{"id":67267,"date":"2025-07-02T20:00:00","date_gmt":"2025-07-02T11:00:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=67267"},"modified":"2025-07-02T17:12:15","modified_gmt":"2025-07-02T08:12:15","slug":"%e3%83%8d%e3%82%a4%e3%83%94%e3%82%a2%e6%b0%8f-%e6%94%bf%e5%ba%9c%e3%81%af%e3%82%a4%e3%83%b3%e3%83%95%e3%83%ac%e3%81%a7%e5%80%9f%e9%87%91%e3%82%92%e5%b8%b3%e6%b6%88%e3%81%97%e3%81%ab%e3%81%99%e3%82%8b","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/67267","title":{"rendered":"\u30cd\u30a4\u30d4\u30a2\u6c0f: \u653f\u5e9c\u306f\u30a4\u30f3\u30d5\u30ec\u3067\u501f\u91d1\u3092\u5e33\u6d88\u3057\u306b\u3059\u308b\u305f\u3081\u306b\u30a4\u30f3\u30d5\u30ec\u653f\u7b56\u3092\u7d9a\u3051\u308b"},"content":{"rendered":"\n<p>\u5f15\u304d\u7d9a\u304d\u3001The Solid Ground Newsletter\u306e\u30e9\u30c3\u30bb\u30eb\u30fb\u30cd\u30a4\u30d4\u30a2\u6c0f\u306e\u3001The Society of Professional Economists\u306b\u3088\u308b\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u4eca\u56de\u306f\u653f\u5e9c\u50b5\u52d9\u3068\u30a4\u30f3\u30d5\u30ec\u3001\u305d\u3057\u3066\u30b4\u30fc\u30eb\u30c9\u306e\u95a2\u4fc2\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u90e8\u5206\u3092\u53d6\u308a\u4e0a\u3052\u305f\u3044\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u30a4\u30f3\u30d5\u30ec\u3068\u7d19\u5e63\u306e\u4fa1\u5024<\/strong><\/p>\n\n\n\n<p>\u7d19\u5e63\u306e\u4fa1\u5024\u304c\u5371\u3046\u304f\u306a\u3063\u3066\u3044\u308b\u3002\u30a4\u30f3\u30d5\u30ec\u3068\u306f\u305d\u3046\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u7d19\u5e63\u304c\u3042\u3063\u3066\u3082\u3082\u306e\u304c\u8cb7\u3048\u306a\u304f\u306a\u308b\u3002\u540c\u3058\u7d19\u5e63\u3067\u6614\u306f\u3082\u3063\u3068\u591a\u304f\u306e\u3082\u306e\u304c\u8cb7\u3048\u305f\u306e\u306b\u3001\u4eca\u3067\u306f\u540c\u3058\u91cf\u306e\u7c73\u306f\u8cb7\u3048\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u304c\u91d1\u4fa1\u683c\u304c\u9ad8\u9a30\u3057\u3066\u3044\u308b\u7406\u7531\u3067\u3042\u308b\u3002\u653f\u5e9c\u306e\u7d19\u5e63\u5370\u5237\u3067\u7d19\u5e63\u3092\u6301\u3063\u3066\u3044\u308b\u3068\u30a4\u30f3\u30d5\u30ec\u3067\u3069\u3093\u3069\u3093\u4fa1\u5024\u304c\u76ee\u6e1b\u308a\u3057\u3066\u3086\u304f\u306e\u3067\u3001\u653f\u6cbb\u5bb6\u304c\u52dd\u624b\u306b\u5370\u5237\u3067\u304d\u306a\u3044\u30b4\u30fc\u30eb\u30c9\u306b\u6295\u8cc7\u5bb6\u306f\u8cc7\u91d1\u3092\u79fb\u3057\u3066\u3044\u308b\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\/63905\" data-type=\"post\" data-id=\"63905\">\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f: \u30c9\u30eb\u304b\u3089\u306e\u8cc7\u91d1\u9003\u907f\u3067\u4e0a\u6607\u3057\u305f\u30b4\u30fc\u30eb\u30c9\u306f\u3082\u3046\u4e8c\u5ea6\u3068\u4e0b\u843d\u3057\u306a\u3044\u3001\u30b7\u30eb\u30d0\u30fc\u306f\u3053\u308c\u304b\u3089\u66b4\u9a30\u3059\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u91d1\u4fa1\u683c\u306f\u3053\u30532\u5e74\u306750%\u4ee5\u4e0a\u4e0a\u304c\u3063\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\/07\/2025-7-2-gold-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"559\" height=\"500\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/07\/2025-7-2-gold-chart.png\" alt=\"\" class=\"wp-image-67271\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/07\/2025-7-2-gold-chart.png 559w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/07\/2025-7-2-gold-chart-300x268.png 300w\" sizes=\"auto, (max-width: 559px) 100vw, 559px\" \/><\/a><\/figure>\n\n\n\n<p><strong>\u653f\u5e9c\u306b\u3088\u308b\u7d19\u5e63\u5370\u5237<\/strong><\/p>\n\n\n\n<p>\u7d19\u5e63\u306f\u653f\u5e9c\u304c\u81ea\u7531\u306b\u5370\u5237\u3059\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3002\u305d\u308c\u304c\u7d19\u5e63\u306e\u4fa1\u5024\u304c\u6e1b\u3063\u3066\u3044\u308b\u7406\u7531\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u3057\u3066\u6b74\u53f2\u7684\u306b\u307f\u308c\u3070\u3001\u7d19\u5e63\u306e\u4fa1\u5024\u4e0b\u843d\u3068\u3044\u3046\u9577\u671f\u30c8\u30ec\u30f3\u30c9\u304b\u3089\u9003\u308c\u3089\u308c\u305f\u7d19\u5e63\u306f\u5b58\u5728\u3057\u306a\u3044\u3002\u30a8\u30b4\u30f3\u30fb\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u8a00\u3063\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<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u3059\u3079\u3066\u306e\u7d19\u5e63\u306f\u305d\u306e\u672c\u8cea\u7684\u306a\u4fa1\u5024\u3078\u3068\u8fd4\u3063\u3066\u3086\u304f\u3002\u3064\u307e\u308a\u30bc\u30ed\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u653f\u5e9c\u306e\u501f\u91d1\u304c\u653f\u5e9c\u304c\u81ea\u7531\u306b\u4fa1\u5024\u3092\u6e1b\u3089\u305b\u308b\u7d19\u5e63\u3067\u884c\u308f\u308c\u3066\u3044\u308b\u3053\u3068\u306f\u3001\u51b7\u9759\u306b\u8003\u3048\u308c\u3070\u99ac\u9e7f\u3052\u305f\u3053\u3068\u3067\u3042\u308b\u3002\u4f55\u6545\u304b\u4eba\u306f\u305d\u308c\u306b\u6c17\u3065\u304b\u306a\u3044\u306e\u3060\u304c\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u3067\u4eba\u3005\u306f\u7d19\u5e63\u3067\u8cc7\u7523\u3092\u7a4d\u307f\u4e0a\u3052\u3001\u305d\u306e\u4fa1\u5024\u3092\u653f\u5e9c\u306b\u3088\u3063\u3066\u6e1b\u3089\u3055\u308c\u3066\u3086\u304f\u3002<\/p>\n\n\n\n<p><strong>\u91d1\u672c\u4f4d\u5236\u306e\u5fa9\u6d3b<\/strong><\/p>\n\n\n\n<p>\u5143\u3005\u3001\u7d19\u5e63\u3068\u306f\u305d\u3053\u307e\u3067\u99ac\u9e7f\u3052\u305f\u5236\u5ea6\u3067\u306f\u306a\u304b\u3063\u305f\u3002\u7d19\u5e63\u306f\u5143\u3005\u30b4\u30fc\u30eb\u30c9\u306e\u9810\u304b\u308a\u8a3c\u3060\u3063\u305f\u304b\u3089\u3067\u3042\u308b\u3002\u4eba\u3005\u306f\u4e2d\u592e\u9280\u884c\u306b\u30b4\u30fc\u30eb\u30c9\u3092\u6301\u3063\u3066\u3044\u304d\u3001\u305d\u308c\u3092\u9810\u3051\u305f\u8a3c\u62e0\u3068\u3057\u3066\u7d19\u5e63\u3092\u53d7\u3051\u53d6\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u4eba\u3005\u306f\u7d19\u5e63\u3092\u4e2d\u592e\u9280\u884c\u306b\u6301\u3063\u3066\u3044\u3051\u3070\u3044\u3064\u3067\u3082\u30b4\u30fc\u30eb\u30c9\u3092\u8fd4\u3057\u3066\u3082\u3089\u3048\u308b\u306f\u305a\u3060\u3063\u305f\u3002\u3060\u304c\u4e2d\u592e\u9280\u884c\u306f1971\u5e74\u3001\u9810\u304b\u3063\u3066\u3044\u305f\u306f\u305a\u306e\u30b4\u30fc\u30eb\u30c9\u3092\u8fd4\u3055\u306a\u3044\u3068\u5ba3\u8a00\u3057\u305f\u3002\u30cb\u30af\u30bd\u30f3\u30b7\u30e7\u30c3\u30af\u3067\u3042\u308b\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>\u3060\u304c\u4eba\u3005\u306f\u672c\u5f53\u306b\u305f\u3060\u306e\u7d19\u5207\u308c\u306b\u306a\u3063\u305f\u7d19\u5e63\u3092\u306a\u305c\u304b\u305d\u306e\u5f8c\u3082\u4f7f\u3044\u7d9a\u3051\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u5947\u5999\u306a\u72b6\u6cc1\u3092\u7d42\u308f\u3089\u305b\u308b\u4e00\u756a\u7c21\u5358\u306a\u65b9\u6cd5\u304c\u3042\u308b\u3002\u7d19\u5e63\u306b\u30b4\u30fc\u30eb\u30c9\u306e\u88cf\u4ed8\u3051\u3092\u53d6\u308a\u623b\u3059\u3053\u3068\u3001\u3064\u307e\u308a\u91d1\u672c\u4f4d\u5236\u3092\u5fa9\u6d3b\u3055\u305b\u308b\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u4eba\u3005\u306f\u91d1\u672c\u4f4d\u5236\u3092\u904e\u53bb\u306e\u907a\u7269\u306e\u3088\u3046\u306b\u601d\u3063\u3066\u3044\u308b\u304c\u3001\u5c11\u3057\u3067\u3082\u307e\u3068\u3082\u306a\u7406\u6027\u306e\u6301\u3061\u4e3b\u306a\u3089\u4eca\u306e\u7d19\u5e63\u306e\u65b9\u304c\u99ac\u9e7f\u3052\u305f\u4ed5\u7d44\u307f\u3067\u3042\u308b\u3053\u3068\u304c\u5206\u304b\u308b\u306f\u305a\u3060\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u91d1\u672c\u4f4d\u5236\u306e\u5fa9\u6d3b\u306f\u3042\u308a\u305d\u3046\u306b\u306a\u3044\u3068\u30cd\u30a4\u30d4\u30a2\u6c0f\u306f\u8a00\u3046\u3002\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>\u91d1\u672c\u4f4d\u5236\u306e\u5fa9\u6d3b\u306f\u4e00\u756a\u3042\u308a\u5f97\u306a\u3044\u30b7\u30ca\u30ea\u30aa\u3060\u3002\u5148\u9032\u56fd\u306e\u50b5\u52d9\u306fGDP\u6bd4\u3067\u6975\u3081\u3066\u9ad8\u3044\u6c34\u6e96\u306b\u9054\u3057\u3066\u3044\u308b\u3002\u653f\u5e9c\u306f\u50b5\u52d9\u3092\u30a4\u30f3\u30d5\u30ec\u3067\u5e33\u6d88\u3057\u306b\u3059\u308b\u305f\u3081\u306b\u91d1\u878d\u653f\u7b56\u306b\u67d4\u8edf\u3055\u3092\u6b32\u3057\u304c\u3063\u3066\u3044\u308b\u3002\u4eca\u306f\u305d\u3046\u3044\u3046\u72b6\u6cc1\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u30cd\u30a4\u30d4\u30a2\u6c0f\u306e\u3042\u307e\u308a\u306b\u306f\u3063\u304d\u308a\u3057\u305f\u7269\u8a00\u3044\u304c\u9762\u767d\u3044\u3002\u653f\u6cbb\u5bb6\u306f\u30a4\u30f3\u30d5\u30ec\u3067\u501f\u91d1\u3092\u306a\u304b\u3063\u305f\u3053\u3068\u306b\u3057\u305f\u3044\u3002\u7b2c1\u6b21\u4e16\u754c\u5927\u6226\u5f8c\u306e\u30c9\u30a4\u30c4\u304c\u6226\u5f8c\u8ce0\u511f\u91d1\u3092\u305d\u3046\u3084\u3063\u3066\u652f\u6255\u3063\u305f\u3088\u3046\u306b\u3002<\/p>\n\n\n\n<p>\u305d\u3057\u3066\u305d\u308c\u3067\u4e00\u822c\u306e\u9810\u91d1\u8005\u305f\u3061\u306e\u8cc7\u7523\u304c\u7d19\u5207\u308c\u306b\u306a\u3063\u3066\u3082\u653f\u6cbb\u5bb6\u304c\u3069\u3046\u3057\u3066\u305d\u308c\u3092\u6c17\u306b\u3059\u308b\u3060\u308d\u3046\u304b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/11992\" data-type=\"post\" data-id=\"11992\">\u30cf\u30a4\u30a8\u30af: \u30a4\u30f3\u30d5\u30ec\u4e3b\u7fa9\u306f\u975e\u79d1\u5b66\u7684\u8ff7\u4fe1<\/a><\/li>\n<\/ul>\n\n\n\n<p><strong>\u30a4\u30f3\u30d5\u30ec\u653f\u7b56\u3092\u3084\u3081\u308b\u305f\u3081\u306b\u5fc5\u8981\u306a\u3053\u3068<\/strong><\/p>\n\n\n\n<p>\u3060\u304b\u3089\u30a4\u30f3\u30d5\u30ec\u653f\u7b56\u306f\u6b62\u307e\u3089\u306a\u3044\u3002\u7d50\u5c40\u3001\u653f\u5e9c\u652f\u51fa\u306e\u524a\u6e1b\u3092\u8b33\u3063\u305f\u30a4\u30fc\u30ed\u30f3\u30fb\u30de\u30b9\u30af\u6c0f\u306eDOGE\uff08\u653f\u5e9c\u52b9\u7387\u5316\u7701\uff09\u3082\u3001\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u3068\u306e\u55a7\u5629\u5225\u308c\u3067\u7d42\u308f\u3063\u3066\u3057\u307e\u3063\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/64088\" data-type=\"post\" data-id=\"64088\">\u30d9\u30c3\u30bb\u30f3\u30c8\u8ca1\u52d9\u9577\u5b98\u3001\u30de\u30b9\u30af\u6c0f\u306b\u30d5\u30a1\u30c3\u30af\u30e6\u30fc\u3068\u53eb\u3076\u3000DOGE\u306e\u8d64\u5b57\u524a\u6e1b\u304c\u5341\u5206\u3067\u306f\u306a\u3044\u3068\u6279\u5224<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u83ab\u5927\u306a\u653f\u5e9c\u50b5\u52d9\u306b\u5bfe\u51e6\u3059\u308b\u306b\u306f\u4ed6\u306b\u65b9\u6cd5\u306f\u306a\u3044\u306e\u304b\u3002\u306a\u305c\u653f\u5e9c\u304b\u3089\u7d19\u5e63\u5370\u5237\u80fd\u529b\u3092\u53d6\u308a\u4e0a\u3052\u308b\u91d1\u672c\u4f4d\u5236\u306e\u3088\u3046\u306a\u5236\u5ea6\u306f\u5b9f\u73fe\u4e0d\u53ef\u80fd\u306a\u306e\u304b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/57350\" data-type=\"post\" data-id=\"57350\">\u30cf\u30a4\u30a8\u30af\u6c0f: \u901a\u8ca8\u3092\u653f\u5e9c\u304c\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3068\u3044\u3046\u306e\u306f\u6839\u62e0\u306e\u306a\u3044\u5e7b\u60f3<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u30cd\u30a4\u30d4\u30a2\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\u52d9\u3092\u6291\u3048\u308b\u306b\u306f\u30aa\u30fc\u30b9\u30c8\u30ea\u30a2\u5b66\u6d3e\u306e\u7d4c\u6e08\u5b66\u304c\u8a00\u3046\u3088\u3046\u306a\u5225\u306e\u65b9\u6cd5\u3082\u3042\u308b\u304c\u3001\u305d\u308c\u306f\u653f\u6cbb\u7684\u306b\u53d7\u3051\u5165\u308c\u3089\u308c\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u4e16\u754c\u304c\u3044\u304d\u306a\u308a\u30aa\u30fc\u30b9\u30c8\u30ea\u30a2\u5b66\u6d3e\u306e\u7d4c\u6e08\u5b66\u8005\u306b\u3088\u3063\u3066\u904b\u55b6\u3055\u308c\u308b\u3088\u3046\u306b\u306a\u3063\u305f\u3089\u3001\u91d1\u672c\u4f4d\u5236\u3082\u623b\u3063\u3066\u304f\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u304c\u3001\u4e16\u754c\u306f\u5b9f\u969b\u306b\u306f\u6c11\u4e3b\u7684\u306b\u9078\u3070\u308c\u305f\u653f\u6cbb\u5bb6\u306b\u3088\u3063\u3066\u904b\u55b6\u3055\u308c\u3066\u3044\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u73fe\u91d1\u7d66\u4ed8\u3084\u88dc\u52a9\u91d1\u306b\u6163\u308c\u3066\u3057\u307e\u3063\u305f\u4eba\u3005\u306f\u3001\u305d\u308c\u304c\u6700\u7d42\u7684\u306b\u306f\u81ea\u5206\u306b\u7834\u6ec5\u3092\u3082\u305f\u3089\u3059\u3068\u3044\u3046\u3053\u3068\u306b\u6c17\u3065\u3051\u306a\u3044\u3002\u653f\u6cbb\u5bb6\u306b\u306f\u6709\u96e3\u3044\u3053\u3068\u3060\u304c\u3002<\/p>\n\n\n\n<p><strong>\u30a4\u30f3\u30d5\u30ec\u653f\u7b56\u304c\u7d42\u308f\u308b\u3068\u304d<\/strong><\/p>\n\n\n\n<p>\u30d5\u30ea\u30fc\u30c9\u30ea\u30d2\u30fb\u30d5\u30a9\u30f3\u30fb\u30cf\u30a4\u30a8\u30af\u6c0f\u306b\u4ee3\u8868\u3055\u308c\u308b\u30aa\u30fc\u30b9\u30c8\u30ea\u30a2\u5b66\u6d3e\u306e\u7d4c\u6e08\u5b66\u8005\u305f\u3061\u306f\u3001\u30a4\u30f3\u30d5\u30ec\u653f\u7b56\u304c\u6700\u7d42\u7684\u306b\u306f\u56fd\u6c11\u306b\u5927\u304d\u306a\u640d\u5931\u3092\u4e0e\u3048\u308b\u3068\u3044\u3046\u3053\u3068\u3092\u4e3b\u5f35\u3057\u7d9a\u3051\u3066\u304d\u305f\u3002<\/p>\n\n\n\n<p>\u305d\u3057\u3066\u30a2\u30eb\u30bc\u30f3\u30c1\u30f3\u3067\u306f\u3064\u3044\u306b\u3001\u30aa\u30fc\u30b9\u30c8\u30ea\u30a2\u5b66\u6d3e\u306e\u7d4c\u6e08\u5b66\u8005\u305d\u306e\u3082\u306e\u304c\u5927\u7d71\u9818\u306b\u306a\u3063\u305f\u3002\u30cf\u30d3\u30a8\u30eb\u30fb\u30df\u30ec\u30a4\u5927\u7d71\u9818\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/57682\" data-type=\"post\" data-id=\"57682\">\u30df\u30ec\u30a4\u5927\u7d71\u9818\u3001\u653f\u5e9c\u652f\u51fa\u3092\u524a\u6e1b\u3057\u3066\u30cf\u30a4\u30d1\u30fc\u30a4\u30f3\u30d5\u30ec\u3092\u6253\u5012\u3057\u305f\u65b9\u6cd5\u3092\u8a9e\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u30df\u30ec\u30a4\u6c0f\u306f\u653f\u5e9c\u306e\u7701\u5e81\u3092\u5927\u5e45\u306b\u524a\u6e1b\u3057\u3001\u30a2\u30eb\u30bc\u30f3\u30c1\u30f3\u306b\u30cf\u30a4\u30d1\u30fc\u30a4\u30f3\u30d5\u30ec\u3092\u3082\u305f\u3089\u3057\u3066\u3044\u305f\u83ab\u5927\u306a\u653f\u5e9c\u652f\u51fa\u3092\u5927\u5e45\u306b\u524a\u6e1b\u3001\u77ed\u671f\u7684\u306a\u666f\u6c17\u5f8c\u9000\u3092\u3082\u305f\u3089\u3057\u305f\u4ee3\u308f\u308a\u306b\u653f\u6cbb\u5bb6\u306e\u5b98\u50da\u4e3b\u7fa9\u3092\u4e00\u5c64\u3057\u3001\u653f\u6cbb\u5bb6\u306b\u3088\u308b\u7121\u99c4\u304b\u3089\u89e3\u653e\u3055\u308c\u305f\u30a2\u30eb\u30bc\u30f3\u30c1\u30f3\u7d4c\u6e08\u306f\u4eca\u30845.8%\u306e\u7d4c\u6e08\u6210\u9577\u3092\u8a87\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u306a\u305c\u30a2\u30eb\u30bc\u30f3\u30c1\u30f3\u56fd\u6c11\u304c\u30a4\u30f3\u30d5\u30ec\u653f\u7b56\u306b\u898b\u5207\u308a\u3092\u3064\u3051\u3001\u4e00\u6642\u7684\u306a\u75db\u307f\u3092\u53d7\u3051\u5165\u308c\u3001\u30df\u30ec\u30a4\u5927\u7d71\u9818\u3092\u9078\u3076\u3053\u3068\u304c\u3067\u304d\u305f\u304b\u3068\u8a00\u3048\u3070\u3001\u30a2\u30eb\u30bc\u30f3\u30c1\u30f3\u56fd\u6c11\u304c\u9577\u3089\u304f\u7d9a\u3044\u305f\u30cf\u30a4\u30d1\u30fc\u30a4\u30f3\u30d5\u30ec\u306b\u3082\u3046\u672c\u5f53\u306b\u5acc\u6c17\u304c\u3055\u3057\u305f\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>\u7d50\u5c40\u3001\u4eba\u3005\u306f\u30a4\u30f3\u30d5\u30ec\u653f\u7b56\u306b\u672c\u5f53\u306b\u61f2\u308a\u306a\u3051\u308c\u3070\u30a4\u30f3\u30d5\u30ec\u653f\u7b56\u3092\u6b62\u3081\u308b\u3053\u3068\u304c\u3067\u304d\u306a\u3044\u3002\u30df\u30ec\u30a4\u5927\u7d71\u9818\u306e\u3082\u3068\u3067\u306e\u30a2\u30eb\u30bc\u30f3\u30c1\u30f3\u306e\u9ad8\u3044\u7d4c\u6e08\u6210\u9577\u306f\u3001\u9006\u306b\u8a00\u3048\u3070\u305d\u306e\u6b8b\u9177\u306a\u4e8b\u5b9f\u3092\u7269\u8a9e\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u65e5\u672c\u4eba\u306f\u5c11\u3057\u305a\u3064\u81ea\u6c11\u515a\u306b\u5acc\u6c17\u304c\u3055\u3057\u3066\u3044\u308b\u304c\u3001\u307e\u3060\u307e\u3060\u672c\u5f53\u306e\u610f\u5473\u3067\u30a4\u30f3\u30d5\u30ec\u653f\u7b56\u306e\u672c\u8cea\u3092\u7406\u89e3\u3057\u305f\u3068\u306f\u8a00\u3048\u306a\u3044\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/67103\" data-type=\"post\" data-id=\"67103\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u306e\u65b0\u8457: \u653f\u6cbb\u5bb6\u306e\u5b98\u50da\u4e3b\u7fa9\u306f\u56fd\u6c11\u304c\u76ee\u899a\u3081\u3066\u53cd\u65d7\u3092\u7ffb\u3059\u307e\u3067\u7d42\u308f\u3089\u306a\u3044<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u3060\u304c\u5c11\u3057\u305a\u3064\u3001\u30a4\u30f3\u30d5\u30ec\u653f\u7b56\u3092\u305a\u3063\u3068\u6279\u5224\u3057\u7d9a\u3051\u3066\u304d\u305f\u30aa\u30fc\u30b9\u30c8\u30ea\u30a2\u5b66\u6d3e\u306e\u7d4c\u6e08\u5b66\u8005\u306e\u8a00\u8449\u306f\u4eba\u3005\u306b\u805e\u304b\u308c\u59cb\u3081\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>20\u4e16\u7d00\u306e\u5927\u7d4c\u6e08\u5b66\u8005\u3067\u3042\u308b\u30cf\u30a4\u30a8\u30af\u6c0f\u306f\u3001\u653f\u5e9c\u304b\u3089\u7d19\u5e63\u767a\u884c\u306e\u72ec\u5360\u6a29\u3092\u53d6\u308a\u4e0a\u3052\u308b\u3079\u304d\u3060\u3068\u8ad6\u3058\u305f\u8457\u66f8\u300e<a href=\"https:\/\/amzn.to\/4iOmcdc\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">\u8ca8\u5e63\u767a\u884c\u81ea\u7531\u5316\u8ad6<\/a>\u300f\u306b\u304a\u3044\u3066\u6b21\u306e\u3088\u3046\u306b\u8a00\u3063\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/57350\" data-type=\"post\" data-id=\"57350\">\u30cf\u30a4\u30a8\u30af\u6c0f: \u901a\u8ca8\u3092\u653f\u5e9c\u304c\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3068\u3044\u3046\u306e\u306f\u6839\u62e0\u306e\u306a\u3044\u5e7b\u60f3<\/a><\/li>\n<\/ul>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u4eba\u985e\u306e\u6b74\u53f2\u306f\u5927\u307e\u304b\u306b\u3044\u3063\u3066\u30a4\u30f3\u30d5\u30ec\u306e\u6b74\u53f2\u3067\u3042\u308a\u3001\u30a4\u30f3\u30d5\u30ec\u306f\u653f\u5e9c\u306b\u3088\u3063\u3066\u653f\u5e9c\u306e\u5229\u76ca\u306e\u305f\u3081\u306b\u5f15\u304d\u8d77\u3053\u3055\u308c\u305f\u3002<\/p>\n\n\n\n<p>\u901a\u8ca8\u306e\u6b74\u53f2\u3092\u7814\u7a76\u3059\u308b\u8005\u306a\u3089\u8ab0\u3067\u3082\u3001\u653f\u5e9c\u304c2000\u5e74\u4ee5\u4e0a\u3082\u306e\u9577\u3044\u9593\u3001\u4eba\u3005\u3092\u9a19\u3057\u3066\u643e\u53d6\u3059\u308b\u305f\u3081\u306b\u901a\u8ca8\u3092\u6052\u5e38\u7684\u306b\u4f7f\u3063\u3066\u304d\u305f\u3053\u3068\u3092\u306a\u305c\u6211\u6162\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u304b\u3063\u305f\u306e\u304b\u3068\u7591\u554f\u306b\u601d\u3046\u3053\u3068\u3092\u907f\u3051\u3089\u308c\u306a\u3044\u3060\u308d\u3046\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u3053\u306e\u8a00\u8449\u304c\u65e5\u672c\u4eba\u306e\u8033\u306b\u3082\u307e\u3068\u3082\u306b\u97ff\u304f\u65e5\u304c\u3044\u3064\u304b\u6765\u308b\u306e\u3060\u308d\u3046\u304b\u3002\u4eca\u3053\u305d\u30cf\u30a4\u30a8\u30af\u6c0f\u3089\u30aa\u30fc\u30b9\u30c8\u30ea\u30a2\u5b66\u6d3e\u306e\u7d4c\u6e08\u5b66\u3092\u8aad\u307f\u76f4\u3059\u3079\u304d\u306a\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><a href=\"https:\/\/amzn.to\/4iOmcdc\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/m.media-amazon.com\/images\/I\/81L0kjhSi5L._SL160_.jpg\"><\/a><br><a href=\"https:\/\/amzn.to\/4iOmcdc\" target=\"_blank\" rel=\"noreferrer noopener\">\u8ca8\u5e63\u767a\u884c\u81ea\u7531\u5316\u8ad6<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u5f15\u304d\u7d9a\u304d\u3001The Solid Ground Newsletter\u306e\u30e9\u30c3\u30bb\u30eb\u30fb\u30cd\u30a4\u30d4\u30a2\u6c0f\u306e\u3001The Society of Professional Economists\u306b\u3088\u308b\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u3042\u308b\u3002 \u4eca\u56de\u306f\u653f\u5e9c\u50b5\u52d9\u3068\u30a4\u30f3\u30d5\u30ec\u3001 &hellip; <a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/67267\" class=\"more-link\">\u7d9a\u304d\u3092\u8aad\u3080 <span class=\"screen-reader-text\">\u30cd\u30a4\u30d4\u30a2\u6c0f: \u653f\u5e9c\u306f\u30a4\u30f3\u30d5\u30ec\u3067\u501f\u91d1\u3092\u5e33\u6d88\u3057\u306b\u3059\u308b\u305f\u3081\u306b\u30a4\u30f3\u30d5\u30ec\u653f\u7b56\u3092\u7d9a\u3051\u308b<\/span> <span class=\"meta-nav\">&rarr;<\/span><\/a><\/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":[202],"class_list":["post-67267","post","type-post","status-publish","format-standard","hentry","category-us-bond-market","category-commodity-markets","category-bond-markets","category-gold","tag-russell-napier"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/67267","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=67267"}],"version-history":[{"count":56,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/67267\/revisions"}],"predecessor-version":[{"id":67325,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/67267\/revisions\/67325"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=67267"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=67267"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=67267"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}