{"id":60550,"date":"2025-03-02T20:00:00","date_gmt":"2025-03-02T11:00:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=60550"},"modified":"2025-03-02T17:41:16","modified_gmt":"2025-03-02T08:41:16","slug":"%e3%83%98%e3%82%a4%e3%82%b3%e3%83%83%e3%82%af%e6%b0%8f-%e6%a0%aa%e5%bc%8f%e3%81%af%e5%a3%b2%e3%82%8a%e6%99%82%e3%80%81%e6%a0%aa%e5%bc%8f%e3%81%8b%e3%82%89%e3%82%b4%e3%83%bc%e3%83%ab%e3%83%89%e3%81%b8","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/60550","title":{"rendered":"\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f: \u682a\u5f0f\u306f\u58f2\u308a\u6642\u3001\u682a\u5f0f\u304b\u3089\u30b4\u30fc\u30eb\u30c9\u3078\u306e\u8cc7\u7523\u9003\u907f\u304c\u59cb\u307e\u308b"},"content":{"rendered":"\n<p>Von Greyerz\u306e\u30d1\u30fc\u30c8\u30ca\u30fc\u3067\u3042\u308b\u30b8\u30e7\u30cb\u30fc\u30fb\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f\u304c\u81ea\u793e\u914d\u4fe1\u52d5\u753b\u3067\u91d1\u76f8\u5834\u3068\u682a\u5f0f\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u30a2\u30e1\u30ea\u30ab\u306e\u50b5\u52d9\u5371\u6a5f<\/strong><\/p>\n\n\n\n<p>2025\u5e74\u306b\u5165\u3063\u3066\u8457\u540d\u6295\u8cc7\u5bb6\u306f\u8ab0\u3082\u304c\u8a9e\u3063\u3066\u3044\u308b\u3053\u3068\u304c2\u3064\u3042\u308b\u3002\u7c73\u56fd\u50b5\u306e\u5371\u6a5f\u3068\u3001\u305d\u3057\u3066\u30b4\u30fc\u30eb\u30c9\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u4f55\u6545\u304b\u3002\u30a2\u30e1\u30ea\u30ab\u306e\u8ca1\u653f\u8d64\u5b57\u304c\u81a8\u5f35\u3057\u3066\u3044\u308b\u304b\u3089\u3067\u3042\u308b\u3002\u30b3\u30ed\u30ca\u5f8c\u306e\u91d1\u5229\u4e0a\u6607\u3067\u7c73\u56fd\u50b5\u306b\u306f\u591a\u984d\u306e\u5229\u6255\u3044\u304c\u767a\u751f\u3057\u3066\u304a\u308a\u3001\u305d\u308c\u306fGDP\u306e4%\u306b\u9054\u3057\u3064\u3064\u3042\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\/02\/2024-4q-us-federal-government-interest-payments-to-gdp-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"513\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/02\/2024-4q-us-federal-government-interest-payments-to-gdp-chart.png\" alt=\"\" class=\"wp-image-59997\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/02\/2024-4q-us-federal-government-interest-payments-to-gdp-chart.png 600w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/02\/2024-4q-us-federal-government-interest-payments-to-gdp-chart-300x257.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/figure>\n\n\n\n<p>\u7c73\u56fd\u653f\u5e9c\u306f\u3053\u306e\u56fd\u50b5\u306e\u5229\u6255\u3044\u3092\u65b0\u305f\u306a\u56fd\u50b5\u3092\u58f2\u308b\u3053\u3068\u3067\u8cc4\u3063\u3066\u3044\u308b\u304c\u3001Bridgewater\u306e\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u304c\u8a00\u3046\u3088\u3046\u306b\u3001\u5e02\u5834\u304c\u5438\u53ce\u3067\u304d\u308b\u7c73\u56fd\u50b5\u306e\u91cf\u306b\u306f\u9650\u754c\u304c\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/59778\" data-type=\"post\" data-id=\"59778\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f: \u7c73\u56fd\u50b5\u304b\u3089\u6295\u8cc7\u5bb6\u304c\u9003\u3052\u3066\u3044\u308b\u3001\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u306f\u91d1\u5229\u4e0a\u6607\u3067\u5fc3\u81d3\u767a\u4f5c\u3092\u8d77\u3053\u3059<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u30c0\u30ea\u30aa\u6c0f\u306f\u6700\u7d42\u7684\u306b\u3001\u4e2d\u592e\u9280\u884c\u304c\u30a4\u30f3\u30d5\u30ec\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u7d19\u5e63\u5370\u5237\u3092\u3057\u3066\u7c73\u56fd\u50b5\u3092\u6551\u6e08\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3068\u4e88\u60f3\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p><strong>1970\u5e74\u4ee3\u306e\u7269\u4fa1\u9ad8\u9a30<\/strong><\/p>\n\n\n\n<p>\u30a4\u30f3\u30d5\u30ec\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u4e2d\u592e\u9280\u884c\u304c\u7de9\u548c\u306b\u8e0f\u307f\u5207\u308c\u3070\u3069\u3046\u306a\u308b\u304b\u3002\u305d\u308c\u306f1970\u5e74\u4ee3\u306e\u72b6\u6cc1\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30a2\u30e1\u30ea\u30ab\u3067\u306f1970\u5e74\u4ee3\u3001\u7de9\u548c\u306e\u3084\u308a\u904e\u304e\u3067\u30a4\u30f3\u30d5\u30ec\u304c\u767a\u751f\u3057\u3001\u305d\u308c\u306f1980\u5e74\u306b\u30dd\u30fc\u30eb\u30fb\u30dc\u30eb\u30ab\u30fc\u8b70\u9577\u304c\u5927\u5e45\u306a\u5f15\u304d\u7de0\u3081\u653f\u7b56\u3092\u3084\u308b\u307e\u3067\u7d9a\u3044\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/27377\" data-type=\"post\" data-id=\"27377\">\u30dd\u30fc\u30eb\u30fb\u30dc\u30eb\u30ab\u30fc\u6c0f\u30011980\u5e74\u306e\u30a4\u30f3\u30d5\u30ec\u6253\u5012\u304c\u3069\u308c\u3060\u3051\u53b3\u3057\u304b\u3063\u305f\u304b\u3092\u8a9e\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u7269\u4fa1\u306f15\u5e74\u307b\u3069\u30673\u500d\u306b\u306a\u3063\u305f\u3002\u3064\u307e\u308a\u7d19\u5e63\u306e\u4fa1\u5024\u306f3\u5206\u306e1\u306b\u306a\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u30a4\u30f3\u30d5\u30ec\u306e\u6642\u4ee3\u3001\u6295\u8cc7\u5bb6\u306f\u3069\u3046\u3059\u308c\u3070\u8cc7\u7523\u3092\u5b88\u308c\u305f\u306e\u304b\u3002\u30d8\u30a4\u30b3\u30c3\u30af\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>1970\u5e74\u4ee3\u306b\u306f\u91d1\u4fa1\u683c\u306f35\u30c9\u30eb\u304b\u3089850\u30c9\u30eb\u306b\u4e0a\u304c\u3063\u305f\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u30a4\u30f3\u30d5\u30ec\u3068\u7d19\u5e63\u306e\u4fa1\u5024\u66b4\u843d\u3067\u771f\u3063\u5148\u306b\u8cb7\u308f\u308c\u308b\u306e\u306f\u30b4\u30fc\u30eb\u30c9\u3067\u3042\u308b\u3002\u4e00\u65b9\u3067\u3001\u7279\u306b\u65e5\u672c\u3067\u306f\u30a4\u30f3\u30d5\u30ec\u3067\u9810\u91d1\u304b\u3089\u682a\u5f0f\u306b\u9003\u3052\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u4eba\u304c\u591a\u3044\u304c\u30011970\u5e74\u4ee3\u306e\u7269\u4fa1\u9ad8\u9a30\u6642\u4ee3\u306b\u306f\u3001\u7c73\u56fd\u682a\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306f\u30b4\u30fc\u30eb\u30c9\u3069\u3053\u308d\u304b\u9810\u91d1\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3055\u3048\u5927\u304d\u304f\u4e0b\u56de\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3067\u30c0\u30ea\u30aa\u6c0f\u304c\u8a73\u3057\u304f\u89e3\u8aac\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/60046\" data-type=\"post\" data-id=\"60046\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f: \u682a\u5f0f\u306f\u30b4\u30fc\u30eb\u30c9\u306e\u3088\u3046\u306a\u30a4\u30f3\u30d5\u30ec\u30d8\u30c3\u30b8\u306b\u306f\u306a\u3089\u306a\u3044<\/a><\/li>\n<\/ul>\n\n\n\n<p><strong>\u30a4\u30f3\u30d5\u30ec\u6642\u4ee3\u306e\u8cc7\u7523\u904b\u7528<\/strong><\/p>\n\n\n\n<p>\u682a\u5f0f\u306f\u30c7\u30d5\u30ec\u306e\u6642\u4ee3\u306e\u8cc7\u7523\u3067\u3042\u308b\u3002\u7c73\u56fd\u682a\u306f\u904e\u53bb\u4f55\u5341\u5e74\u3082\u4e0a\u304c\u308a\u7d9a\u3051\u305f\u3068\u4eba\u306f\u8a00\u3046\u304c\u3001\u305d\u308c\u306f\u30c7\u30d5\u30ec\u306e\u6642\u4ee3\u3060\u3063\u305f\u304b\u3089\u3067\u3042\u308b\u3002\u91d1\u5229\u306e\u4f4e\u4e0b\u304c\u682a\u4fa1\u3092\u9577\u671f\u7684\u306a\u4e0a\u3052\u76f8\u5834\u3078\u3068\u6301\u3063\u3066\u3044\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u4e0a\u3067\u8aac\u660e\u3057\u305f\u901a\u308a\u3001\u91d1\u5229\u304c\u4e0a\u304c\u308b\u30a4\u30f3\u30d5\u30ec\u306e\u6642\u4ee3\u306b\u306f\u8cc7\u7523\u4fa1\u683c\u306f\u307e\u3063\u305f\u304f\u9055\u3046\u52d5\u304d\u65b9\u3092\u3059\u308b\u3002\u3060\u304b\u3089\u30d8\u30a4\u30b3\u30c3\u30af\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>\u53bb\u5e74\u306f\u682a\u5f0f\u304b\u3089\u30b4\u30fc\u30eb\u30c9\u306b\u79fb\u884c\u3059\u308b\u6700\u9ad8\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3060\u3063\u305f\u3002<\/p>\n\n\n\n<p>1\u5e74\u307b\u3069\u524d\u306f\u3001\u30b4\u30fc\u30eb\u30c9\u306b\u6539\u5b97\u3057\u305f\u4eba\u3005\u3060\u3051\u304c\u30b4\u30fc\u30eb\u30c9\u306e\u4e0a\u3052\u76f8\u5834\u3092\u697d\u3057\u3080\u306e\u3067\u306f\u306a\u304f\u3001\u4ed6\u306e\u4eba\u3005\u3082\u30b4\u30fc\u30eb\u30c9\u3068\u3044\u3046\u8cc7\u7523\u30af\u30e9\u30b9\u3068\u305d\u306e\u6069\u6075\u306b\u3064\u3044\u3066\u77e5\u308a\u59cb\u3081\u308b\u306e\u306b\u5b8c\u74a7\u306a\u30bf\u30a4\u30df\u30f3\u30b0\u3060\u3063\u305f\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u30c7\u30d5\u30ec\u306e\u6642\u4ee3\u306f\u7d42\u308f\u3063\u305f\u3002\u3060\u304b\u3089\u4eba\u3005\u306f\u30c7\u30d5\u30ec\u306e\u6642\u4ee3\u306e\u5e38\u8b58\uff08\u4f8b\u3048\u3070\u682a\u4fa1\u306e\u9577\u671f\u7684\u4e0a\u6607\uff09\u3067\u6295\u8cc7\u3092\u3059\u308b\u306e\u3067\u306f\u306a\u304f\u3001\u30a4\u30f3\u30d5\u30ec\u306e\u6642\u4ee3\u306e\u5e38\u8b58\uff08\u4f8b\u3048\u3070\u682a\u4fa1\u306f\u9810\u91d1\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306b\u3055\u3048\u52dd\u3066\u306a\u3044\uff09\u3067\u6295\u8cc7\u3092\u3059\u308b\u3079\u304d\u306a\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u30b4\u30fc\u30eb\u30c9\u306f\u682a\u5f0f\u3088\u308a\u3082\u826f\u3044<\/strong><\/p>\n\n\n\n<p>\u3060\u304c\u3001\u5b9f\u969b\u306b\u306f\u30c7\u30d5\u30ec\u306e\u6642\u4ee3\u3067\u3055\u3048\u3082\u30b4\u30fc\u30eb\u30c9\u306f\u682a\u5f0f\u306b\u52dd\u3063\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002\u30d8\u30a4\u30b3\u30c3\u30af\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>\u591a\u304f\u306e\u4eba\u304c\u6c17\u4ed8\u3044\u3066\u3044\u306a\u3044\u3053\u3068\u3060\u304c\u3001\u4eca\u4e16\u7d00\u306b\u5165\u3063\u3066\u304b\u3089\u306e\u30b4\u30fc\u30eb\u30c9\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306f\u3001\u65e2\u306bS&amp;P 500\u3092\u51cc\u3044\u3067\u3044\u308b\u3002S&amp;P 500\u304c\u4e0a\u3052\u76f8\u5834\u3067\u3042\u308b\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u3053\u308c\u306b\u6c17\u4ed8\u3044\u3066\u3044\u308b\u4eba\u304c\u3069\u308c\u3060\u3051\u5c45\u308b\u3060\u308d\u3046\u304b\u30022000\u5e74\u304b\u3089\u73fe\u5728\u307e\u3067\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306f\u3001S&amp;P 500\u304c4\u500d\u306b\u306a\u3063\u3066\u3044\u308b\u306e\u306b\u5bfe\u3057\u3001\u30b4\u30fc\u30eb\u30c9\u306f10\u500d\u306b\u4e0a\u304c\u3063\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\/03\/2025-3-2-gold-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"584\" height=\"510\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/03\/2025-3-2-gold-chart.png\" alt=\"\" class=\"wp-image-60602\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/03\/2025-3-2-gold-chart.png 584w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/03\/2025-3-2-gold-chart-300x262.png 300w\" sizes=\"auto, (max-width: 584px) 100vw, 584px\" \/><\/a><\/figure>\n\n\n\n<p>\u3060\u304c\u8a71\u306f\u305d\u308c\u3060\u3051\u3067\u306f\u306a\u3044\u3002\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f\u304c\u300c\u65e2\u306b\u300d\u3068\u8a00\u3063\u3066\u3044\u308b\u306e\u306f\u3001\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f\u304c\u30b4\u30fc\u30eb\u30c9\u306e\u4e0a\u3052\u76f8\u5834\u306f\u3080\u3057\u308d\u3053\u3053\u304b\u3089\u3060\u3068\u4e88\u60f3\u3057\u3066\u3044\u308b\u304b\u3089\u3060\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/55076\" data-type=\"post\" data-id=\"55076\">\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f: \u91d1\u4fa1\u683c\u304c\u3068\u3093\u3067\u3082\u306a\u304f\u4e0a\u6607\u3057\u3066\u3044\u308b\u7406\u7531<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u3060\u304b\u3089\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f\u306f\u3001\u30b4\u30fc\u30eb\u30c9\u306f\u7591\u554f\u306e\u4f59\u5730\u306a\u304f\u682a\u5f0f\u3088\u308a\u3082\u512a\u308c\u305f\u8cc7\u7523\u30af\u30e9\u30b9\u3060\u3068\u4e3b\u5f35\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u3053\u306e\u4e8b\u5b9f\u306b\u6c17\u4ed8\u3044\u3066\u3044\u308b\u4eba\u306f\u5c11\u306a\u3044\u3002\u4f55\u6545\u3060\u308d\u3046\u304b\u3002\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u7d9a\u3051\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>\u914d\u5f53\u3092\u518d\u6295\u8cc7\u3057\u305f\u5834\u5408\u306b\u304a\u3044\u3066\u3082\u30b4\u30fc\u30eb\u30c9\u306f\u4eca\u4e16\u7d00\u3001S&amp;P 500\u3092\u4e0a\u56de\u3063\u3066\u3044\u308b\u3068\u3044\u3046\u4e8b\u5b9f\u306b\u3001\u4eba\u3005\u306f\u307e\u3060\u6c17\u4ed8\u3044\u3066\u3044\u306a\u3044\u3002\u6c17\u4ed8\u304f\u5fc5\u8981\u304c\u306a\u304b\u3063\u305f\u304b\u3089\u3060\u3002<\/p>\n\n\n\n<p>\u4eba\u3005\u304c\u3053\u308c\u307e\u3067\u305d\u306e\u3053\u3068\u3092\u8003\u3048\u306a\u304f\u3066\u3082\u826f\u304b\u3063\u305f\u7406\u7531\u306f\u3001\u7d19\u5e63\u5370\u5237\u304c\u3042\u3089\u3086\u308b\u8cc7\u7523\u30af\u30e9\u30b9\u3092\u30d0\u30d6\u30eb\u306b\u3057\u305f\u304b\u3089\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p><strong>\u30a4\u30f3\u30d5\u30ec\u76f8\u5834\u306b\u304a\u3051\u308b\u682a\u5f0f\u3068\u30b4\u30fc\u30eb\u30c9<\/strong><\/p>\n\n\n\n<p>\u91cd\u8981\u306a\u306e\u306f\u3001\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f\u304c\u300c\u6c17\u4ed8\u304f\u5fc5\u8981\u304c\u306a\u304b\u3063\u305f\u300d\u3068\u8a00\u3063\u3066\u3044\u308b\u3053\u3068\u3060\u3002\u6295\u8cc7\u5bb6\u304c\u3001\u81ea\u5206\u306e\u6301\u3063\u3066\u3044\u308b\u8cc7\u7523\u304c\u307e\u305a\u3044\u306e\u3067\u306f\u306a\u3044\u304b\u3068\u300c\u6c17\u4ed8\u304f\u5fc5\u8981\u304c\u3042\u308b\u300d\u77ac\u9593\u3068\u306f\u3069\u306e\u3088\u3046\u306a\u6642\u3060\u308d\u3046\u304b\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u306f\u305d\u306e\u8cc7\u7523\u304c\u4e0b\u843d\u3059\u308b\u6642\u3067\u3042\u308b\u3002\u305d\u3057\u3066\u3082\u3057\u30a4\u30f3\u30d5\u30ec\u304c\u6b62\u307e\u3089\u306a\u3051\u308c\u3070\u3001\u30c0\u30ea\u30aa\u6c0f\u304c\u5206\u6790\u3057\u305f\u3088\u3046\u306b\u3001\u682a\u5f0f\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306f\u30a4\u30f3\u30d5\u30ec\u76f8\u5834\u306b\u304a\u3051\u308b\u682a\u5f0f\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306b\u5909\u5316\u3059\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/60046\" data-type=\"post\" data-id=\"60046\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f: \u682a\u5f0f\u306f\u30b4\u30fc\u30eb\u30c9\u306e\u3088\u3046\u306a\u30a4\u30f3\u30d5\u30ec\u30d8\u30c3\u30b8\u306b\u306f\u306a\u3089\u306a\u3044<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u3064\u307e\u308a\u3001\u682a\u5f0f\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306f\u30b4\u30fc\u30eb\u30c9\u3069\u3053\u308d\u304b\u9810\u91d1\u306b\u3082\u52dd\u3066\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304b\u3089\u30d8\u30a4\u30b3\u30c3\u30af\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>\u3060\u304c\u4eba\u3005\u304c\u8003\u3048\u76f4\u3057\u3092\u8feb\u3089\u308c\u308b\u6642\u304c\u6765\u308b\u3002<\/p>\n\n\n\n<p>\u3042\u3089\u3086\u308b\u5fb4\u5019\u304c\u65e2\u306b\u51fa\u3066\u3044\u308b\u3002\u305d\u3057\u3066\u5e02\u5834\u306f\u304d\u3057\u307f\u59cb\u3081\u3066\u3044\u308b\u3002\u3060\u304c\u30e1\u30a4\u30f3\u30b9\u30c8\u30ea\u30fc\u30e0\u306e\u4eba\u3005\u306f\u8eab\u3092\u5b88\u308b\u305f\u3081\u3082\u306e\u3092\u6301\u3063\u3066\u3044\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u306f\u30b4\u30fc\u30eb\u30c9\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>1970\u5e74\u4ee3\u306e\u4fa1\u683c\u4e0a\u6607\u306b\u3064\u3044\u3066\u306f\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3067\u7e8f\u3081\u3066\u3044\u308b\u306e\u3067\u3001\u305d\u3061\u3089\u3082\u53c2\u8003\u306b\u3057\u3066\u3082\u3089\u3044\u305f\u3044\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/35411\" data-type=\"post\" data-id=\"35411\">1970\u5e74\u4ee3\u306e\u7269\u4fa1\u9ad8\u9a30\u6642\u4ee3\u306b\u304a\u3051\u308b\u8cb4\u91d1\u5c5e\u3084\u8fb2\u4f5c\u7269\u306e\u4fa1\u683c\u63a8\u79fb<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Von Greyerz\u306e\u30d1\u30fc\u30c8\u30ca\u30fc\u3067\u3042\u308b\u30b8\u30e7\u30cb\u30fc\u30fb\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f\u304c\u81ea\u793e\u914d\u4fe1\u52d5\u753b\u3067\u91d1\u76f8\u5834\u3068\u682a\u5f0f\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\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":[59,111,57,110],"tags":[201],"class_list":["post-60550","post","type-post","status-publish","format-standard","hentry","category-us-stock-market","category-stock-markets","category-commodity-markets","category-gold","tag-jonny-haycock"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/60550","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=60550"}],"version-history":[{"count":78,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/60550\/revisions"}],"predecessor-version":[{"id":60631,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/60550\/revisions\/60631"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=60550"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=60550"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=60550"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}