{"id":67326,"date":"2025-07-03T20:00:00","date_gmt":"2025-07-03T11:00:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=67326"},"modified":"2025-07-03T23:17:32","modified_gmt":"2025-07-03T14:17:32","slug":"%e3%83%8b%e3%83%bc%e3%83%ab%e3%83%bb%e3%83%8f%e3%82%a6%e6%b0%8f-%e9%87%91%e8%9e%8d%e5%b8%82%e5%a0%b4%e3%81%ae%e3%82%b5%e3%82%a4%e3%82%af%e3%83%ab%e3%82%92%e7%90%86%e8%a7%a3%e3%81%99%e3%82%8b%e3%81%93","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/67326","title":{"rendered":"\u30cb\u30fc\u30eb\u30fb\u30cf\u30a6\u6c0f: \u91d1\u878d\u5e02\u5834\u306e\u30b5\u30a4\u30af\u30eb\u3092\u7406\u89e3\u3059\u308b\u3053\u3068\u304c\u76f8\u5834\u3092\u4e88\u60f3\u3059\u308b\u3053\u3068\u306b\u7e4b\u304c\u308b"},"content":{"rendered":"\n<p>\u3053\u3053\u3067\u306f\u6a5f\u95a2\u6295\u8cc7\u5bb6\u5fa1\u7528\u9054\u306e\u540d\u8457\u3092\u3044\u304f\u3064\u304b\u7d39\u4ecb\u3057\u3066\u3044\u308b\u304c\u3001\u4eca\u56de\u306e\u8a18\u4e8b\u3067\u306f\u307e\u305f\u65b0\u305f\u306b1\u518a\u52a0\u3048\u305f\u3044\u3002\u30cb\u30fc\u30eb\u30fb\u30cf\u30a6\u6c0f\u306e\u300e<a href=\"https:\/\/amzn.to\/3TnjRKI\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">\u30d5\u30a9\u30fc\u30b9\u30fb\u30bf\u30fc\u30cb\u30f3\u30b0<\/a>\u300f\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u91d1\u878d\u5e02\u5834\u306e\u6b74\u53f2\u3092\u773a\u3081\u308b\u65b9\u6cd5<\/strong><\/p>\n\n\n\n<p>\u30b3\u30ed\u30ca\u4ee5\u5f8c\u3001\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u306e\u4e2d\u306b\u91d1\u878d\u306e\u6b74\u53f2\u3092\u632f\u308a\u8fd4\u308b\u4eba\u304c\u5897\u3048\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p> 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\u7c73\u56fd\u682a\u306f\u904e\u53bb\u306b2\u56de\u300125\u5e74\u9593\u682a\u4fa1\u304c\u4e0a\u304c\u3089\u306a\u304b\u3063\u305f\u4e0b\u843d\u76f8\u5834\u3092\u7d4c\u9a13\u3057\u3066\u3044\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u4e00\u65b9\u3067\u3001\u904e\u53bb\u6570\u5341\u5e74\u306e\u682a\u4fa1\u30c1\u30e3\u30fc\u30c8\u3092\u6301\u3061\u51fa\u3057\u3001\u7c73\u56fd\u682a\u306f\u4e0a\u304c\u308a\u7d9a\u3051\u3066\u3044\u308b\u304b\u3089\u3053\u308c\u304b\u3089\u3082\u4e0a\u304c\u308a\u7d9a\u3051\u308b\u3068\u8003\u3048\u308b\u4eba\u3082\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u3069\u3061\u3089\u3082\u6b74\u53f2\u3092\u53c2\u8003\u306b\u3057\u3066\u3044\u308b\u304c\u3001\u3069\u3061\u3089\u304c\u6b63\u3057\u3044\u306e\u304b\u3002<\/p>\n\n\n\n<p><strong>\u30cf\u30a6\u6c0f\u306b\u3088\u308b\u6642\u9593\u306e\u7406\u8ad6<\/strong><\/p>\n\n\n\n<p>DoubleLine Capital\u306e\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304c\u30cf\u30a6\u6c0f\u306e\u540d\u524d\u3092\u6319\u3052\u3066\u3044\u305f\u3053\u3068\u3092\u601d\u3044\u51fa\u3057\u305f\u3044\u3002<\/p>\n\n\n\n<p>\u91d1\u878d\u306e\u6b74\u53f2\u306e\u7814\u7a76\u3068\u3044\u3048\u3070\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u696d\u754c\u3067\u306f\u4e0a\u8a18\u306e\u30c0\u30ea\u30aa\u6c0f\u3060\u304c\u3001\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u30c7\u30d5\u30ec\u306e\u6642\u4ee3\u304c\u7d42\u308f\u308a\u30a4\u30f3\u30d5\u30ec\u306e\u6642\u4ee3\u304c\u623b\u3063\u3066\u304d\u3066\u3044\u308b\u3068\u3044\u3046\u30c0\u30ea\u30aa\u6c0f\u306e\u898b\u65b9\u306b\u540c\u610f\u3057\u305f\u4e0a\u3067\u3001\u6b21\u306e\u3088\u3046\u306b\u8a9e\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\/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>\u308f\u305f\u3057\u3084\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u3084\u30cb\u30fc\u30eb\u30fb\u30cf\u30a6\u6c0f\u304c\u8a9e\u3063\u3066\u3044\u308b\u3053\u3068\u306f\u540c\u3058\u3053\u3068\u3060\u3002\u6b74\u53f2\u3068\u30b5\u30a4\u30af\u30eb\u3092\u7406\u89e3\u3059\u308b\u3053\u3068\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u4eca\u56de\u7d39\u4ecb\u3059\u308b\u30cf\u30a6\u6c0f\u306f\u3001\u3053\u306e\u30cf\u30a6\u6c0f\u3067\u3042\u308b\u3002\u5f7c\u306f\u300e<a href=\"https:\/\/amzn.to\/3TnjRKI\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">\u30d5\u30a9\u30fc\u30b9\u30fb\u30bf\u30fc\u30cb\u30f3\u30b0<\/a>\u300f\u306b\u304a\u3044\u3066\u3001\u4eba\u9593\u304c\u6b74\u53f2\u3092\u632f\u308a\u8fd4\u308b\u8907\u6570\u306e\u65b9\u6cd5\u3092\u7d39\u4ecb\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u307e\u305a\u306f\u6642\u9593\u3068\u306f\u300c\u6df7\u6c8c\u3068\u3057\u305f\u6642\u9593\u300d\u3067\u3042\u308b\u3068\u8003\u3048\u308b\u3084\u308a\u65b9\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30cf\u30a6\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>\u300c\u6df7\u6c8c\u3068\u3057\u305f\u6642\u9593\u300d\u306b\u304a\u3044\u3066\u306f\u3001\u6b74\u53f2\u306b\u9053\u7b4b\u306f\u306a\u3044\u3002\u51fa\u6765\u4e8b\u306f\u305f\u3060\u30e9\u30f3\u30c0\u30e0\u306b\u8d77\u304d\u7d9a\u3051\u308b\u3060\u3051\u3067\u3001\u305d\u306e\u7e4b\u304c\u308a\u306b\u610f\u5473\u3092\u6c42\u3081\u308b\u3053\u3068\u306f\u7121\u610f\u5473\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u304c\u672a\u958b\u4eba\u306e\u6700\u521d\u306e\u76f4\u89b3\u3060\u3063\u305f\u3002\u5f7c\u3089\u306b\u3068\u3063\u3066\u306f\u3001\u81ea\u7136\u754c\u306b\u304a\u3051\u308b\u5909\u5316\u306f\u4eba\u9593\u306e\u5236\u5fa1\u3084\u7406\u89e3\u306e\u53ca\u3070\u306a\u3044\u3082\u306e\u3060\u3063\u305f\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u305d\u308c\u304c\u6050\u3089\u304f\u4eba\u985e\u306e\u6700\u521d\u306e\u72b6\u614b\u3060\u3063\u305f\u3060\u308d\u3046\u3002\u4eba\u985e\u306f\u6700\u521d\u3001\u6642\u9593\u3068\u3044\u3046\u6982\u5ff5\u3092\u6301\u3063\u3066\u3044\u306a\u304b\u3063\u305f\u3002\u3060\u304b\u3089\u6b74\u53f2\u306a\u3069\u5b58\u5728\u3057\u306a\u304b\u3063\u305f\u3002<\/p>\n\n\n\n<p><strong>\u5468\u671f\u7684\u306a\u6642\u9593<\/strong><\/p>\n\n\n\n<p>\u3060\u304c\u305d\u3053\u304b\u3089\u4eba\u985e\u306f\u6642\u9593\u306f\u7e70\u308a\u8fd4\u3059\u3068\u3044\u3046\u3053\u3068\u3092\u767a\u898b\u3057\u3066\u3086\u304f\u3002<\/p>\n\n\n\n<p>\u30cf\u30a6\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>\u53e4\u4ee3\u4eba\u304c\u60d1\u661f\u306e\u904b\u884c\uff08\u5730\u7403\u306e\u52d5\u304d\u3001\u592a\u967d\u306e\u52d5\u304d\u3001\u6708\u306e\u52d5\u304d\u3001\u661f\u306e\u52d5\u304d\uff09\u3068\u4eba\u9593\u306e\u6d3b\u52d5\uff08\u7761\u7720\u3068\u8d77\u5e8a\u3001\u598a\u5a20\u3068\u51fa\u7523\u3001\u7a2e\u8494\u304d\u3068\u53ce\u7a6b\u3001\u72e9\u731f\u3068\u98df\u4e8b\uff09\u3068\u306e\u9593\u306b\u95a2\u4fc2\u3092\u898b\u3064\u3051\u305f\u3068\u304d\u3001\u300c\u5468\u671f\u7684\u306a\u6642\u9593\u300d\u304c\u751f\u307e\u308c\u305f\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u4eba\u9593\u306f\u6642\u9593\u306b\u306f\u5468\u671f\u6027\u304c\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u3092\u767a\u898b\u3059\u308b\u3002\u671d\u3068\u591c\u306f\u7e70\u308a\u8fd4\u3057\u3001\u6625\u3068\u590f\u3068\u79cb\u3068\u51ac\u306f\u7e70\u308a\u8fd4\u3059\u3002\u4eba\u9593\u306f\u3053\u306e\u7e70\u308a\u8fd4\u3057\u306b\u5f93\u3063\u3066\u3001\u72e9\u731f\u3084\u8fb2\u8015\u306e\u30ea\u30ba\u30e0\u3092\u6574\u3048\u308b\u3053\u3068\u3092\u899a\u3048\u305f\u3002\u305d\u308c\u304c\u4eba\u985e\u306e\u4f1d\u7d71\u7684\u306a\u6b74\u53f2\u89b3\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u306f\u307b\u3068\u3093\u3069GDP\u6210\u9577\u306e\u306a\u3044\u7523\u696d\u9769\u547d\u4ee5\u524d\u306e\u7d4c\u6e08\u3092\u8c61\u5fb4\u3059\u308b\u3082\u306e\u304b\u3082\u3057\u308c\u306a\u3044\u3002GDP\u6210\u9577\u3068\u306f\u5b9f\u8cea\u7684\u306b\u306f\u7523\u696d\u9769\u547d\u4ee5\u5f8c\u306b\u751f\u307e\u308c\u305f\u3082\u306e\u3067\u3042\u308b\u3002\u5468\u671f\u6027\u3068\u306f\u7e70\u308a\u8fd4\u3057\u3067\u3042\u308a\u3001\u305d\u306e\u7e70\u308a\u8fd4\u3057\u304c\u540c\u3058\u3082\u306e\u3067\u3042\u308b\u9650\u308a\u3001\u9032\u6b69\u306f\u5b58\u5728\u3057\u306a\u3044\u3002<\/p>\n\n\n\n<p><strong>\u76f4\u7dda\u7684\u306a\u6642\u9593<\/strong><\/p>\n\n\n\n<p>\u3057\u304b\u3057\u4eba\u985e\u306e\u6b74\u53f2\u306b\u306f\u3001\u305d\u306e\u4f1d\u7d71\u304b\u3089\u629c\u3051\u51fa\u3059\u4e00\u6d3e\u304c\u51fa\u73fe\u3057\u305f\u3002\u7523\u696d\u9769\u547d\u5f8c\u306e\u897f\u6d0b\u6587\u660e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30cf\u30a6\u6c0f\u306b\u3088\u308c\u3070\u3001\u30e8\u30fc\u30ed\u30c3\u30d1\u4eba\u306f\u6642\u9593\u3092\u9032\u6b69\u306e\u9023\u7d9a\u3067\u3042\u308b\u3068\u6349\u3048\u305f\u3002\u76ee\u6a19\u3092\u7acb\u3066\u3001\u305d\u308c\u3092\u5b9f\u73fe\u3057\u3001\u305d\u3057\u3066\u307e\u305f\u6b21\u306e\u76ee\u6a19\u3092\u7acb\u3066\u3066\u3086\u304f\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u306f\u307e\u3055\u306b\u8fd1\u4ee3\u5316\u306e\u904e\u7a0b\u3067\u3042\u308a\u3001\u30cf\u30a6\u6c0f\u306b\u3088\u308c\u3070\u3001\u6642\u9593\u306b\u5bfe\u3059\u308b\u3053\u3046\u3057\u305f\u898b\u65b9\u3053\u305d\u304c\u8fd1\u4ee3\u306b\u304a\u3051\u308b\u897f\u6d0b\u6587\u660e\u306e\u6210\u529f\u306b\u8ca2\u732e\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u30cf\u30a6\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>\u76f4\u7dda\u7684\u306a\u6642\u9593\u306e\u5927\u304d\u306a\u6210\u679c\u306f\u3001\u4eba\u985e\u306b\u81ea\u5206\u306e\u9032\u6b69\u306b\u5bfe\u3059\u308b\u610f\u5473\u3042\u308b\u81ea\u4fe1\u3092\u4e0e\u3048\u305f\u3053\u3068\u3060\u3002\u76f4\u7dda\u7684\u306a\u6642\u9593\u3092\u6301\u3064\u793e\u4f1a\u306b\u306f\u3001\u660e\u78ba\u306a\u7cbe\u795e\u7684\u76ee\u6a19\uff08\u6b63\u7fa9\u3084\u5e73\u7b49\uff09\u3068\u7269\u8cea\u7684\u76ee\u6a19\uff08\u5feb\u9069\u3055\u3084\u8c4a\u304b\u3055\uff09\u304c\u3042\u308a\u3001\u305d\u308c\u3092\u5b9f\u73fe\u3059\u308b\u305f\u3081\u306b\u7740\u5b9f\u306b\u9032\u3093\u3067\u3086\u304f\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u30e8\u30fc\u30ed\u30c3\u30d1\u4eba\u306e\u4e2d\u3067\u3082\u7279\u306b\u9032\u6b69\u7684\u306a\u4eba\u3005\u306f\u65b0\u305f\u306a\u6210\u529f\u3092\u76ee\u6307\u3057\u3066\u65b0\u5927\u9678\uff08\u30a2\u30e1\u30ea\u30ab\uff09\u306b\u6e21\u3063\u305f\u304b\u3089\u3001\u3053\u306e\u4fa1\u5024\u89b3\u306f\u30a2\u30e1\u30ea\u30ab\u306b\u3082\u3063\u3068\u3082\u826f\u304f\u53d7\u3051\u7d99\u304c\u308c\u3066\u3044\u308b\u3002\u5468\u671f\u7684\u306a\u6642\u9593\u306f\u4f1d\u7d71\u7684\u306a\u56fd\u5bb6\u306e\u3082\u306e\u3067\u3001\u76f4\u7dda\u7684\u306a\u6642\u9593\u306f\u524d\u885b\u7684\u306a\u56fd\u5bb6\u306e\u3082\u306e\u306a\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u76f4\u7dda\u7684\u306a\u6642\u9593\u306e\u6b20\u9665<\/strong><\/p>\n\n\n\n<p>\u3055\u3066\u3001\u305d\u308c\u3067\u306f\u76f4\u7dda\u7684\u306a\u6642\u9593\u306f\u4e07\u80fd\u306a\u306e\u3060\u308d\u3046\u304b\u3002\u76f4\u7dda\u7684\u306a\u6642\u9593\u306f\u3001\u307e\u305a\u5358\u306b\u4e8b\u5b9f\u306b\u53cd\u3057\u3066\u3044\u308b\u3002\u6642\u9593\u306b\u306f\u660e\u78ba\u306a\u7e70\u308a\u8fd4\u3057\u304c\u3042\u308b\u304c\u3001\u76f4\u7dda\u7684\u306a\u6642\u9593\u306f\u305d\u308c\u3092\u7121\u8996\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u7279\u306b\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u306f\u3001\u5b58\u5728\u3059\u308b\u60c5\u5831\u3092\u7121\u8996\u3059\u308b\u3053\u3068\u306f\u81f4\u547d\u50b7\u306b\u7e4b\u304c\u308a\u304b\u306d\u306a\u3044\u3002\u30cf\u30a6\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>\u7269\u4e8b\u304c\u4e0a\u624b\u304f\u884c\u3063\u3066\u3044\u308b\u6642\u306f\u3001\u76f4\u7dda\u7684\u306a\u6642\u9593\u306e\u5f31\u70b9\u306f\u554f\u984c\u306b\u306a\u3089\u306a\u3044\u3002\u3057\u304b\u3057\u7269\u4e8b\u304c\u4e0a\u624b\u304f\u884c\u304b\u306a\u304f\u306a\u308b\u3068\u3001\u76f4\u7dda\u7684\u306a\u6642\u9593\u306f\u7834\u7dbb\u3057\u304b\u306d\u306a\u3044\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u9032\u6b69\u3092\u524d\u63d0\u306b\u3057\u305f\u6642\u9593\u611f\u899a\u306f\u3001\u672c\u5f53\u306b\u6587\u660e\u304c\u9032\u6b69\u3057\u7d9a\u3051\u3066\u3044\u308b\u9650\u308a\u306f\u4e0a\u624b\u304f\u884c\u304f\u3060\u308d\u3046\u3002\u3057\u304b\u3057\u6b74\u53f2\u306b\u306f\u9032\u6b69\u3082\u3042\u308c\u3070\u5f8c\u9000\u3082\u3042\u308b\u3002\u305d\u308c\u304c\u5468\u671f\u7684\u306a\u6642\u9593\u306e\u8003\u3048\u65b9\u3067\u3042\u308b\u3002\u305d\u308c\u304c\u5468\u671f\u7684\u306b\u7e70\u308a\u8fd4\u3055\u308c\u308b\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u305d\u306e\u4e8b\u5b9f\u3092\u7121\u8996\u3057\u3066\u3001\u5b9f\u969b\u306b\u306f\u72b6\u6cc1\u304c\u60aa\u5316\u3057\u3066\u3044\u308b\u306e\u306b\u3001\u6b74\u53f2\u306f\u5e38\u306b\u76f4\u7dda\u7684\u3067\u3042\u308b\u3068\u4fe1\u3058\u7d9a\u3051\u308b\u3068\u3069\u3046\u306a\u308b\u304b\u3002\u4f8b\u3048\u3070\u7b2c1\u6b21\u4e16\u754c\u5927\u6226\u306b\u7a81\u3063\u8fbc\u3093\u3067\u3044\u3063\u305f\u897f\u6d0b\u6587\u660e\u304c\u6b21\u306b\u76ee\u6307\u3059\u3068\u3053\u308d\u306f\u3001\u76f4\u7dda\u7684\u306b\u306f\u7b2c2\u6b21\u4e16\u754c\u5927\u6226\u3060\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u8a71\u306f\u6050\u3089\u304f\u3001\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3067\u897f\u6d0b\u8af8\u56fd\u306e\u79fb\u6c11\u653f\u7b56\u3084\u6226\u4e89\u653f\u7b56\u306b\u3064\u3044\u3066\u3001\u897f\u6d0b\u6587\u660e\u306f\u81ea\u6bba\u3057\u3066\u3044\u308b\u3068\u8a55\u3057\u305f\u3053\u3068\u3068\u95a2\u9023\u3057\u3066\u3044\u308b\u3060\u308d\u3046\u3002\u9032\u6b69\u3057\u304b\u524d\u63d0\u3068\u3057\u306a\u3044\u897f\u6d0b\u6587\u660e\u306f\u3001\u81ea\u5206\u304c\u5f8c\u9000\u3057\u3066\u3044\u308b\u3053\u3068\u306b\u6c17\u3065\u3044\u3066\u304a\u3089\u305a\u3001\u305d\u306e\u307e\u307e\u76f4\u9032\u3057\u3066\u3044\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/22334\" data-type=\"post\" data-id=\"22334\">\u79fb\u6c11\u5371\u6a5f\u304b\u3089\u30a6\u30af\u30e9\u30a4\u30ca\u307e\u3067: \u897f\u6d0b\u6587\u660e\u306f\u81ea\u6bba\u3057\u3088\u3046\u3068\u3057\u3066\u3044\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p><strong>\u5931\u6557\u3092\u524d\u63d0\u3068\u3057\u3066\u3044\u306a\u3044\u897f\u6d0b\u6587\u660e<\/strong><\/p>\n\n\n\n<p>\u3060\u304b\u3089\u6b74\u53f2\u304b\u3089\u5b66\u3076\u3053\u3068\u304c\u91cd\u8981\u306a\u306e\u3067\u3042\u308b\u3002\u305d\u3057\u3066\u6b74\u53f2\u304b\u3089\u5b66\u3076\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u6b74\u53f2\u306e\u5468\u671f\u6027\u3092\u7406\u89e3\u3059\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u72b6\u6cc1\u304c\u60aa\u5316\u3057\u3066\u3044\u308b\u306e\u306b\u3001\u305d\u306e\u307e\u307e\u76f4\u7dda\u7684\u306a\u6642\u9593\u3092\u4fe1\u3058\u308c\u3070\u72b6\u6cc1\u306f\u6700\u60aa\u306e\u3068\u3053\u308d\u307e\u3067\u884c\u3063\u3066\u3057\u307e\u3046\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p>\u305d\u3057\u3066\u3053\u306e\u76f4\u7dda\u7684\u306a\u6642\u9593\u6982\u5ff5\u306f\u3001\u30a2\u30e1\u30ea\u30ab\u306b\u5f71\u97ff\u3055\u308c\u305f\u65e5\u672c\u4eba\u306b\u3082\u5927\u304d\u304f\u5f71\u97ff\u3092\u53ca\u307c\u3057\u3066\u3044\u308b\u3002\u4f8b\u3048\u3070\u7c73\u56fd\u682a\u306f\u76f4\u7dda\u7684\u306b\u4e0a\u304c\u308a\u7d9a\u3051\u308b\u3068\u4fe1\u3058\u3066\u3044\u308b\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u5b9f\u969b\u306b\u306f\u682a\u5f0f\u5e02\u5834\u306b\u306f\u30b5\u30a4\u30af\u30eb\u304c\u3042\u308b\u3002\u305d\u308c\u3053\u305d\u304c\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u304c\u300e<a href=\"https:\/\/amzn.to\/3IWOGjY\" data-type=\"link\" data-id=\"https:\/\/amzn.to\/3IWOGjY\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">\u5de8\u5927\u50b5\u52d9\u5371\u6a5f\u3092\u7406\u89e3\u3059\u308b<\/a>\u300f\u3084\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\u306a\u3069\u306e\u8457\u66f8\u3067\u89e3\u8aac\u3057\u3066\u3044\u308b\u7d4c\u6e08\u306e\u30b5\u30a4\u30af\u30eb\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u591a\u304f\u306e\u65e5\u672c\u4eba\u306f\u3001\u7c73\u56fd\u682a\u306f\u76f4\u7dda\u7684\u306b\u4e0a\u304c\u308a\u7d9a\u3051\u308b\u3068\u4fe1\u3058\u3066\u3044\u308b\u3002\u3057\u304b\u3057\u30c0\u30ea\u30aa\u6c0f\u306f\u4f8b\u3048\u3070\u3001\u7c73\u56fd\u682a\u304c\u9577\u671f\u3067\u505c\u6ede\u3057\u305f\u671f\u9593\u304c\u6b74\u53f2\u4e0a\u5b58\u5728\u3059\u308b\u3053\u3068\u3092\u6307\u6458\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\/64013\" data-type=\"post\" data-id=\"64013\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f: \u7c73\u56fd\u682a\u306f\u904e\u53bb\u306b2\u56de\u300125\u5e74\u9593\u682a\u4fa1\u304c\u4e0a\u304c\u3089\u306a\u304b\u3063\u305f\u4e0b\u843d\u76f8\u5834\u3092\u7d4c\u9a13\u3057\u3066\u3044\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u305d\u3057\u3066\u30b5\u30a4\u30af\u30eb\u306f\u7e70\u308a\u8fd4\u3059\u3002<\/p>\n\n\n\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>\u73fe\u5b9f\u306b\u306f\u3001\u682a\u4fa1\u306b\u306f\u30c7\u30d5\u30ec\u3068\u30a4\u30f3\u30d5\u30ec\u306e\u30b5\u30a4\u30af\u30eb\u304c\u5b58\u5728\u3057\u3001\u30c7\u30d5\u30ec\u306e\u6642\u306f\u91d1\u878d\u7de9\u548c\u3067\u9577\u671f\u7684\u306b\u682a\u9ad8\u306b\u306a\u308b\u304c\u3001\u30a4\u30f3\u30d5\u30ec\u306e\u6642\u306f\u91d1\u878d\u7de9\u548c\u304c\u51fa\u6765\u306a\u3044\u306e\u3067\u9577\u671f\u7684\u306b\u505c\u6ede\u3059\u308b\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u30b3\u30ed\u30ca\u798d\u306e\u3042\u3063\u305f2020\u5e74\u307e\u306740\u5e74\u9593\u3082\u30c7\u30d5\u30ec\u304c\u7d9a\u3044\u305f\u305f\u3081\u306b\u3001\u4eba\u3005\u306f\u30b5\u30a4\u30af\u30eb\u306e\u5b58\u5728\u3092\u5fd8\u308c\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30cf\u30a6\u6c0f\u306e\u8457\u66f8\u300e<a href=\"https:\/\/amzn.to\/3TnjRKI\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">\u30d5\u30a9\u30fc\u30b9\u30fb\u30bf\u30fc\u30cb\u30f3\u30b0<\/a>\u300f\u306f\u3001\u307e\u3055\u306b\u305d\u306e\u3053\u3068\u306b\u95a2\u3059\u308b\u672c\u3067\u3042\u308b\u3002\u5b9f\u306f\u3053\u306e\u672c\u306f1997\u5e74\u306b\u66f8\u304b\u308c\u305f\u672c\u306a\u306e\u3060\u304c\u3001\u307e\u3055\u306b2025\u5e74\u306e\u72b6\u6cc1\u306b\u9069\u7528\u3067\u304d\u308b\u30cf\u30a6\u6c0f\u306e\u7406\u8ad6\u306b\u8aad\u8005\u306f\u9a5a\u3044\u305f\u306e\u3067\u306f\u306a\u3044\u304b\u3002<\/p>\n\n\n\n<p>\u3060\u304b\u3089\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u3084\u30e9\u30c3\u30bb\u30eb\u30fb\u30cd\u30a4\u30d4\u30a2\u6c0f\u3092\u542b\u3080\u3001\u3053\u3053\u3067\u3082\u7d39\u4ecb\u3057\u3066\u3044\u308b\u4f55\u4eba\u3082\u306e\u5c02\u9580\u5bb6\u304c\u30cf\u30a6\u6c0f\u306e\u672c\u3092\u4eca\u6301\u3061\u51fa\u3057\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002\u30c0\u30ea\u30aa\u6c0f\u306e\u8457\u66f8\u3068\u3068\u3082\u306b\u8aad\u3080\u3053\u3068\u3092\u304a\u85a6\u3081\u3057\u305f\u3044\u3002<\/p>\n\n\n\n<p>\uff08\u203b\u65e5\u672c\u8a9e\u7248\u306e\u60c5\u5831\u3092\u8ffd\u52a0\u3057\u307e\u3057\u305f\u3002\u305f\u3060\u3001\u82f1\u8a9e\u3067\u8aad\u3081\u308b\u4eba\u306b\u306f\u539f\u66f8\u306e\u300e<a href=\"https:\/\/amzn.to\/4kn1xfU\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">The Fourth Turning<\/a>\u300f\uff08\u82f1\u8a9e\u7248\uff09\u3092\u304a\u85a6\u3081\u3057\u307e\u3059\u3002\uff09<\/p>\n\n\n\n<p><a href=\"https:\/\/amzn.to\/3TnjRKI\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/m.media-amazon.com\/images\/I\/81mnbyiHGyL._SL160_.jpg\"><\/a><br><a href=\"https:\/\/amzn.to\/3TnjRKI\" target=\"_blank\" rel=\"noreferrer noopener\">\u30d5\u30a9\u30fc\u30b9\u30fb\u30bf\u30fc\u30cb\u30f3\u30b0<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u3053\u3053\u3067\u306f\u6a5f\u95a2\u6295\u8cc7\u5bb6\u5fa1\u7528\u9054\u306e\u540d\u8457\u3092\u3044\u304f\u3064\u304b\u7d39\u4ecb\u3057\u3066\u3044\u308b\u304c\u3001\u4eca\u56de\u306e\u8a18\u4e8b\u3067\u306f\u307e\u305f\u65b0\u305f\u306b1\u518a\u52a0\u3048\u305f\u3044\u3002\u30cb\u30fc\u30eb\u30fb\u30cf\u30a6\u6c0f\u306e\u300e\u30d5\u30a9\u30fc\u30b9\u30fb\u30bf\u30fc\u30cb\u30f3\u30b0\u300f\u3067\u3042\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":[40,71],"tags":[209],"class_list":["post-67326","post","type-post","status-publish","format-standard","hentry","category-trading-strategies","category-history-of-markets","tag-neil-howe"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/67326","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=67326"}],"version-history":[{"count":83,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/67326\/revisions"}],"predecessor-version":[{"id":67410,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/67326\/revisions\/67410"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=67326"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=67326"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=67326"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}