{"id":63602,"date":"2025-04-15T20:40:00","date_gmt":"2025-04-15T11:40:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=63602"},"modified":"2025-04-15T20:40:02","modified_gmt":"2025-04-15T11:40:02","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%a0%aa%e4%be%a1%e3%81%a8%e5%9b%bd%e5%82%b5%e3%81%a8%e4%b8%8d%e5%8b%95%e7%94%a3%e3%81%af%e6%9a%b4","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/63602","title":{"rendered":"\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f: \u682a\u4fa1\u3068\u56fd\u50b5\u3068\u4e0d\u52d5\u7523\u306f\u66b4\u843d\u3057\u3066\u30b4\u30fc\u30eb\u30c9\u3060\u3051\u304c\u4fa1\u5024\u3092\u4fdd\u3064"},"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\u914d\u4fe1\u52d5\u753b\u3067\u3001\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306e\u95a2\u7a0e\u653f\u7b56\u3068\u682a\u5f0f\u5e02\u5834\u306e\u4e0b\u843d\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u682a\u4fa1\u304c\u4e0b\u843d\u3057\u305f\u7406\u7531<\/strong><\/p>\n\n\n\n<p>2025\u5e744\u6708\u3001\u7c73\u56fd\u682a\u306f\u6025\u843d\u3057\u305f\u3002\u65e5\u7d4c\u5e73\u5747\u3082\u9023\u308c\u7acb\u3063\u3066\u5927\u5e45\u4e0b\u843d\u3057\u3066\u3044\u308b\u3002\u30a2\u30e1\u30ea\u30ab\u306e\u682a\u4fa1\u6307\u6570\u3067\u3042\u308bS&amp;P 500\u306e\u30c1\u30e3\u30fc\u30c8\u306f\u6b21\u306e\u3088\u3046\u306b\u306a\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\/04\/2025-4-15-s-and-p-500-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"605\" height=\"514\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/2025-4-15-s-and-p-500-chart.png\" alt=\"\" class=\"wp-image-63610\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/2025-4-15-s-and-p-500-chart.png 605w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/2025-4-15-s-and-p-500-chart-300x255.png 300w\" sizes=\"auto, (max-width: 605px) 100vw, 605px\" \/><\/a><\/figure>\n\n\n\n<p>\u5927\u624b\u30e1\u30c7\u30a3\u30a2\u306e\u30cb\u30e5\u30fc\u30b9\u3067\u306f\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u306e\u95a2\u7a0e\u304c\u539f\u56e0\u3060\u3068\u3044\u3046\u3053\u3068\u304c\u8a00\u308f\u308c\u3066\u3044\u308b\u3002\u3057\u304b\u3057\u7b46\u8005\u306f\u3082\u3063\u3068\u6839\u6df1\u3044\u554f\u984c\u304c\u672c\u8cea\u7684\u539f\u56e0\u3060\u3068\u6307\u6458\u3057\u3066\u304d\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/62889\" data-type=\"post\" data-id=\"62889\">\u30c8\u30e9\u30f3\u30d7\u76f8\u5834\u3067\u682a\u5f0f\u5e02\u5834\u304c\u66b4\u843d\u3057\u3066\u3044\u308b\u672c\u5f53\u306e\u7406\u7531<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u305d\u3057\u3066\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f\u3082\u540c\u3058\u898b\u65b9\u306e\u3088\u3046\u3067\u3042\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>\u4e16\u754c\u4e2d\u306e\u4eba\u3005\u304c\u30c8\u30e9\u30f3\u30d7\u6c0f\u3068\u95a2\u7a0e\u3092\u8cac\u3081\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u95a2\u7a0e\u306f\u5e02\u5834\u304c\u4e0b\u843d\u3057\u3066\u3044\u308b\u7406\u7531\u3067\u306f\u306a\u3044\u3002\u305d\u308c\u306f\u304d\u3063\u304b\u3051\u306b\u904e\u304e\u306a\u3044\u3002\u4e0a\u304c\u308a\u3059\u304e\u305f\u5e02\u5834\u304c\u5d29\u58ca\u3059\u308b\u306b\u306f\u3044\u3064\u3082\u304d\u3063\u304b\u3051\u304c\u5fc5\u8981\u3060\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u304c\u305f\u307e\u305f\u307e\u95a2\u7a0e\u3060\u3063\u305f\u304c\u3001\u305d\u3046\u3067\u306a\u3051\u308c\u3070\u9280\u884c\u306e\u7834\u7dbb\u304b\u3001\u4f55\u304b\u5225\u306e\u653f\u6cbb\u7684\u306a\u30cb\u30e5\u30fc\u30b9\u3060\u3063\u305f\u304b\u3082\u3057\u308c\u306a\u3044\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>Bridgewater\u306e\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u3082\u540c\u3058\u3053\u3068\u3092\u8a00\u3063\u3066\u3044\u305f\u3002\u5927\u624b\u30e1\u30c7\u30a3\u30a2\u3067\u306f\u5c11\u6570\u6d3e\u306e\u610f\u898b\u304c\u3001\u8cc7\u7523\u904b\u7528\u696d\u754c\u3067\u306f\u5f53\u305f\u308a\u524d\u306e\u898b\u65b9\u306a\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\/63566\" data-type=\"post\" data-id=\"63566\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f: \u682a\u4fa1\u66b4\u843d\u306e\u539f\u56e0\u306f\u30c8\u30e9\u30f3\u30d7\u95a2\u7a0e\u3067\u306f\u306a\u304f\u7c73\u56fd\u50b5\u3092\u4e2d\u5fc3\u3068\u3059\u308b\u91d1\u878d\u79e9\u5e8f\u306e\u5d29\u58ca<\/a><\/li>\n<\/ul>\n\n\n\n<p><strong>\u30c9\u30eb\u3068\u7c73\u56fd\u50b5\u304b\u3089\u306e\u8cc7\u7523\u9003\u907f<\/strong><\/p>\n\n\n\n<p>\u672c\u5f53\u306e\u539f\u56e0\u304c\u4f55\u304b\u3068\u3044\u3046\u3053\u3068\u306b\u3064\u3044\u3066\u3082\u3001\u7b46\u8005\u3068\u30c0\u30ea\u30aa\u6c0f\u3068\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f\u306f\u4e00\u81f4\u3057\u3066\u3044\u308b\u3002\u30c9\u30eb\u8cc7\u7523\u3001\u7279\u306b\u7c73\u56fd\u50b5\u304b\u3089\u306e\u8cc7\u91d1\u9003\u907f\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30a2\u30e1\u30ea\u30ab\u306e\u8ca1\u653f\u554f\u984c\u306b\u3064\u3044\u3066\u306f\u3001\u682a\u4fa1\u304c\u4e0b\u304c\u308b\u524d\u304b\u3089\u591a\u304f\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u304c\u8b66\u9418\u3092\u9cf4\u3089\u3057\u3066\u304d\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/61404\" data-type=\"post\" data-id=\"61404\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f: \u8ca1\u653f\u8d64\u5b57\u7d99\u7d9a\u306a\u3089\u7c73\u56fd\u50b5\u306f\u30b7\u30e7\u30c3\u30ad\u30f3\u30b0\u306a\u72b6\u6cc1\u306b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u30a2\u30e1\u30ea\u30ab\u3067\u306f\u30b3\u30ed\u30ca\u5f8c\u306e\u91d1\u5229\u4e0a\u6607\u306b\u3088\u308a\u83ab\u5927\u306a\u653f\u5e9c\u50b5\u52d9\u306b\u591a\u984d\u306e\u5229\u6255\u3044\u304c\u767a\u751f\u3057\u3066\u304a\u308a\u3001\u7c73\u56fd\u653f\u5e9c\u306f\u7c73\u56fd\u50b5\u306e\u5229\u6255\u3044\u3092\u65b0\u305f\u306a\u7c73\u56fd\u50b5\u306e\u767a\u884c\u306b\u3088\u308a\u8cc4\u3046\u81ea\u8ee2\u8eca\u64cd\u696d\u3092\u7d9a\u3051\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u65b0\u898f\u306e\u7c73\u56fd\u50b5\u306e\u767a\u884c\u904e\u591a\u306f\u3001\u56fd\u50b5\u306e\u8cb7\u3044\u624b\u4e0d\u8db3\u306e\u554f\u984c\u3092\u5f15\u304d\u8d77\u3053\u3059\u3002\u3060\u304b\u3089\u591a\u304f\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u3089\u306f\u3044\u3064\u304b\u56fd\u50b5\u4fa1\u683c\u304c\u4e0b\u843d\u3057\u3001\u91d1\u5229\u304c\u4e0a\u6607\u3059\u308b\u306e\u3067\u306f\u306a\u3044\u304b\u3068\u5371\u60e7\u3057\u3066\u3044\u305f\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u6b21\u306b\u666f\u6c17\u5f8c\u9000\u304c\u554f\u984c\u3068\u306a\u308c\u3070\u7c73\u56fd\u50b5\u304c\u58f2\u3089\u308c\u308b\u306e\u3067\u306f\u306a\u3044\u304b\u3068\u4e88\u60f3\u3057\u3066\u3044\u305f\u306e\u306f\u50b5\u5238\u6295\u8cc7\u5bb6\u306e\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/60192\" data-type=\"post\" data-id=\"60192\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u30a2\u30e1\u30ea\u30ab\u306e\u50b5\u52d9\u5371\u6a5f\u3001\u6b21\u306e\u666f\u6c17\u5f8c\u9000\u3067\u7c73\u56fd\u50b5\u306f\u30c7\u30d5\u30a9\u30eb\u30c8\u3059\u308b\u53ef\u80fd\u6027<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u666f\u6c17\u5f8c\u9000\u304c\u61f8\u5ff5\u3055\u308c\u3001\u682a\u4fa1\u304c\u4e0b\u843d\u3059\u308b\u3068\u3001\u666e\u901a\u306a\u3089\u3070\u5b89\u5168\u8cc7\u7523\u3068\u3055\u308c\u308b\u7c73\u56fd\u50b5\u306f\u8cb7\u308f\u308c\u308b\u30022008\u5e74\u306e\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u306b\u304a\u3044\u3066\u3082\u682a\u4fa1\u3068\u91d1\u4fa1\u683c\u304c\u66b4\u843d\u3059\u308b\u4e2d\u3067\u7c73\u56fd\u50b5\u3060\u3051\u306f\u8cb7\u308f\u308c\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/4454\" data-type=\"post\" data-id=\"4454\">\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u3067\u6025\u843d\u3057\u305f\u91d1\u4fa1\u683c\u3001\u4e0a\u6607\u3057\u305f\u7c73\u56fd\u50b5<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u3060\u304c\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u3001\u4eca\u56de\u306f\u666f\u6c17\u5f8c\u9000\u304c\u61f8\u5ff5\u3055\u308c\u3001\u4e00\u6642\u7684\u306b\u7c73\u56fd\u50b5\u3078\u306e\u8cc7\u91d1\u9003\u907f\u304c\u8d77\u3053\u3063\u305f\u3068\u3057\u3066\u3082\u3001\u9577\u671f\u7684\u306b\u306f\u666f\u6c17\u5bfe\u7b56\u306e\u3070\u3089\u6492\u304d\u61f8\u5ff5\u3067\u7c73\u56fd\u50b5\u306f\u58f2\u3089\u308c\u308b\u3053\u3068\u306b\u306a\u308b\u3060\u308d\u3046\u3068\u4e8b\u524d\u306b\u4e88\u60f3\u3057\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u4eca\u56de\u3001\u7c73\u56fd\u50b5\u3078\u306e\u8cc7\u91d1\u9003\u907f\u304c\u3069\u308c\u3060\u3051\u300c\u4e00\u6642\u7684\u300d\u3060\u3063\u305f\u304b\u306b\u3064\u3044\u3066\u306f\u9a5a\u304f\u3079\u304d\u3082\u306e\u304c\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>\u682a\u5f0f\u5e02\u5834\u304c\u6025\u843d\u3057\u305f\u3068\u304d\u3001\u77ed\u671f\u7684\u306b\u306f\u56fd\u50b5\u3078\u306e\u8cc7\u91d1\u9003\u907f\u304c\u8d77\u304d\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u3068\u601d\u3063\u305f\u3002\u4e0a\u304c\u308b\u3068\u3057\u3066\u3082\u77ed\u671f\u3060\u3051\u3060\u304c\u3002\u9577\u671f\u7684\u306b\u306f\u56fd\u50b5\u306f\u58f2\u3089\u308c\u3001\u91d1\u5229\u306f\u4e0a\u6607\u3059\u308b\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u5b9f\u969b\u306b\u306f\u56fd\u50b5\u3078\u306e\u8cc7\u91d1\u9003\u907f\u306f2\u65e5\u3067\u7d42\u308f\u3063\u305f\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u682a\u5b89\u304c\u59cb\u307e\u3063\u3066\u6bd4\u8f03\u7684\u3059\u3050\u306b\u7c73\u56fd\u50b5\u306f\u58f2\u3089\u308c\u3001\u91d1\u5229\u306e\u4e0a\u6607\u304c\u59cb\u307e\u3063\u305f\u3002\u30a2\u30e1\u30ea\u30ab\u306e\u9577\u671f\u91d1\u5229\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\/04\/2025-4-15-us-10-year-treasury-bond-yield-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"605\" height=\"514\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/2025-4-15-us-10-year-treasury-bond-yield-chart.png\" alt=\"\" class=\"wp-image-63619\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/2025-4-15-us-10-year-treasury-bond-yield-chart.png 605w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/2025-4-15-us-10-year-treasury-bond-yield-chart-300x255.png 300w\" sizes=\"auto, (max-width: 605px) 100vw, 605px\" \/><\/a><\/figure>\n\n\n\n<p>\u682a\u4fa1\u304c\u4e0b\u304c\u308a\u3001\u7c73\u56fd\u50b5\u304c\u58f2\u3089\u308c\u3001\u305d\u306e\u4ee3\u308f\u308a\u306b\u4f55\u304c\u4e0a\u6607\u3057\u305f\u306e\u304b\u3002\u30b4\u30fc\u30eb\u30c9\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u91d1\u4fa1\u683c\u306e\u30c1\u30e3\u30fc\u30c8\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\/04\/2025-4-15-gold.png\"><img loading=\"lazy\" decoding=\"async\" width=\"605\" height=\"514\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/2025-4-15-gold.png\" alt=\"\" class=\"wp-image-63620\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/2025-4-15-gold.png 605w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/2025-4-15-gold-300x255.png 300w\" sizes=\"auto, (max-width: 605px) 100vw, 605px\" \/><\/a><\/figure>\n\n\n\n<p><strong>\u91d1\u4fa1\u683c\u306e\u4e0a\u6607<\/strong><\/p>\n\n\n\n<p>\u7c73\u56fd\u50b5\u306e\u4e0b\u843d\u3092\u4e88\u60f3\u3057\u305f\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u3068\u540c\u69d8\u306b\u3001\u53bb\u5e74\u304b\u3089\u3053\u306e\u76f8\u5834\u3092\u7684\u78ba\u306b\u4e88\u60f3\u3057\u3066\u3044\u305f\u306e\u304c\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f\u306f\u91d1\u4fa1\u683c\u304c\u307e\u30602,200\u30c9\u30eb\u3060\u3063\u305f\u53bb\u5e74\u306e\u534a\u3070\u304b\u3089\u3001\u30c9\u30eb\u8cc7\u7523\u304b\u3089\u30b4\u30fc\u30eb\u30c9\u3078\u306e\u8cc7\u91d1\u9003\u907f\u3092\u4e88\u60f3\u3057\u7d9a\u3051\u305f\u3002\u305d\u3057\u3066\u4eca\u3084\u91d1\u4fa1\u683c\u306f3,200\u30c9\u30eb\u3067\u3042\u308b\u3002<\/p>\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 (2024\/6\/10)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/49744\" data-type=\"post\" data-id=\"49744\">\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f: \u3059\u3079\u3066\u306e\u7d19\u5e63\u306e\u4fa1\u5024\u306f\u6700\u7d42\u7684\u306b\u30bc\u30ed\u306b\u5411\u304b\u3063\u3066\u3086\u304f (2024\/6\/8)<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u30a2\u30e1\u30ea\u30ab\u306e\u8ca0\u50b5\u304c\u591a\u3059\u304e\u308b\u306e\u3067\u3042\u308b\u3002\u305d\u3057\u3066\u305d\u306e\u8ca0\u50b5\u306f\u3001\u91d1\u5229\u304c\u30bc\u30ed\u3060\u3063\u305f\u9803\u306b\u306f\u8ca0\u50b5\u3092\u3069\u308c\u3060\u3051\u7a4d\u307f\u4e0a\u3052\u3066\u3082\u5229\u6255\u3044\u306f\u30bc\u30ed\u3060\u3063\u305f\u304c\u3001\u30a4\u30f3\u30d5\u30ec\u306b\u306a\u308a\u91d1\u5229\u304c\u4e0a\u304c\u308a\u59cb\u3081\u308b\u3068\u9014\u7aef\u306b\u591a\u984d\u306e\u5229\u6255\u3044\u304c\u751f\u3058\u308b\u3088\u3046\u306b\u306a\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u306f\u7c73\u56fd\u50b5\u306e\u5927\u91cf\u767a\u884c\u306b\u7e4b\u304c\u308a\u3001\u91d1\u878d\u5e02\u5834\u306f\u8cb7\u3044\u624b\u4e0d\u8db3\u306b\u3088\u308b\u7c73\u56fd\u50b5\u306e\u66b4\u843d\u3092\u5fc3\u914d\u3057\u59cb\u3081\u308b\u3002<\/p>\n\n\n\n<p>\u7c73\u56fd\u50b5\u3084\u30c9\u30eb\u7d19\u5e63\u306e\u5c06\u6765\u304c\u5371\u3046\u304f\u306a\u308b\u3068\u304d\u3001\u4ee3\u308f\u308a\u306b\u8cb7\u308f\u308c\u308b\u3082\u306e\u306f\u4f55\u304b\uff1f\u3000\u30b4\u30fc\u30eb\u30c9\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\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>\u3053\u3046\u306a\u308b\u3053\u3068\u306f\u5206\u304b\u3063\u3066\u3044\u305f\u3002\u305d\u308c\u304c\u4e0d\u53ef\u907f\u3067\u3042\u308b\u3053\u3068\u306f\u6b74\u53f2\u304c\u6559\u3048\u3066\u304f\u308c\u305f\u3002\u901a\u8ca8\u306e\u30b5\u30a4\u30af\u30eb\u306e\u7d42\u308f\u308a\u306b\u306f\u901a\u8ca8\u304c\u4e0b\u843d\u3057\u3001\u305d\u308c\u304c\u30b4\u30fc\u30eb\u30c9\u306e\u540d\u76ee\u4fa1\u683c\u3092\u4e0a\u6607\u3055\u305b\u308b\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u901a\u8ca8\u306e\u30b5\u30a4\u30af\u30eb\u306e\u7d42\u308f\u308a\u3068\u306f\u3001\u3064\u307e\u308a\u306f\u30c9\u30eb\u3068\u7c73\u56fd\u50b5\u306e\u4fe1\u7528\u304c\u3044\u3088\u3044\u3088\u7591\u308f\u308c\u30011945\u5e74\u304b\u3089\u4e16\u754c\u306e\u57fa\u8ef8\u901a\u8ca8\u3067\u3042\u308a\u7d9a\u3051\u305f\u30c9\u30eb\u304a\u3088\u3073\u30c9\u30eb\u5efa\u3066\u8cc7\u7523\u306e\u4e0b\u843d\u30c8\u30ec\u30f3\u30c9\u304c\u59cb\u307e\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u8cc7\u7523\u9003\u907f\u306f\u59cb\u307e\u3063\u305f\u3070\u304b\u308a<\/strong><\/p>\n\n\n\n<p>\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f\u306f\u3001\u30c9\u30eb\u5efa\u3066\u8cc7\u7523\u304b\u3089\u30b4\u30fc\u30eb\u30c9\u3078\u306e\u9577\u3044\u8cc7\u7523\u9003\u907f\u306e\u59cb\u307e\u308a\u306b\u904e\u304e\u306a\u3044\u3068\u4e88\u60f3\u3057\u3066\u3044\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\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>\u50b5\u6a29\u3001\u682a\u5f0f\u3001\u4e0d\u52d5\u7523\u306a\u3069\u30d0\u30d6\u30eb\u306b\u306a\u3063\u3066\u3044\u308b\u3059\u3079\u3066\u306e\u8cc7\u7523\u306f\u4e0b\u843d\u3059\u308b\u3002<\/p>\n\n\n\n<p>\u3053\u308c\u3089\u3059\u3079\u3066\u304c\u7d42\u308f\u3063\u305f\u3068\u304d\u3001\u50b5\u5238\u5e02\u5834\u3001\u682a\u5f0f\u5e02\u5834\u3001\u4e0d\u52d5\u7523\u5e02\u5834\u306a\u3069\u306e\u3059\u3079\u3066\u306e\u91d1\u878d\u5e02\u5834\u304c\u3069\u3046\u306a\u308b\u304b\u3092\u8003\u3048\u308c\u3070\u3001\u30c8\u30e9\u30f3\u30d7\u6c0f\u306f\u53f2\u4e0a\u6700\u60aa\u306e\u5927\u7d71\u9818\u3068\u3057\u3066\u540d\u524d\u3092\u6b8b\u3059\u3053\u3068\u306b\u306a\u308b\u3060\u308d\u3046\u3002\u30b5\u30a4\u30af\u30eb\u306e\u7d42\u308f\u308a\u306b\u5927\u7d71\u9818\u3068\u306a\u308b\u4eba\u7269\u306f\u8ab0\u3067\u3082\u82e6\u3057\u3080\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u305d\u3057\u3066\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f\u306f\u30b4\u30fc\u30eb\u30c9\u306a\u3069\u8cb4\u91d1\u5c5e\u306e\u4e00\u4eba\u52dd\u3061\u3092\u4e88\u60f3\u3057\u3066\u3044\u308b\u3002\u3044\u3084\u53b3\u5bc6\u306b\u306f\u3001\u4ed6\u306e\u3059\u3079\u3066\u304c\u4e0b\u304c\u308a\u3001\u8cb4\u91d1\u5c5e\u3060\u3051\u304c\u30ce\u30a2\u306e\u65b9\u821f\u306e\u3088\u3046\u306b\u4e16\u754c\u7684\u306a\u5927\u6d2a\u6c34\u304b\u3089\u6295\u8cc7\u5bb6\u3092\u5b88\u308b\u306e\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\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>\u30b4\u30fc\u30eb\u30c9\u306e\u4fa1\u5024\u304c\u4e0a\u304c\u308b\u308f\u3051\u3067\u306f\u306a\u3044\u3002\u5358\u306b\u305d\u306e\u8cfc\u8cb7\u529b\u3092\u7dad\u6301\u3059\u308b\u3060\u3051\u3060\u3002\u3060\u304b\u3089\u4fa1\u5024\u306e\u306a\u304f\u306a\u308b\u901a\u8ca8\u3067\u4fa1\u5024\u3092\u8a08\u7b97\u3059\u308c\u3070\u3001\u91d1\u4fa1\u683c\u304c\u4e0a\u304c\u3063\u3066\u3044\u308b\u3088\u3046\u306b\u898b\u3048\u308b\u3002<\/p>\n\n\n\n<p>\u3053\u308c\u306f\u53f2\u4e0a\u6700\u5927\u306e\u8cc7\u91d1\u306e\u79fb\u52d5\u306b\u306a\u308b\u3060\u308d\u3046\u3002\u3053\u308c\u306f\u4e16\u754c\u7684\u306a\u73fe\u8c61\u3067\u3042\u308a\u3001\u591a\u304f\u306e\u4eba\u304c\u5927\u91d1\u3092\u5931\u3046\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u306a\u305c\u30c9\u30eb\u304b\u3089\u8cc7\u91d1\u304c\u9003\u907f\u3057\u3066\u3044\u308b\u306e\u304b\u3002<\/p>\n\n\n\n<p>\u3088\u308a\u8a73\u3057\u304f\u77e5\u308a\u305f\u3044\u4eba\u306f\u3001\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3084\u3001\u30c0\u30ea\u30aa\u6c0f\u304c\u30c9\u30eb\u306e\u8987\u6a29\u304c\u7d42\u308f\u308b\u7406\u7531\u3092\u89e3\u8aac\u3057\u305f\u8457\u66f8\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\u3092\u53c2\u8003\u306b\u3057\u3066\u3082\u3089\u3044\u305f\u3044\u3002\u95a2\u7a0e\u306e\u8a71\u3092\u3057\u3066\u3044\u308b\u5834\u5408\u3067\u306f\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\/63566\" data-type=\"post\" data-id=\"63566\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f: \u682a\u4fa1\u66b4\u843d\u306e\u539f\u56e0\u306f\u30c8\u30e9\u30f3\u30d7\u95a2\u7a0e\u3067\u306f\u306a\u304f\u7c73\u56fd\u50b5\u3092\u4e2d\u5fc3\u3068\u3059\u308b\u91d1\u878d\u79e9\u5e8f\u306e\u5d29\u58ca<\/a><\/li>\n\n\n\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<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\u914d\u4fe1\u52d5\u753b\u3067\u3001\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306e\u95a2\u7a0e\u653f\u7b56\u3068\u682a\u5f0f\u5e02\u5834\u306e\u4e0b\u843d\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":[57,110],"tags":[204],"class_list":["post-63602","post","type-post","status-publish","format-standard","hentry","category-commodity-markets","category-gold","tag-egon-von-greyerz"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/63602","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=63602"}],"version-history":[{"count":40,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/63602\/revisions"}],"predecessor-version":[{"id":63645,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/63602\/revisions\/63645"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=63602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=63602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=63602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}