{"id":60750,"date":"2025-03-04T20:00:00","date_gmt":"2025-03-04T11:00:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=60750"},"modified":"2025-03-04T15:37:39","modified_gmt":"2025-03-04T06:37:39","slug":"%e3%83%98%e3%82%a4%e3%82%b3%e3%83%83%e3%82%af%e6%b0%8f-%e4%b8%ad%e5%a4%ae%e9%8a%80%e8%a1%8c%e3%81%af%e3%82%b4%e3%83%bc%e3%83%ab%e3%83%89%e3%81%ae%e3%83%99%e3%82%b9%e3%83%88%e3%83%95%e3%83%ac%e3%83%b3","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/60750","title":{"rendered":"\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f: \u4e2d\u592e\u9280\u884c\u306f\u30b4\u30fc\u30eb\u30c9\u306e\u30d9\u30b9\u30c8\u30d5\u30ec\u30f3\u30c9\u3001\u91d1\u4fa1\u683c\u306f\u3053\u3053\u304b\u3089\u5927\u304d\u304f\u4e0a\u304c\u308b"},"content":{"rendered":"\n<p>\u5f15\u304d\u7d9a\u304d\u3001Von Greyerz\u306e\u30d1\u30fc\u30c8\u30ca\u30fc\u3067\u3042\u308b\u30b8\u30e7\u30cb\u30fc\u30fb\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f\u306e\u81ea\u793e\u914d\u4fe1\u52d5\u753b\u3067\u306e\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u4eca\u56de\u306f\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f\u304c\u91d1\u76f8\u5834\u306e\u9577\u671f\u7684\u306a\u898b\u901a\u3057\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u90e8\u5206\u3092\u7d39\u4ecb\u3057\u305f\u3044\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u7c73\u56fd\u50b5\u306e\u4fa1\u683c\u4e0b\u843d<\/strong><\/p>\n\n\n\n<p>\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f\u306f\u524d\u56de\u306e\u8a18\u4e8b\u3067\u3001\u56fd\u50b5\u306e\u4fa1\u683c\u4e0b\u843d\u304c2\u5e74\u524d\u306e\u30af\u30ec\u30c7\u30a3\u30b9\u30a4\u30b9\u3084\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u9280\u884c\u306e\u3088\u3046\u306a\u9280\u884c\u5371\u6a5f\u3092\u518d\u767a\u3055\u305b\u308b\u3068\u4e88\u60f3\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\/60619\" data-type=\"post\" data-id=\"60619\">\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f: \u56fd\u50b5\u66b4\u843d\u3067\u682a\u4fa1\u30d0\u30d6\u30eb\u306f\u5d29\u58ca\u3059\u308b\u3001\u30b4\u30fc\u30eb\u30c9\u3092\u73fe\u7269\u3067\u4fdd\u6709\u3059\u308b\u3079\u304d<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u3082\u3046\u601d\u3044\u51fa\u3059\u4eba\u3082\u5c11\u306a\u3044\u3060\u308d\u3046\u304c\u3001\u9280\u884c\u304c\u4fdd\u6709\u3059\u308b\u56fd\u50b5\u306e\u4fa1\u683c\u304c\u4e0b\u843d\u3057\u3001\u53d6\u308a\u4ed8\u3051\u9a12\u304e\u3068\u306a\u3063\u305f\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u9280\u884c\u306a\u3069\u306e\u9280\u884c\u5371\u6a5f\u306f\u3001\u30a4\u30f3\u30d5\u30ec\u3068\u91d1\u5229\u4e0a\u6607\u306b\u3088\u3063\u3066\u3082\u305f\u3089\u3055\u308c\u305f\u3082\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f\u306f\u3001\u91d1\u5229\u4e0a\u6607\u304c\u6b62\u307e\u3089\u306a\u3044\u9650\u308a\u306f\u9280\u884c\u5371\u6a5f\u3082\u518d\u767a\u3059\u308b\u3068\u8003\u3048\u3066\u3044\u308b\u3002\u56f0\u308b\u306e\u306f\u305d\u3046\u3057\u305f\u9280\u884c\u306e\u9810\u91d1\u8005\u3060\u308d\u3046\u304b\uff1f\u3000\u305d\u3046\u3067\u306f\u306a\u3044\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>2008\u5e74\u306e\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u3084\u30012\u5e74\u524d\u306e\u9280\u884c\u5371\u6a5f\u3082\u3042\u3063\u305f\u304c\u3001\u9280\u884c\u306f\u5927\u304d\u3059\u304e\u3066\u6f70\u305b\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u3060\u304b\u3089\u3069\u3046\u306a\u308b\u304b\u3068\u8a00\u3048\u3070\u3001\u7d19\u5e63\u5370\u5237\u304c\u884c\u308f\u308c\u3001\u9280\u884c\u306f\u6551\u6e08\u3055\u308c\u3001\u91d1\u878d\u6a5f\u95a2\u306f\u6551\u6e08\u3055\u308c\u308b\u3002\u3060\u304c\u7d50\u679c\u3068\u3057\u3066\u7d19\u5e63\u306e\u8cfc\u8cb7\u529b\u306f\u6e1b\u308a\u7d9a\u3051\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u5b9f\u969b\u3001\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u9280\u884c\u306a\u3069\u306e\u9280\u884c\u5371\u6a5f\u3067\u306f\u305d\u3046\u306a\u3063\u305f\u3002Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u304c\u7d19\u5e63\u5370\u5237\u3067\u9810\u91d1\u8005\u3092\u6551\u6e08\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u7d50\u679c\u3068\u3057\u3066\u30a2\u30e1\u30ea\u30ab\u306e\u30de\u30cd\u30fc\u30b5\u30d7\u30e9\u30a4\uff08\u8ca8\u5e63\u306e\u6d41\u901a\u91cf\uff09\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u5897\u52a0\u306b\u8ee2\u3058\u3066\u304a\u308a\u3001\u7b46\u8005\u306f\u3053\u308c\u304c\u30a2\u30e1\u30ea\u30ab\u306e\u30a4\u30f3\u30d5\u30ec\u304c\u53ce\u307e\u3063\u3066\u3044\u306a\u3044\u7406\u7531\u3060\u3068\u8003\u3048\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><strong>\u7d19\u5e63\u306e\u4fa1\u5024\u4e0b\u843d<\/strong><\/p>\n\n\n\n<p>\u3060\u304b\u3089\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f\u306e\u4e88\u60f3\u3059\u308b\u9280\u884c\u5371\u6a5f\u306e\u88ab\u5bb3\u8005\u306f\u3001\u9810\u91d1\u8005\u3067\u306f\u306a\u304f\u30a4\u30f3\u30d5\u30ec\u3092\u53d7\u3051\u308b\u4eba\u3005\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308b\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p>\u305d\u3057\u3066\u4eba\u3005\u304c\u30a4\u30f3\u30d5\u30ec\u3092\u61f8\u5ff5\u3057\u91d1\u4fa1\u683c\u304c\u4e0a\u6607\u3057\u3066\u3044\u308b\u3002\u91d1\u4fa1\u683c\u306f\u6b21\u306e\u3088\u3046\u306b\u63a8\u79fb\u3057\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\/2025-3-4-gold-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"584\" height=\"510\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/03\/2025-3-4-gold-chart.png\" alt=\"\" class=\"wp-image-60776\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/03\/2025-3-4-gold-chart.png 584w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/03\/2025-3-4-gold-chart-300x262.png 300w\" sizes=\"auto, (max-width: 584px) 100vw, 584px\" \/><\/a><\/figure>\n\n\n\n<p>\u3060\u304c\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f\u306f\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>\u591a\u304f\u306e\u4eba\u3005\u304c\u7406\u89e3\u3057\u3066\u3044\u306a\u3044\u306e\u306f\u3001\u91d1\u4fa1\u683c\u304c\u4e0a\u6607\u3057\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u3060\u3002\u305d\u308c\u304c\u30dd\u30f3\u30c9\u3067\u3042\u308c\u3001\u30c9\u30eb\u3067\u3042\u308c\u3001\u30b9\u30a4\u30b9\u30d5\u30e9\u30f3\u3067\u3042\u308c\u3001\u5186\u3067\u3042\u308c\u3001\u3059\u3079\u3066\u306e\u901a\u8ca8\u306e\u4fa1\u5024\u304c\u4e0b\u304c\u3063\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3060\u3002<\/p>\n\n\n\n<p>1971\u5e74\u4ee5\u6765\u3001\u30c9\u30eb\u306e\u4fa1\u5024\u306f98%\u4e0b\u304c\u3063\u3066\u3044\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>1971\u5e74\u3068\u3044\u3046\u306e\u306f\u3001\u8a00\u3046\u307e\u3067\u3082\u306a\u304f\u30cb\u30af\u30bd\u30f3\u30b7\u30e7\u30c3\u30af\u306e\u3053\u3068\u3060\u308d\u3046\u3002\u305d\u308c\u307e\u3067\u30c9\u30eb\u7d19\u5e63\u306f\u4e2d\u592e\u9280\u884c\u306b\u6301\u3063\u3066\u3044\u3051\u3070\u30b4\u30fc\u30eb\u30c9\u3092\u8fd4\u3057\u3066\u304f\u308c\u308b\u30b4\u30fc\u30eb\u30c9\u306e\u9810\u304b\u308a\u8a3c\u3060\u3063\u305f\u306f\u305a\u306a\u306e\u3060\u304c\u30011971\u5e74\u306b\u30cb\u30af\u30bd\u30f3\u5927\u7d71\u9818\u304c\u4eba\u3005\u304b\u3089\u9810\u304b\u3063\u3066\u3044\u305f\u30b4\u30fc\u30eb\u30c9\u3092\u8fd4\u3055\u306a\u3044\u3068\u5ba3\u8a00\u3057\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/58140\" data-type=\"post\" data-id=\"58140\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u3001\u7d19\u5e63\u304c\u7d19\u5207\u308c\u306b\u306a\u308a\u7269\u4fa1\u9ad8\u9a30\u3092\u5f15\u304d\u8d77\u3053\u3057\u305f1971\u5e74\u306e\u30cb\u30af\u30bd\u30f3\u30b7\u30e7\u30c3\u30af\u3092\u8aac\u660e\u3059\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u3053\u308c\u304c\u91d1\u672c\u4f4d\u5236\u5ea6\u306e\u7d42\u308f\u308a\u3067\u3042\u308b\u3002\u73fe\u4ee3\u4eba\u306f\u4f55\u6545\u304b\u91d1\u672c\u4f4d\u5236\u306e\u3053\u3068\u3092\u65e7\u4e16\u4ee3\u306e\u3082\u306e\u3068\u601d\u3063\u3066\u3044\u308b\u304c\u3001\u305d\u306e\u5ec3\u6b62\u3068\u306f\u5358\u306b\u4eba\u3005\u304b\u3089\u9810\u304b\u3063\u3066\u3044\u305f\u30b4\u30fc\u30eb\u30c9\u3092\u653f\u5e9c\u304c\u76d7\u307f\u53d6\u3063\u305f\u3060\u3051\u306e\u3053\u3068\u3067\u3042\u308a\u3001\u305d\u308c\u304c\u300c\u73fe\u4ee3\u7684\u300d\u3068\u8a00\u3048\u3070\u73fe\u4ee3\u7684\u306a\u306e\u304b\u3082\u3057\u308c\u306a\u3044\u3002<\/p>\n\n\n\n<p><strong>\u7d19\u5e63\u5370\u5237\u3068\u91d1\u4fa1\u683c<\/strong><\/p>\n\n\n\n<p>\u3060\u304c\u3053\u308c\u3067\u30c9\u30eb\u7d19\u5e63\u306f\u5f53\u7136\u4fa1\u5024\u3092\u5931\u3044\u3001\u305d\u306e\u4fa1\u5024\u306f\u30b4\u30fc\u30eb\u30c9\u306b\u5bfe\u3057\u3066\u5927\u304d\u304f\u4e0b\u843d\u3057\u3066\u3044\u3063\u305f\u3002\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f\u306e\u8a00\u304698%\u3068\u306f\u30b4\u30fc\u30eb\u30c9\u3068\u6bd4\u3079\u305f\u30c9\u30eb\u306e\u4fa1\u5024\u4e0b\u843d\u306e\u3053\u3068\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p>\u30b4\u30fc\u30eb\u30c9\u306f\u4e16\u754c\u7684\u306a\u7d19\u5e63\u304b\u3089\u306e\u8cc7\u91d1\u9003\u907f\u3067\u9ad8\u9a30\u3057\u3066\u3044\u308b\u304c\u3001\u7269\u4fa1\u4e00\u822c\uff08\u4f8b\u3048\u3070\u6d88\u8cbb\u8005\u7269\u4fa1\u6307\u6570\uff09\u3068\u6bd4\u3079\u3066\u3082\u30c9\u30eb\u306e\u4fa1\u5024\u306f9\u5272\u8fd1\u304f\u4e0b\u843d\u3057\u3066\u3044\u308b\u3002\u4ee5\u4e0b\u306f1971\u5e74\u3092100\u3068\u3057\u305f\u6642\u306e\u30c9\u30eb\u306e\u4fa1\u5024\uff08\u5bfe\u6d88\u8cbb\u8005\u7269\u4fa1\u6307\u6570\uff09\u306e\u63a8\u79fb\u3067\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\/03\/2025-jan-usd-to-us-cpi-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"513\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/03\/2025-jan-usd-to-us-cpi-chart.png\" alt=\"\" class=\"wp-image-60787\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/03\/2025-jan-usd-to-us-cpi-chart.png 600w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/03\/2025-jan-usd-to-us-cpi-chart-300x257.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/figure>\n\n\n\n<p>\u4f55\u6545\u3053\u3046\u306a\u308b\u306e\u304b\u3002\u30a4\u30f3\u30d5\u30ec\u653f\u7b56\u3067\u30a4\u30f3\u30d5\u30ec\u3092\u76ee\u6307\u3057\u3066\u304d\u305f\u304b\u3089\u3067\u3042\u308b\u3002\u3053\u306e\u30b0\u30e9\u30d5\u306f\u6d88\u8cbb\u8005\u7269\u4fa1\u6307\u6570\u306e\u9006\u6570\u3092\u53d6\u3063\u305f\u3082\u306e\u3060\u304c\u3001\u9006\u6570\u3092\u5143\u306b\u623b\u305b\u3070\u5f53\u7136\u30b0\u30e9\u30d5\u306f\u30c9\u30eb\u306e\u4fa1\u5024\u4e0b\u843d\u3067\u306f\u306a\u304f\u3001\u7269\u4fa1\u306e\u9577\u671f\u7684\u306a\u4e0a\u6607\u3092\u793a\u3059\u3082\u306e\u3068\u306a\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304b\u3089\u30c9\u30eb\u306e\u4fa1\u5024\u4e0b\u843d\u3068\u30a4\u30f3\u30d5\u30ec\u306f\u540c\u3058\u3082\u306e\u3067\u3042\u308b\u3002\u3080\u3057\u308d\u3001\u3082\u306e\u3068\u3082\u306e\u306e\u76f8\u5bfe\u7684\u306a\u4fa1\u5024\u306f\u305d\u308c\u307b\u3069\u5909\u5316\u3057\u3066\u3044\u306a\u3044\u306e\u306b\u3001\u30c9\u30eb\u306e\u4fa1\u5024\u3060\u3051\u304c\u76f8\u5bfe\u7684\u306b\u4e0b\u843d\u3057\u7d9a\u3051\u3066\u3044\u308b\u306e\u3060\u304b\u3089\u3001\u30c9\u30eb\u306e\u4fa1\u5024\u304c\u9577\u671f\u7684\u306b\u4e0b\u843d\u3057\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u8fba\u308a\u306e\u7406\u5c48\u306f\u30de\u30af\u30ed\u7d4c\u6e08\u5b66\u306e\u7236\u3067\u3042\u308b\u30a2\u30c0\u30e0\u30fb\u30b9\u30df\u30b9\u6c0f\u304c\u300e<a href=\"https:\/\/amzn.to\/3V0tgK2\" target=\"_blank\" rel=\"noreferrer noopener\">\u56fd\u5bcc\u8ad6<\/a>\u300f\u3067\u975e\u5e38\u306b\u5206\u304b\u308a\u3084\u3059\u304f\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\/58253\" data-type=\"post\" data-id=\"58253\">\u30a2\u30c0\u30e0\u30fb\u30b9\u30df\u30b9\u6c0f\u3001\u901a\u8ca8\u306e\u4fa1\u5024\u304c\u4e0b\u843d\u3057\u3066\u3082\u4e00\u822c\u306e\u4eba\u3005\u304c\u6c17\u3065\u304b\u306a\u3044\u7406\u7531\u3092\u8aac\u660e\u3059\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u65e5\u672c\u4eba\u306f\u5186\u5b89\u3060\u304b\u3089\u3068\u30c9\u30eb\u3092\u8cb7\u3044\u3001\u4fa1\u5024\u306e\u4e0b\u304c\u3063\u305f\u65e5\u672c\u5186\u3092\u57fa\u6e96\u306b\u3057\u3066\u300c\u30c9\u30eb\u304c\u4e0a\u304c\u3063\u305f\u300d\u3068\u559c\u3093\u3067\u3044\u308b\u304c\u3001\u305d\u306e\u30c9\u30eb\u3082\u7269\u4fa1\u304b\u3089\u6bd4\u3079\u308c\u3070\u4fa1\u5024\u304c\u5927\u304d\u304f\u4e0b\u304c\u308a\u7d9a\u3051\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u3057\u3066\u30b4\u30fc\u30eb\u30c9\u306f\u8cc7\u7523\u9003\u907f\u306e\u9700\u8981\u304b\u3089\u305d\u306e\u7269\u4fa1\u4e00\u822c\u3088\u308a\u3082\u66f4\u306b\u4e0a\u304c\u3063\u3066\u3044\u308b\u30021970\u5e74\u4ee3\u306e\u7269\u4fa1\u9ad8\u9a30\u6642\u4ee3\u306b\u3082\u305d\u3046\u3060\u3063\u305f\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\n\n\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>\u7c73\u56fd\u50b5\u304c\u5371\u6a5f\u7684\u306a\u72b6\u6cc1\u306b\u3042\u308b\u3053\u3068\u306f\u307b\u307c\u3059\u3079\u3066\u306e\u8457\u540d\u6295\u8cc7\u5bb6\u304c\u5408\u610f\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\/59990\" data-type=\"post\" data-id=\"59990\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f: \u7c73\u56fd\u306e\u50b5\u52d9\u5371\u6a5f\u3067\u30c9\u30eb\u306e\u5927\u5e45\u4e0b\u843d\u304b\u30a4\u30f3\u30d5\u30ec\u518d\u71c3\u306f\u4e0d\u53ef\u907f<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u3068\u3044\u3046\u304b\u8ca1\u52d9\u9577\u5b98\u306e\u30b9\u30b3\u30c3\u30c8\u30fb\u30d9\u30c3\u30bb\u30f3\u30c8\u6c0f\u3082\u5408\u610f\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\/56835\" data-type=\"post\" data-id=\"56835\">\u30d9\u30c3\u30bb\u30f3\u30c8\u6c0f: \u7c73\u56fd\u306e\u50b5\u52d9\u554f\u984c\u306b\u306f\u30a2\u30e1\u30ea\u30ab\u306e\u8987\u6a29\u304c\u304b\u304b\u3063\u3066\u3044\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u56fd\u50b5\u306e\u8cb7\u3044\u624b\u304c\u4e0d\u8db3\u3059\u308b\u3068\u304d\u3001\u653f\u5e9c\u306f\u56fd\u50b5\u3092\u305d\u306e\u307e\u307e\u4e0b\u843d\u3055\u305b\u308b\u306e\u304b\u3001\u4e2d\u592e\u9280\u884c\u306b\u7d19\u5e63\u5370\u5237\u3055\u305b\u3066\u56fd\u50b5\u3092\u6551\u6e08\u3057\u3001\u7d19\u5e63\u306e\u4fa1\u5024\u3092\u72a0\u7272\u306b\u3059\u308b\u306e\u304b\u306e\u9078\u629e\u3092\u8feb\u3089\u308c\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u3057\u3066\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>37\u5146\u30c9\u30eb\u3082\u306e\u50b5\u52d9\u304c\u3042\u308b\u4ee5\u4e0a\u3001\u51fa\u53e3\u306f1\u3064\u3060\u3002\u7d19\u5e63\u3092\u5370\u5237\u3057\u3066\u30a4\u30f3\u30d5\u30ec\u3067\u50b5\u52d9\u3092\u5e33\u6d88\u3057\u306b\u3059\u308b\u3053\u3068\u3060\u3002<\/p>\n\n\n\n<p>\u653f\u5e9c\u306f\u5e38\u306b\u901a\u8ca8\u9632\u885b\u3088\u308a\u3082\u56fd\u50b5\u9632\u885b\u3092\u512a\u5148\u3059\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u305d\u3057\u3066\u305d\u306e\u6642\u306b\u30b4\u30fc\u30eb\u30c9\u306f\u3069\u3046\u306a\u308b\u306e\u304b\u3002\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u4e88\u60f3\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>\u66f4\u306a\u308b\u7d19\u5e63\u5370\u5237\u304c\u6765\u308b\u3002\u305d\u308c\u3053\u305d\u304c\u3001\u4e2d\u592e\u9280\u884c\u304c\u30b4\u30fc\u30eb\u30c9\u306b\u3068\u3063\u3066\u751f\u7c8b\u306e\u30d9\u30b9\u30c8\u30d5\u30ec\u30f3\u30c9\u3067\u3042\u308b\u7406\u7531\u3060\u3002<\/p>\n\n\n\n<p>\u3060\u304b\u3089\u308f\u305f\u3057\u306b\u306f\u30b4\u30fc\u30eb\u30c9\u306e\u4e0a\u3052\u76f8\u5834\u306f\u4e00\u65b9\u901a\u884c\u3067\u3042\u308b\u3088\u3046\u306b\u3057\u304b\u898b\u3048\u306a\u3044\u3002\u4eca\u3088\u308a\u3082\u66f4\u306b\u5927\u304d\u304f\u4e0a\u304c\u308b\u3002\u305d\u3057\u3066\u5927\u534a\u306e\u4eba\u3005\u306f\u30b4\u30fc\u30eb\u30c9\u3092\u6301\u3063\u3066\u3044\u306a\u3044\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u7e70\u308a\u8fd4\u3059\u304c\u3001\u30a4\u30f3\u30d5\u30ec\u3068\u306f\u3082\u306e\u306e\u4fa1\u5024\u304c\u4e0a\u304c\u308b\u3053\u3068\u3067\u306f\u306a\u304f\u3001\u7d19\u5e63\u306e\u4fa1\u5024\u304c\u4e0b\u304c\u308b\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304b\u3089\u30a4\u30f3\u30d5\u30ec\u304b\u3089\u9003\u308c\u308b\u305f\u3081\u306e\u552f\u4e00\u306e\u65b9\u6cd5\u306f\u3001\u7d19\u5e63\u3092\u6301\u305f\u306a\u3044\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3053\u3046\u3057\u305f\u7d4c\u6e08\u73fe\u8c61\u3092\u7406\u89e3\u3059\u308b\u306b\u306f\u7d4c\u6e08\u306e\u52c9\u5f37\u304c\u5fc5\u8981\u3060\u304c\u3001\u4f55\u3088\u308a\u3082\u307e\u305a\u30a2\u30c0\u30e0\u30fb\u30b9\u30df\u30b9\u6c0f\u306e\u300e<a href=\"https:\/\/amzn.to\/3V0tgK2\" target=\"_blank\" rel=\"noreferrer noopener\">\u56fd\u5bcc\u8ad6<\/a>\u300f\u306f\u8aad\u3080\u3079\u304d\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/58253\" data-type=\"post\" data-id=\"58253\">\u30a2\u30c0\u30e0\u30fb\u30b9\u30df\u30b9\u6c0f\u3001\u901a\u8ca8\u306e\u4fa1\u5024\u304c\u4e0b\u843d\u3057\u3066\u3082\u4e00\u822c\u306e\u4eba\u3005\u304c\u6c17\u3065\u304b\u306a\u3044\u7406\u7531\u3092\u8aac\u660e\u3059\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u30de\u30af\u30ed\u7d4c\u6e08\u5b66\u3068\u3044\u3046\u6982\u5ff5\u304c\u306a\u304b\u3063\u305f\u6642\u4ee3\u306b\u66f8\u304b\u308c\u305f\u3082\u306e\u3067\u3042\u308b\u305f\u3081\u306b\u3001\u4e00\u822c\u4eba\u3067\u3082\u7406\u89e3\u3067\u304d\u308b\u66f8\u304d\u65b9\u3067\u66f8\u304b\u308c\u3066\u3044\u308b\u304c\u3001\u73fe\u4ee3\u306e\u30de\u30af\u30ed\u7d4c\u6e08\u5b66\u8005\u306e\u66f8\u3044\u305f\u5927\u534a\u306e\u672c\u3088\u308a\u3082\u3088\u307b\u3069\u4fa1\u5024\u306e\u3042\u308b\u3082\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u77e5\u8b58\u304c\u306a\u3044\u3068\u30a4\u30f3\u30d5\u30ec\u306b\u643e\u53d6\u3055\u308c\u308b\u3002\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f\u306f\u3001\u300c\u307e\u3060\u300d\u5927\u534a\u306e\u4eba\u304c\u30b4\u30fc\u30eb\u30c9\u3092\u6301\u3063\u3066\u3044\u306a\u3044\u3053\u3068\u3092\u5f37\u8abf\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<a href=\"https:\/\/amzn.to\/3V0tgK2\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/m.media-amazon.com\/images\/I\/61IehJX+0rL._SL160_.jpg\"><\/a><br><a href=\"https:\/\/amzn.to\/3V0tgK2\" target=\"_blank\" rel=\"noreferrer noopener\">\u56fd\u5bcc\u8ad6<\/a>\n","protected":false},"excerpt":{"rendered":"<p>\u5f15\u304d\u7d9a\u304d\u3001Von Greyerz\u306e\u30d1\u30fc\u30c8\u30ca\u30fc\u3067\u3042\u308b\u30b8\u30e7\u30cb\u30fc\u30fb\u30d8\u30a4\u30b3\u30c3\u30af\u6c0f\u306e\u81ea\u793e\u914d\u4fe1\u52d5\u753b\u3067\u306e\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u3042\u308b\u3002 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