082\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u7d19\u5e63\u3068\u56fd\u50b5\u306e\u95a2\u4fc2<\/strong><\/p>\n\n\n\n<p>\u5148\u9032\u56fd\u306e\u4eba\u3005\u304c\u30a4\u30f3\u30d5\u30ec\u306b\u6c17\u4ed8\u304d\u59cb\u3081\u3066\u7d19\u5e63\u304b\u3089\u8cb4\u91d1\u5c5e\u3084\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306a\u3069\u306b\u9003\u907f\u3057\u3066\u3044\u308b\u3053\u3068\u306b\u52a0\u3048\u3066\u3001\u30c9\u30eb\u3092\u4f7f\u3063\u305f\u7d4c\u6e08\u5236\u88c1\u3092\u6050\u308c\u3066BRICS\u8af8\u56fd\u3084\u4e2d\u6771\u8af8\u56fd\u304c\u30c9\u30eb\u304b\u3089\u9003\u3052\u3066\u3044\u308b\u3068\u3044\u3046\u4e8b\u5b9f\u304c\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u3057\u3066\u601d\u3044\u51fa\u3057\u305f\u3044\u306e\u306f\u3001\u5143\u30af\u30ec\u30c7\u30a3\u30fb\u30b9\u30a4\u30b9\u306e\u5929\u624d\u30be\u30eb\u30bf\u30f3\u30fb\u30dd\u30b8\u30e3\u30fc\u30eb\u6c0f\u304c\u3001\u30c9\u30eb\u96e2\u308c\u306e\u7d50\u679c\u306f\u30c9\u30eb\u306e\u4e0b\u843d\u3088\u308a\u3082\u7c73\u56fd\u50b5\u306e\u66b4\u843d\u3060\u3068\u8a00\u3063\u3066\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\/50785\" data-type=\"post\" data-id=\"50785\">\u30dd\u30b8\u30e3\u30fc\u30eb\u6c0f: \u4e16\u754c\u7684\u306a\u30c9\u30eb\u96e2\u308c\u306e\u7d50\u679c\u306f\u30c9\u30eb\u5186\u4e0b\u843d\u3067\u306f\u306a\u304f\u30a2\u30e1\u30ea\u30ab\u306e\u8ca1\u653f\u5371\u6a5f<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u30c9\u30eb\u96e2\u308c\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u7c73\u56fd\u50b5\u96e2\u308c\u3068\u3044\u3046\u3053\u3068\u3067\u3082\u3042\u308b\u3002\u30c9\u30eb\u3092\u4fdd\u6709\u3057\u3066\u91d1\u5229\u3092\u3082\u3089\u3046\u5834\u5408\u3001\u305d\u306e\u91d1\u5229\u306f\u56fd\u50b5\u304b\u3089\u6765\u308b\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u3053\u308c\u306f\u7d19\u5e63\u3068\u56fd\u50b5\u306b\u3064\u3044\u3066\u3082\u540c\u3058\u3053\u3068\u304c\u8a00\u3048\u308b\u3002\u4eba\u3005\u304c\u7d19\u5e63\u304b\u3089\u9003\u907f\u3057\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u9280\u884c\u306f\u4eba\u3005\u304b\u3089\u9810\u304b\u3063\u305f\u9810\u91d1\u3067\u56fd\u50b5\u3092\u8cb7\u3046\u306e\u3067\u3001\u56fd\u50b5\u96e2\u308c\u3068\u3044\u3046\u3053\u3068\u3067\u3082\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u3046\u3059\u308b\u3068\u4f55\u304c\u8d77\u3053\u308b\u304b\u30022023\u5e74\u306b\u3001\u5229\u4e0a\u3052\u306b\u3088\u308b\u7c73\u56fd\u50b5\u306e\u4fa1\u683c\u4e0b\u843d\u3067\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u9280\u884c\u306a\u3069\u306e\u5927\u304d\u306a\u5730\u65b9\u9280\u884c\u304c\u7834\u7dbb\u3057\u305f\u3053\u3068\u3092\u601d\u3044\u51fa\u3057\u305f\u3044\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/34498\" data-type=\"post\" data-id=\"34498\">\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u9280\u884c\u306e\u6c7a\u7b97\u66f8\u304b\u3089\u7834\u7dbb\u306e\u7406\u7531\u3092\u89e3\u8aac\u3059\u308b (2023\/3\/13)<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u5b9f\u969b\u30012025\u5e74\u304c\u59cb\u307e\u3063\u3066\u304b\u308910\u5e74\u7269\u7c73\u56fd\u50b5\u306e\u91d1\u5229\u306f\u4e0a\u6607\u3057\u7d9a\u3051\u3066\u3044\u308b\u3002\u91d1\u5229\u306e\u4e0a\u6607\u306f\u56fd\u50b5\u4fa1\u683c\u306e\u4e0b\u843d\u3092\u610f\u5473\u3059\u308b\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/01\/2025-1-12-us-10-year-treasury-bond-yield-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"526\" height=\"507\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/01\/2025-1-12-us-10-year-treasury-bond-yield-chart.png\" alt=\"\" class=\"wp-image-58428\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/01\/2025-1-12-us-10-year-treasury-bond-yield-chart.png 526w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/01\/2025-1-12-us-10-year-treasury-bond-yield-chart-300x289.png 300w\" sizes=\"auto, (max-width: 526px) 100vw, 526px\" \/><\/a><\/figure>\n\n\n\n<p>\u5e02\u5834\u306f\u30c8\u30e9\u30f3\u30d7\u65b0\u653f\u6a29\u304c\u8ca1\u653f\u8d64\u5b57\u3092\u7e2e\u5c0f\u3059\u308b\u3068\u306f\u4fe1\u3058\u3066\u3044\u306a\u3044\u3088\u3046\u3060\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/57557\" data-type=\"post\" data-id=\"57557\">\u30df\u30ec\u30a4\u5927\u7d71\u9818: \u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306f\u9650\u754c\u307e\u3067\u653f\u5e9c\u652f\u51fa\u3092\u524a\u308c<\/a><\/li>\n<\/ul>\n\n\n\n<p><strong>\u9280\u884c\u5371\u6a5f 2.0<\/strong><\/p>\n\n\n\n<p>\u3060\u304b\u3089\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>\u9280\u884c\u30b7\u30b9\u30c6\u30e0\u306f\u5d29\u58ca\u306e\u5371\u6a5f\u306b\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u8cea\u306e\u60aa\u3044\u50b5\u52d9\u304c\u7a4d\u307f\u91cd\u306a\u3063\u3066\u304a\u308a\u3001\u3053\u306e\u307e\u307e\u884c\u3051\u3070\u3001\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u9280\u884c\u3084\u30b9\u30a4\u30b9\u306e\u30af\u30ec\u30c7\u30a3\u30fb\u30b9\u30a4\u30b9\u304c\u7834\u7dbb\u3057\u305f2\u5e74\u524d\u3088\u308a\u3082\u91cd\u5927\u306a\u554f\u984c\u304c\u9280\u884c\u30b7\u30b9\u30c6\u30e0\u306b\u751f\u3058\u308b\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u9280\u884c\u306f\u5341\u5206\u5de8\u5927\u306a\u9280\u884c\u3060\u3063\u305f\u3057\u3001\u30af\u30ec\u30c7\u30a3\u30fb\u30b9\u30a4\u30b9\u306f\u4e16\u754c\u7684\u306a\u9280\u884c\u3060\u3063\u305f\u306e\u3060\u304c\u3001\u7d50\u5c40\u3053\u3046\u3057\u305f\u9280\u884c\u5371\u6a5f\u3092\u53d7\u3051\u3066Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306f\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3067\u5e02\u5834\u304b\u3089\u8cc7\u91d1\u3092\u5438\u3044\u4e0a\u3052\u308b\u3053\u3068\u3092\u6b62\u3081\u3066\u3057\u307e\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u305d\u306e\u7d50\u679c\u3001\u4e16\u306e\u4e2d\u306e\u9810\u91d1\u3068\u73fe\u91d1\u306e\u7dcf\u984d\u3067\u3042\u308b\u30de\u30cd\u30fc\u30b5\u30d7\u30e9\u30a4\u304c\u307e\u305f\u5897\u52a0\u306b\u8ee2\u3058\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\/2025\/01\/2024-nov-us-real-m2-money-stock-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"473\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/01\/2024-nov-us-real-m2-money-stock-chart.png\" alt=\"\" class=\"wp-image-58336\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/01\/2024-nov-us-real-m2-money-stock-chart.png 600w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/01\/2024-nov-us-real-m2-money-stock-chart-300x237.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/figure>\n\n\n\n<p>\u7d50\u5c40\u3001\u30a2\u30e1\u30ea\u30ab\u306f\u30b3\u30ed\u30ca\u5f8c\u306e\u73fe\u91d1\u7d66\u4ed8\u3067\u3070\u3089\u6492\u304b\u308c\u305f\u8cc7\u91d1\u3092\u56de\u53ce\u3059\u308b\u3053\u3068\u304c\u51fa\u6765\u306a\u304b\u3063\u305f\u306e\u3067\u3042\u308b\u3002\u5229\u4e0a\u3052\u3092\u3057\u3066\u666f\u6c17\u5f8c\u9000\u306b\u306a\u3063\u3066\u3044\u306a\u3044\u7406\u7531\u306f\u305d\u3046\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u3053\u306e\u307e\u307e\u30de\u30cd\u30fc\u30b5\u30d7\u30e9\u30a4\u304c\u5897\u3048\u7d9a\u3051\u3001\u30a4\u30f3\u30d5\u30ec\u304c\u518d\u4e0a\u6607\u306b\u8ee2\u3058\u308b\u3068\u307e\u305f\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u9280\u884c\u3068\u540c\u3058\u3053\u3068\u304c\u8d77\u304d\u308b\u3060\u308d\u3046\u3002\u305d\u308c\u304c\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f\u306e\u4e88\u60f3\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\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\">\n<p>\u305d\u306e\u9280\u884c\u5371\u6a5f\u306f\u6df1\u523b\u306a\u3082\u306e\u3068\u306a\u308a\u3001\u305d\u308c\u306f\u5927\u91cf\u306e\u7d19\u5e63\u5370\u5237\u306b\u7e4b\u304c\u308b\u3002\u305d\u308c\u306f\u7d19\u5e63\u5370\u5237\u3067\u306f\u3082\u306f\u3084\u9280\u884c\u3092\u6551\u6e08\u3067\u304d\u306a\u3044\u3068\u3053\u308d\u307e\u3067\u884c\u304f\u3002<\/p>\n\n\n\n<p>\u3060\u304b\u3089\u3053\u305d\u9280\u884c\u30b7\u30b9\u30c6\u30e0\u306e\u5916\u306b\u73fe\u7269\u8cc7\u7523\u3092\u6301\u3064\u5fc5\u8981\u304c\u3042\u308b\u306e\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u7d19\u5e63\u5370\u5237\u3068\u306f\u3001\u8981\u3059\u308b\u306b\u91cf\u7684\u7de9\u548c\u3067\u3042\u308b\u3002\u305d\u3046\u306a\u308c\u3070\u65e2\u306b\u4e0a\u304c\u3063\u3066\u3044\u308b\u30b4\u30fc\u30eb\u30c9\u306a\u3069\u306f\u66f4\u306b\u4e0a\u6607\u3059\u308b\u3053\u3068\u306b\u306a\u308b\u3060\u308d\u3046\u3002\uff08\u5b9f\u969b\u306b\u306f\u7d19\u5e63\u306e\u4fa1\u5024\u304c\u4e0b\u304c\u3063\u3066\u3044\u308b\u306e\u3060\u304c\u3002\uff09<\/p>\n\n\n\n<p>\u591a\u304f\u306e\u4eba\u304c\u540c\u3058\u3053\u3068\u3092\u8a00\u3063\u3066\u3044\u308b\u304c\u3001\u679c\u305f\u3057\u3066\u3069\u3046\u306a\u308b\u304b\u3002\u7b46\u8005\u3082\u30c9\u30eb\u3082\u65e5\u672c\u5186\u3082\u3082\u306f\u3084\u307b\u3068\u3093\u3069\u6301\u3063\u3066\u3044\u306a\u3044\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/57960\" data-type=\"post\" data-id=\"57960\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f: \u4eba\u3005\u304c\u81ea\u56fd\u901a\u8ca8\u306e\u7121\u4fa1\u5024\u3055\u306b\u6c17\u4ed8\u304f\u306b\u3064\u308c\u3066\u30b4\u30fc\u30eb\u30c9\u3084\u30b7\u30eb\u30d0\u30fc\u3078\u306e\u9003\u907f\u304c\u52a0\u901f\u3059\u308b<\/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>\u5f15\u304d\u7d9a\u304d\u3001Von Greyerz\u306e\u30a8\u30b4\u30f3\u30fb\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f\u306e\u81ea\u793e\u914d\u4fe1\u52d5\u753b\u3067\u3042\u308b\u3002\u4eca\u56de\u306f\u30a4\u30f3\u30d5\u30ec\u306f2025\u5e74\u4ee5\u5f8c\u3082\u7d99\u7d9a\u3059\u308b\u3068\u4e88\u60f3\u3059\u308b\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f\u304c\u3001\u305d\u306e\u7d4c\u6e08\u3078\u306e\u5f71\u97ff\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u90e8\u5206\u3092\u7d39\u4ecb\u3059\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":[118,57,108,110],"tags":[204],"class_list":["post-58406","post","type-post","status-publish","format-standard","hentry","category-us-bond-market","category-commodity-markets","category-bond-markets","category-gold","tag-egon-von-greyerz"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/58406","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=58406"}],"version-history":[{"count":33,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/58406\/revisions"}],"predecessor-version":[{"id":58440,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/58406\/revisions\/58440"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=58406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=58406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=58406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}