{"id":63697,"date":"2025-04-18T20:00:00","date_gmt":"2025-04-18T11:00:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=63697"},"modified":"2025-04-18T09:41:26","modified_gmt":"2025-04-18T00:41:26","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-%e7%b1%b3%e5%9b%bd%e6%a0%aa%e3%81%ae%e3%83%90%e3%83%96%e3%83%ab%e3%81%af%e5%b4%a9%e5%a3%8a%e3%81%99","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/63697","title":{"rendered":"\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f: \u7c73\u56fd\u682a\u306e\u5de8\u5927\u30d0\u30d6\u30eb\u306f\u5d29\u58ca\u3059\u308b\u3001\u682a\u4fa1\u4e0b\u843d\u306f25\u5e74\u4ee5\u4e0a\u306e\u9577\u671f\u4e0b\u843d\u76f8\u5834\u306e\u59cb\u307e\u308a\u306b\u904e\u304e\u306a\u3044"},"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<\/p>\n\n\n\n<p>\u4eca\u56de\u306f\u7c73\u56fd\u682a\u306e\u9577\u671f\u7684\u306a\u52d5\u5411\u306b\u3064\u3044\u3066\u4e88\u60f3\u3057\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\u682a\u306e\u4e0a\u6607\u3068\u4e0b\u843d<\/strong><\/p>\n\n\n\n<p>2025\u5e74\u306e\u682a\u5f0f\u5e02\u5834\u306f\u3001\u4e45\u3005\u306b\u5927\u304d\u306a\u4e0b\u843d\u3068\u306a\u3063\u305f\u3002\u591a\u304f\u306e\u4eba\u306f\u9a5a\u3044\u3066\u3044\u308b\u304c\u3001\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f\u306f\u305d\u3046\u3067\u306f\u306a\u3044\u3089\u3057\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>\u5c11\u306a\u304f\u3068\u3082\u4eca\u4e16\u7d00\u306e\u9593\u305a\u3063\u3068\u3001\u591a\u304f\u306e\u4eba\u304c\u682a\u5f0f\u3084\u975e\u516c\u958b\u682a\u5f0f\u3001\u30ed\u30fc\u30f3\u3001\u4e0d\u52d5\u7523\u3001\u50b5\u5238\u306a\u3069\u3067\u6295\u6a5f\u3092\u3057\u3066\u304d\u305f\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u306f\u5929\u307e\u3067\u4f38\u3073\u308b\u6728\u3060\u3068\u601d\u308f\u308c\u3066\u304d\u305f\u3002\u4e0a\u624b\u304f\u884c\u304b\u306a\u3044\u306f\u305a\u304c\u306a\u3044\u3068\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u7c73\u56fd\u682a\u306f\u3082\u3046\u9577\u3044\u9593\u4e0a\u304c\u308a\u7d9a\u3051\u3066\u304d\u305f\u3002\u305d\u308c\u306b\u3042\u3084\u304b\u308d\u3046\u3068\u3059\u308b\u4eba\u3082\u3001\u7279\u306b\u3053\u3053\u6570\u5e74\u3067\u5927\u304d\u304f\u5897\u3048\u3066\u3044\u305f\u3002\u65e5\u672c\u3067\u306fNISA\u304c\u6d41\u884c\u308a\u3001\u7c73\u56fd\u682a\u306f\u9577\u671f\u7684\u306b\u306f\u6c38\u9060\u306b\u4e0a\u304c\u308a\u7d9a\u3051\u308b\u3068\u3044\u3046\u3001\u9762\u767d\u3044\u898b\u89e3\u3082\u6d41\u884c\u308a\u59cb\u3081\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<p>\u5b9f\u969b\u306b\u306f\u3001\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u304c\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\u3067\u8ff0\u3079\u3066\u3044\u308b\u3088\u3046\u306b\u3001\u682a\u5f0f\u5e02\u5834\u3069\u3053\u308d\u304b\u56fd\u5bb6\u306e\u7e41\u6804\u305d\u306e\u3082\u306e\u304c100\u5e74\u7a0b\u5ea6\u306e\u5468\u671f\u3067\u3057\u304b\u7d9a\u304b\u306a\u3044\u3068\u3044\u3046\u306e\u306b\u3002<\/p>\n\n\n\n<p>\u7c73\u56fd\u682a\u304c\u904e\u53bb40\u5e74\u4e0a\u304c\u308a\u7d9a\u3051\u305f\u304b\u3089\u3053\u308c\u304b\u3089\u3082\u4e0a\u304c\u308a\u7d9a\u3051\u308b\u3068\u3044\u3046\u4e3b\u5f35\u306f\u3001\u96a3\u306e\u5c71\u7530\u3055\u3093\u306f80\u5e74\u751f\u304d\u305f\u304b\u3089\u3053\u308c\u304b\u3089\u3082\u6c38\u9060\u306b\u751f\u304d\u7d9a\u3051\u308b\u3068\u4e3b\u5f35\u3059\u308b\u306e\u3068\u307e\u3063\u305f\u304f\u540c\u3058\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u30a2\u30e1\u30ea\u30ab\u306e\u8987\u6a29\u306e\u5bff\u547d<\/strong><\/p>\n\n\n\n<p>\u5bff\u547d\u306f100\u5e74\u7a0b\u5ea6\u3067\u3084\u3063\u3066\u304f\u308b\u304c\u3001\u4eba\u9593\u306e\u5bff\u547d\u3068\u307e\u3063\u305f\u304f\u540c\u3058\u3088\u3046\u306b\u3001\u305d\u308c\u304c\u3044\u3064\u3084\u3063\u3066\u304f\u308b\u304b\u3092\u53b3\u5bc6\u306b\u4e88\u60f3\u3059\u308b\u3053\u3068\u306f\u7c21\u5358\u3067\u306f\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u5927\u4f53\u306e\u76ee\u5b89\u3068\u3057\u3066\u3001\u50b5\u5238\u6295\u8cc7\u5bb6\u306e\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304c\u30011945\u5e74\u306b\u59cb\u307e\u3063\u305f\u30c9\u30eb\u3068\u7c73\u56fd\u50b5\u306e\u8987\u6a29\u306b\u3064\u3044\u3066\u6b21\u306e\u3088\u3046\u306b\u8a00\u3063\u3066\u3044\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\/60402\" data-type=\"post\" data-id=\"60402\">\u7c73\u56fd\u50b5\u5d29\u58ca\u306e\u30b5\u30a4\u30af\u30eb\u306f2025\u5e74\u9803<\/a><\/li>\n<\/ul>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u305d\u308c\u306f\u5927\u4f5370\u5e74\u304b80\u5e74\u9593\u9694\u3067\u8d77\u3053\u3063\u3066\u3044\u308b\u3002\u305d\u3057\u30661945\u5e74\u306b80\u5e74\u3092\u8db3\u3059\u30682025\u5e74\u306b\u306a\u308b\u3002\u300c\u4e45\u3057\u3076\u308a\u300d\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u3060\u304b\u3089\u904e\u53bb40\u5e74\u306e\u3053\u3068\u3092\u8a9e\u308b\u306e\u3067\u306f\u306a\u304f\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u8987\u6a29\u304c80\u5e74\u7d9a\u3044\u3066\u3044\u308b\u3053\u3068\u306b\u6ce8\u76ee\u3059\u3079\u304d\u306a\u306e\u3067\u3042\u308b\u3002\u5c71\u7530\u3055\u3093\u304c80\u6b73\u3067\u3042\u308b\u3053\u3068\u306f\u3001\u5c71\u7530\u3055\u3093\u304c\u76f4\u8fd140\u5e74\u9593\u751f\u304d\u7d9a\u3051\u305f\u3053\u3068\u3088\u308a\u3082\u3088\u307b\u3069\u91cd\u8981\u3060\u3002<\/p>\n\n\n\n<p>\u30a2\u30e1\u30ea\u30ab\u306e\u524d\u306e\u8987\u6a29\u56fd\u5bb6\u306f\u5927\u82f1\u5e1d\u56fd\u3060\u3063\u305f\u3002\u305d\u3057\u3066\u5927\u82f1\u5e1d\u56fd\u3082\u540c\u3058\u3088\u3046\u306a\u671f\u9593\u7e41\u6804\u3057\u3001\u305d\u3057\u3066\u8870\u9000\u3057\u3066\u3044\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u300c\u30a4\u30ae\u30ea\u30b9\u306f\u307e\u3060\u3042\u308b\u3067\u306f\u306a\u3044\u304b\u300d\u3068\u306f\u8a00\u3046\u304c\u3001\u5927\u82f1\u5e1d\u56fd\u306e\u8870\u9000\u306b\u3068\u3082\u306a\u3063\u3066\u82f1\u56fd\u682a\u3068\u904e\u53bb\u306e\u57fa\u8ef8\u901a\u8ca8\u30dd\u30f3\u30c9\u306f\u66b4\u843d\u3057\u3001\u6295\u8cc7\u5bb6\u306f\u5927\u640d\u3057\u305f\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\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\u884c\u306a\u3063\u3066\u3044\u308b\u6b74\u53f2\u4e0a\u306e\u8987\u6a29\u56fd\u5bb6\u306e\u7814\u7a76\u306f\u305d\u3046\u3044\u3046\u7814\u7a76\u3067\u3042\u308b\u3002\u305d\u3057\u3066\u6b21\u306f\u30a2\u30e1\u30ea\u30ab\u306e\u756a\u3060\u3068\u30c0\u30ea\u30aa\u6c0f\u3082\u8a00\u3063\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u7c73\u56fd\u682a\u306e\u30d0\u30d6\u30eb\u5d29\u58ca<\/strong><\/p>\n\n\n\n<p>\u3060\u304c\u3001\u5bff\u547d\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3092\u4e88\u60f3\u3059\u308b\u3053\u3068\u306f\u56f0\u96e3\u3060\u3063\u305f\u3002\u3057\u304b\u3057\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f\u306f\u305d\u306e\u6642\u304c\u6765\u305f\u3068\u8a00\u3063\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\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>\u3053\u306e\u72b6\u6cc1\u306f\u3001\u3059\u3079\u3066\u306e\u30d0\u30d6\u30eb\u306e\u7d42\u308f\u308a\u306e\u72b6\u6cc1\u3068\u540c\u3058\u3060\u30021929\u5e74\u306e\u66b4\u843d\u306e\u524d\u3082\u305d\u3046\u3060\u3063\u305f\u3002\u300c\u3053\u308c\u306f\u6c38\u9060\u306b\u7d9a\u304f\u300d\u300c\u9ec4\u91d1\u6642\u4ee3\u3060\u300d\u306a\u3069\u306e\u30d5\u30ec\u30fc\u30ba\u304c\u805e\u304b\u308c\u305f\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u305d\u3046\u306f\u306a\u3089\u306a\u304b\u3063\u305f\u3002\u305d\u3057\u3066\u4e0a\u6607\u306f\u7d42\u308f\u3063\u305f\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f\u306f\u3001\u3053\u3053\u304c80\u5e74\u7d9a\u3044\u305f\u7c73\u56fd\u682a\u306e\u30d0\u30d6\u30eb\u306e\u307e\u3055\u306b\u5929\u4e95\u3060\u3068\u8003\u3048\u3066\u3044\u308b\u3088\u3046\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u306e\u6839\u62e0\u306f\u4f55\u304b\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>\u4eca\u56de\u3001\u682a\u5f0f\u5e02\u5834\u304c\u4e0b\u843d\u3059\u308b\u3068\u304d\u3001\u77ed\u671f\u9593\u306f\u56fd\u50b5\u3078\u306e\u8cc7\u91d1\u9003\u907f\u304c\u3042\u308b\u3060\u308d\u3046\u3068\u601d\u3063\u305f\u3002\u3060\u304c\u4eca\u56de\u3001\u91d1\u878d\u5e02\u5834\u306f\u3053\u308c\u307e\u3067\u3088\u308a\u8ce2\u304b\u3063\u305f\u3002\u5e02\u5834\u306f\u56fd\u50b5\u306b\u306f\u4fa1\u5024\u304c\u306a\u3044\u3068\u8a8d\u8b58\u3057\u305f\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u3053\u3053\u3067\u306f\u4f55\u5ea6\u3082\u8a00\u3063\u3066\u3044\u308b\u304c\u3001\u9375\u3068\u306a\u308b\u306e\u306f\u7c73\u56fd\u50b5\u306e\u52d5\u304d\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u672c\u6765\u3001\u682a\u5f0f\u304b\u3089\u306e\u8cc7\u91d1\u306e\u9003\u907f\u5148\u3068\u306a\u308a\u4e0a\u6607\u3059\u308b\u306f\u305a\u306e\u7c73\u56fd\u50b5\u304c\u4e0b\u843d\u3057\u3001\u91d1\u5229\u306f\u4e0a\u6607\u3057\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\/2025-4-17-us-10-year-treasury-bond-yield-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"599\" height=\"504\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/2025-4-17-us-10-year-treasury-bond-yield-chart.png\" alt=\"\" class=\"wp-image-63773\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/2025-4-17-us-10-year-treasury-bond-yield-chart.png 599w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/2025-4-17-us-10-year-treasury-bond-yield-chart-300x252.png 300w\" sizes=\"auto, (max-width: 599px) 100vw, 599px\" \/><\/a><\/figure>\n\n\n\n<p>\u305d\u308c\u3053\u305d\u304c\u4eca\u56de\u306e\u4e0b\u843d\u76f8\u5834\u3067\u4e00\u756a\u7570\u5e38\u306a\u70b9\u3067\u3042\u308b\u3002\u30a2\u30e1\u30ea\u30ab\u3067\u306f\u30b3\u30ed\u30ca\u5f8c\u306e\u91d1\u5229\u4e0a\u6607\u3067\u7c73\u56fd\u50b5\u306e\u5229\u6255\u3044\u304c\u6025\u5897\u3057\u3066\u304a\u308a\u3001\u7c73\u56fd\u653f\u5e9c\u306f\u501f\u91d1\u306e\u5229\u6255\u3044\u3092\u65b0\u305f\u306a\u501f\u91d1\u3067\u652f\u6255\u3046\u81ea\u8ee2\u8eca\u64cd\u696d\u306b\u8ffd\u3044\u8fbc\u307e\u308c\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u4e00\u822c\u306e\u4eba\u3005\u304c\u30cb\u30e5\u30fc\u30b9\u306b\u51fa\u3066\u3044\u308b\u95a2\u7a0e\u306e\u8a71\u3067\u76db\u308a\u4e0a\u304c\u3063\u3066\u3044\u308b\u9593\u306b\u3001\u5404\u56fd\u306e\u4e2d\u592e\u9280\u884c\u306a\u3069\u306e\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306f\u7c9b\u3005\u3068\u7c73\u56fd\u50b5\u3092\u51e6\u5206\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u672c\u6765\u4e0a\u6607\u3059\u3079\u304d\u5c40\u9762\u3067\u7c73\u56fd\u50b5\u304c\u4e0b\u843d\u3057\u3066\u3044\u308b\u3053\u3068\u306f\u3001\u7c73\u56fd\u50b5\u304b\u3089\u306e\u8cc7\u91d1\u9003\u907f\u306e\u52e2\u3044\u304c\u305d\u308c\u3060\u3051\u5f37\u3044\u3053\u3068\u3092\u793a\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\/63647\" data-type=\"post\" data-id=\"63647\">\u682a\u5f0f\u5e02\u5834\u66b4\u843d\u3001\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306f\u3053\u308c\u304b\u3089\u4f55\u5ea6\u3067\u3082\u7c73\u56fd\u50b5\u4e0b\u843d\u306b\u8105\u3055\u308c\u7d9a\u3051\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u6700\u7d42\u7684\u306b\u306f\u7c73\u56fd\u50b5\u306f\u30a2\u30e1\u30ea\u30ab\u81ea\u8eab\u306e\u4e2d\u592e\u9280\u884c\u304c\u8cb7\u3044\u652f\u3048\u308b\u3057\u304b\u306a\u3044\u3068\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f\u306f\u4e3b\u5f35\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>\u3082\u306f\u3084\u56fd\u50b5\u3092\u9b45\u529b\u7684\u3060\u3068\u8003\u3048\u308b\u306e\u306f\u4e2d\u592e\u9280\u884c\u3060\u3051\u3060\u3002\u5f7c\u3089\u306f\u305d\u308c\u304c\u4ed5\u4e8b\u3060\u3002\u4e2d\u592e\u9280\u884c\u3060\u3051\u304c\u56fd\u50b5\u306e\u8cb7\u3044\u624b\u3068\u306a\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p><strong>\u91d1\u5229\u4e0a\u6607\u3068\u7c73\u56fd\u682a\u30d0\u30d6\u30eb\u306e\u7d42\u308f\u308a<\/strong><\/p>\n\n\n\n<p>\u7c73\u56fd\u50b5\u304c\u4e0b\u843d\u3059\u308c\u3070\u91d1\u5229\u306f\u4e0a\u6607\u3059\u308b\u3002\u305d\u3082\u305d\u3082\u7c73\u56fd\u682a\u304c\u904e\u53bb40\u5e74\u4e0a\u304c\u308a\u7d9a\u3051\u305f\u306e\u306f\u3001\u904e\u53bb40\u5e74\u91d1\u5229\u304c\u4e0b\u304c\u308a\u7d9a\u3051\u305f\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30a2\u30e1\u30ea\u30ab\u306e\u9577\u671f\u91d1\u5229\u306f\u9577\u671f\u7684\u306b\u6b21\u306e\u3088\u3046\u306b\u63a8\u79fb\u3057\u3066\u304d\u305f\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\/2025-4-18-us-10-year-treasury-bond-yield-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"599\" height=\"504\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/2025-4-18-us-10-year-treasury-bond-yield-chart.png\" alt=\"\" class=\"wp-image-63782\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/2025-4-18-us-10-year-treasury-bond-yield-chart.png 599w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/2025-4-18-us-10-year-treasury-bond-yield-chart-300x252.png 300w\" sizes=\"auto, (max-width: 599px) 100vw, 599px\" \/><\/a><\/figure>\n\n\n\n<p>\u300c\u6c38\u9060\u300d\u306e\u91d1\u5229\u4f4e\u4e0b\u304c\u300c\u6c38\u9060\u300d\u306e\u682a\u9ad8\u3092\u652f\u3048\u3066\u304d\u305f\u3002\u4eba\u3005\u306e\u8a00\u3046\u6c38\u9060\u3068\u306f\u3059\u306a\u308f\u306140\u5e74\u306e\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u682a\u5b89\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u4e0a\u6607\u3057\u305f\u6700\u8fd1\u306e\u9577\u671f\u91d1\u5229\u306e\u52d5\u304d\u306f\u3001\u904e\u53bb40\u5e74\u306a\u304b\u3063\u305f\u3082\u306e\u3067\u3042\u308a\u3001\u3053\u306e40\u5e74\u306e\u91d1\u5229\u4e0b\u843d\u30c8\u30ec\u30f3\u30c9\u306e\u7d42\u7109\u3092\u7269\u8a9e\u3063\u3066\u3044\u308b\u3002\u305d\u3057\u3066\u305d\u308c\u306f\u5f53\u7136\u306a\u304c\u3089\u7c73\u56fd\u682a\u306e\u9577\u671f\u4e0a\u6607\u76f8\u5834\u306e\u7d42\u308f\u308a\u3092\u610f\u5473\u3059\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\u306e\u4e0b\u843d\u76f8\u5834\u306f\u682a\u5f0f\u306e10\u5e74\u304b20\u5e74\u300130\u5e74\u306e\u4e0b\u843d\u76f8\u5834\u306b\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3002\u4e00\u76f4\u7dda\u306b\u4e0b\u304c\u308a\u7d9a\u3051\u308b\u308f\u3051\u3067\u306f\u306a\u3044\u3002\u6a2a\u3070\u3044\u306e\u6642\u671f\u3082\u3042\u308c\u3070\u53cd\u767a\u306e\u6642\u671f\u3082\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u9577\u671f\u7684\u306b\u306f1929\u5e74\u304b\u30891954\u5e74\u307e\u3067\u306e25\u5e74\u9593\u30011929\u5e74\u30681932\u5e74\u306e\u682a\u4fa1\u66b4\u843d\u304b\u3089\u30c0\u30a6\u5e73\u5747\u304c\u56de\u5fa9\u3059\u308b\u306e\u306b\u304b\u304b\u3063\u305f\u6642\u9593\u3060\u304c\u3001\u305d\u308c\u4ee5\u4e0a\u306e\u4e0b\u843d\u76f8\u5834\u306b\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u904e\u53bb\u306b\u540c\u3058\u3088\u3046\u306a\u72b6\u6cc1\u306b\u306a\u3063\u305f\u6642\u4ee3\u304c\u3042\u3063\u305f\u30021929\u5e74\u306e\u4e16\u754c\u6050\u614c\u3068\u305d\u306e\u5f8c\u306e\u9577\u671f\u7684\u306a\u682a\u4fa1\u4f4e\u8ff7\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\/04\/1925-1950-dow-jones-industrial-average-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"599\" height=\"504\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/1925-1950-dow-jones-industrial-average-chart.png\" alt=\"\" class=\"wp-image-63785\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/1925-1950-dow-jones-industrial-average-chart.png 599w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/04\/1925-1950-dow-jones-industrial-average-chart-300x252.png 300w\" sizes=\"auto, (max-width: 599px) 100vw, 599px\" \/><\/a><\/figure>\n\n\n\n<p>\u3061\u306a\u307f\u306b\u3053\u306e\u4e16\u754c\u6050\u614c\u306f\u30c9\u30eb\u306e\u524d\u306b\u57fa\u8ef8\u901a\u8ca8\u3060\u3063\u305f\u30dd\u30f3\u30c9\u306e\u5b9f\u8cea\u7684\u306a\u7d42\u308f\u308a\u3092\u3082\u305f\u3089\u3057\u305f\u3002\u305d\u308c\u306f\u5927\u82f1\u5e1d\u56fd\u3068\u3044\u3046\u8987\u6a29\u56fd\u5bb6\u306e\u8987\u6a29\u306e\u7d42\u308f\u308a\u306b\u8d77\u304d\u305f\u3053\u3068\u3067\u3042\u308a\u3001\u305d\u308c\u304c\u8987\u6a29\u56fd\u5bb6\u3068\u3044\u3046\u30d0\u30d6\u30eb\u304c\u7d42\u308f\u308b\u6642\u306b\u8d77\u304d\u308b\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u306e\u5f8c\u4e16\u754c\u7d4c\u6e08\u306f\u30a2\u30e1\u30ea\u30ab\u3068\u30c9\u30eb\u3068\u3044\u3046\u65b0\u305f\u306a\u4e16\u754c\u79e9\u5e8f\u3092\u5f97\u3066\u6b21\u306e80\u5e74\u306e\u30b5\u30a4\u30af\u30eb\u3092\u59cb\u3081\u308b\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n\n\n\n<p><strong>\u7d50\u8ad6<\/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\u4e3b\u5f35\u3059\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u3060\u304b\u3089\u7c73\u56fd\u682a\u3092\u8cb7\u3063\u3066\u306f\u306a\u3089\u306a\u3044\u3002\u7c73\u56fd\u682a\u306e\u4e0b\u843d\u306f\u8abf\u6574\u3067\u306f\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u3053\u308c\u304b\u3089\u6570\u30f6\u6708\u304b\u534a\u5e74\u307b\u3069\u3001\u4eba\u3005\u306f\u4eca\u306e\u4e0b\u843d\u306f\u8abf\u6574\u3060\u3068\u8a00\u3044\u7d9a\u3051\u308b\u3060\u308d\u3046\u3002\u3053\u308c\u304b\u3089\u8d77\u3053\u308b\u4e0b\u843d\u304c\u8abf\u6574\u3060\u3068\u4fe1\u3058\u3066\u98db\u3073\u4e57\u308d\u3046\u3068\u3059\u308b\u304c\u3001\u305d\u306e\u307e\u307e\u3069\u3093\u3069\u3093\u4e0b\u304c\u3063\u3066\u3086\u304f\u3060\u308d\u3046\u3002\u305d\u308c\u304c\u9577\u671f\u7684\u306a\u4e0b\u843d\u76f8\u5834\u306e\u59cb\u307e\u308a\u3067\u3044\u3064\u3082\u8d77\u304d\u308b\u3053\u3068\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u95a2\u7a0e\u306f\u307e\u3063\u305f\u304f\u672c\u8cea\u3067\u306f\u306a\u3044\u3002\u30cb\u30e5\u30fc\u30b9\u306b\u51fa\u3066\u3044\u308b\u95a2\u7a0e\u306e\u3053\u3068\u7121\u8996\u3057\u3066\u3001\u3082\u3063\u3068\u5e83\u3044\u8996\u91ce\u3067\u4eca\u306e\u72b6\u6cc1\u3092\u8003\u3048\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u30c0\u30ea\u30aa\u6c0f\u306f\u307e\u3055\u306b\u3053\u306e\u72b6\u6cc1\u3092\u4e88\u60f3\u3057\u3066\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\u66f8\u3044\u305f\u306e\u3067\u3042\u308b\u3002\u3053\u306e\u672c\u3067\u5927\u82f1\u5e1d\u56fd\u3068\u305d\u306e\u524d\u306e\u30aa\u30e9\u30f3\u30c0\u6d77\u4e0a\u5e1d\u56fd\u304c\u3069\u306e\u3088\u3046\u306b\u6ec5\u3093\u3060\u306e\u304b\u3092\u53d6\u308a\u4e0a\u3052\u305f\u306e\u306f\u3001\u305d\u306e\u6b21\u306e\u8987\u6a29\u304c\u7d42\u308f\u308b\u77ac\u9593\u304c\u8fd1\u3065\u3044\u3066\u3044\u308b\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\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\n\n\n<p><\/p>\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 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