{"id":69599,"date":"2025-08-28T20:00:00","date_gmt":"2025-08-28T11:00:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=69599"},"modified":"2025-08-28T01:20:20","modified_gmt":"2025-08-27T16:20:20","slug":"%e3%82%b0%e3%83%ac%e3%82%a2%e3%83%a0%e6%b0%8f-%e6%a0%aa%e4%be%a1%e3%81%8c%e3%82%a4%e3%83%b3%e3%83%95%e3%83%ac%e3%81%a7%e9%95%b7%e6%9c%9f%e7%9a%84%e3%81%ab%e4%bd%8e%e8%bf%b7%e3%81%99%e3%82%8b%e7%90%86","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/69599","title":{"rendered":"\u30b0\u30ec\u30a2\u30e0\u6c0f: 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nofollow\">\u8ce2\u660e\u306a\u308b\u6295\u8cc7\u5bb6<\/a>\u300f\u304b\u3089\u30011970\u5e74\u4ee3\u306e\u30a4\u30f3\u30d5\u30ec\u6642\u4ee3\u306e\u682a\u4fa1\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>\u30a4\u30f3\u30d5\u30ec\u76f8\u5834\u306b\u304a\u3051\u308b\u682a\u4fa1<\/strong><\/p>\n\n\n\n<p>\u3053\u306e\u672c\u306f1949\u5e74\u306b\u521d\u7248\u304c\u66f8\u304b\u308c\u305f\u672c\u3060\u304c\u30011973\u5e74\u306b\u51fa\u7248\u3055\u308c\u305f\u7248\uff08\u65e5\u672c\u8a9e\u7248\u3082\u3053\u306e\u7248\u3067\u3042\u308b\uff09\u306e\u5e8f\u6587\u3067\u306f\u30011970\u5e74\u4ee3\u306e\u4e16\u754c\u7684\u306a\u7269\u4fa1\u9ad8\u9a30\u306e\u6642\u4ee3\u306b\u304a\u3051\u308b\u682a\u4fa1\u306e\u63a8\u79fb\u306b\u3064\u3044\u3066\u89e6\u308c\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u524d\u56de\u306e\u8a18\u4e8b\u3067\u306f\u3001\u30b0\u30ec\u30a2\u30e0\u6c0f\u306f\u682a\u5f0f\u306f\u3044\u3064\u3067\u3082\u3069\u3093\u306a\u9ad8\u5024\u3067\u3082\u8cb7\u3063\u3066\u826f\u3044\u308f\u3051\u3067\u306f\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u3092\u4e3b\u5f35\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\/69556\" data-type=\"post\" data-id=\"69556\">\u30b0\u30ec\u30a2\u30e0\u6c0f: 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class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u6295\u8cc7\u5bb6\u304c\u5bfe\u51e6\u3059\u3079\u304d\u6700\u5927\u306e\u554f\u984c\u306f\u3001\u56fd\u50b5\u306e\u91d1\u5229\u304c\u5927\u304d\u304f\u4e0a\u304c\u3063\u305f\u3053\u3068\u306b\u8d77\u56e0\u3059\u308b\u30021967\u5e74\u5f8c\u534a\u4ee5\u6765\u3001\u6295\u8cc7\u5bb6\u306f\u3082\u3063\u3068\u3082\u8cea\u306e\u9ad8\u3044\u682a\u5f0f\u304b\u3089\u5f97\u3089\u308c\u308b\u914d\u5f53\u306e2\u500d\u4ee5\u4e0a\u306e\u91d1\u5229\u3092\u56fd\u50b5\u304b\u3089\u5f97\u3089\u308c\u308b\u3088\u3046\u306b\u306a\u3063\u305f\u3002<\/p>\n\n\n\n<p>1972\u5e74\u306e\u59cb\u3081\u306b\u304a\u3044\u3066\u3001\u56fd\u50b5\u306e\u91d1\u5229\u304c7.19%\u3067\u3042\u308b\u306e\u306b\u5bfe\u3057\u3001\u682a\u5f0f\u306e\u914d\u5f53\u5229\u56de\u308a\u306f\u305f\u3063\u305f2.76%\u3060\u3002\uff08\u3061\u306a\u307f\u306b\u3053\u306e\u6570\u5b57\u306f1964\u5e74\u306e\u7d42\u308f\u308a\u306b\u306f4.40%\u5bfe2.92%\u3060\u3063\u305f\u3002\uff09<\/p>\n<\/blockquote>\n\n\n\n<p>\u30b0\u30ec\u30a2\u30e0\u6c0f\u304c\u8a00\u3063\u3066\u3044\u308b\u306e\u306f\u3001\u91d1\u5229\u4e0a\u6607\u3067\u56fd\u50b5\u304c\u6295\u8cc7\u5bfe\u8c61\u3068\u3057\u3066\u9b45\u529b\u7684\u306b\u306a\u3063\u305f\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u30b0\u30ec\u30a2\u30e0\u6c0f\u306f\u3053\u306e\u672c\u3067\u57fa\u672c\u7684\u306b\u306f\u682a\u5f0f\u6295\u8cc7\u3092\u85a6\u3081\u3066\u3044\u308b\u304c\u3001\u521d\u7248\u304c\u51fa\u7248\u3055\u308c\u305f\u6642\u306b\u306f\u7c73\u56fd\u682a\u306f\u3082\u3063\u3068\u9b45\u529b\u7684\u3060\u3063\u305f\u3068\u3044\u3046\u3002<\/p>\n\n\n\n<p>\u30b0\u30ec\u30a2\u30e0\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>\u3053\u306e\u672c\u3092\u66f8\u3044\u305f1949\u5e74\u306b\u306f\u3053\u308c\u3089\u306e\u6570\u5b57\u306f\u307e\u3063\u305f\u304f\u306e\u53cd\u5bfe\u3067\u3001\u56fd\u50b5\u306e\u91d1\u5229\u304c2.66%\u3067\u3042\u308b\u306e\u306b\u5bfe\u3057\u682a\u5f0f\u306e\u914d\u5f53\u5229\u56de\u308a\u304c6.82%\u3060\u3063\u305f\u3053\u3068\u306f\u307b\u3068\u3093\u3069\u5618\u306e\u3088\u3046\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p><strong>\u682a\u5f0f\u6295\u8cc7\u3092\u63a8\u5968\u3057\u306a\u3044\u682a\u5f0f\u6295\u8cc7\u306e\u672c<\/strong><\/p>\n\n\n\n<p>\u7d50\u679c\u3068\u3057\u30661973\u5e74\u306e\u7248\u3067\u306f\u3001\u3053\u306e\u672c\u306f\u57fa\u672c\u7684\u306b\u306f\u682a\u5f0f\u6295\u8cc7\u306e\u672c\u3067\u3042\u308b\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u30b0\u30ec\u30a2\u30e0\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\u308c\u307e\u3067\u306e\u7248\u3067\u306f\u3001\u4fdd\u5b88\u7684\u306a\u6295\u8cc7\u5bb6\u306b\u306f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u5c11\u306a\u304f\u3068\u308225%\u3092\u682a\u5f0f\u306b\u6295\u8cc7\u3059\u308b\u3088\u3046\u63a8\u5968\u3057\u3001\u4e00\u822c\u7684\u306b\u306f\u682a\u5f0f\u3068\u50b5\u5238\u306e\u6bd4\u7387\u3092\u534a\u3005\u306b\u3059\u308b\u3088\u3046\u306b\u85a6\u3081\u3066\u304d\u305f\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u4eca\u3067\u306f\u3001\u50b5\u5238\u6295\u8cc7\u304c\u682a\u5f0f\u3088\u308a\u3082\u5927\u304d\u304f\u6709\u5229\u306a\u4eca\u306e\u72b6\u6cc1\u3092\u6d3b\u304b\u3057\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306e\u3059\u3079\u3066\u3092\u50b5\u5238\u306b\u3059\u3079\u304d\u304b\u3069\u3046\u304b\u8003\u3048\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u3082\u3061\u308d\u3093\u50b5\u5238\u3082\u671f\u9593\u306e\u9577\u3044\u3082\u306e\u3067\u3042\u308c\u3070\u4fa1\u683c\u4e0b\u843d\u306e\u30c0\u30e1\u30fc\u30b8\u3092\u53d7\u3051\u3066\u3057\u307e\u3046\u305f\u3081\u3001\u77ed\u671f\u50b5\u304b\u3001\u4e00\u756a\u826f\u3044\u306e\u306f\u9810\u91d1\u3067\u9ad8\u91d1\u5229\u3092\u53d7\u3051\u53d6\u308a\u7d9a\u3051\u308b\u3053\u3068\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p>\u682a\u5f0f\u6295\u8cc7\u306e\u672c\u3068\u3057\u3066\u3053\u308c\u3067\u826f\u3044\u306e\u304b\u3068\u601d\u3063\u3066\u3057\u307e\u3046\u5185\u5bb9\u3060\u304c\u3001\u5b9f\u969b\u306b\u306f\u3053\u308c\u3067\u826f\u304b\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u30b0\u30ec\u30a2\u30e0\u6c0f\u306f\u682a\u5f0f\u6295\u8cc7\u306e\u672c\u3067\u682a\u5f0f\u6295\u8cc7\u3092\u63a8\u5968\u3057\u306a\u3044\u307e\u307e\u30011976\u5e74\u306b\u6c38\u7720\u3059\u308b\u3002\u3060\u304c1970\u5e74\u4ee3\u306e\u7c73\u56fd\u682a\u306f\u7d50\u5c40\u3069\u3046\u306a\u3063\u305f\u304b\u3002\u7c73\u56fd\u682a\u306f\u50b5\u5238\u3084\u9810\u91d1\u306e\u9ad8\u3044\u5229\u56de\u308a\u306b\u52dd\u3064\u3053\u3068\u304c\u3067\u304d\u305a\u30011973\u5e74\u306b\u682a\u4fa1\u304c\u307b\u307c\u534a\u5206\u306b\u306a\u3063\u305f\u66b4\u843d\u306e\u6642\u671f\u3092\u542b\u3081\u3001\u304a\u3088\u305d15\u5e74\u9593\u3092\u307b\u307c\u6a2a\u3070\u3044\u3067\u904e\u3054\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\/2022\/06\/1966-1982-s-and-p-500-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"675\" height=\"543\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/06\/1966-1982-s-and-p-500-chart.png\" alt=\"\" class=\"wp-image-25849\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/06\/1966-1982-s-and-p-500-chart.png 675w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/06\/1966-1982-s-and-p-500-chart-300x241.png 300w\" sizes=\"auto, (max-width: 675px) 100vw, 675px\" \/><\/a><\/figure>\n\n\n\n<p>\u3057\u304b\u3082\u3053\u306e\u9593\u7269\u4fa1\u306f3\u500d\u306b\u306a\u3063\u3066\u3044\u308b\u306e\u3067\u3001\u5b9f\u8cea\u7684\u306b\u306f\u7c73\u56fd\u682a\u306e\u4fa1\u5024\u306f3\u5206\u306e1\u306b\u306a\u3063\u305f\u4e0a\u306b\u3001\u9ad8\u91d1\u5229\u304c\u4ed8\u3044\u3066\u3044\u305f\u77ed\u671f\u50b5\u3084\u9810\u91d1\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u306b\u30dc\u30ed\u8ca0\u3051\u3057\u305f\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>\u3061\u306a\u307f\u306b\u73fe\u5728\u306e\u30a2\u30e1\u30ea\u30ab\u306e\u653f\u7b56\u91d1\u5229\u306f4.25%\u3067\u3042\u308a\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u4ee3\u8868\u7684\u306a\u914d\u5f53\u682a\u3067\u3042\u308bP&amp;G\u306e\u914d\u5f53\u5229\u56de\u308a\u306f2.71%\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u5e74\u672b\u306b\u540c\u3058\u7406\u5c48\u3067\u73fe\u5728\u306e\u7c73\u56fd\u682a\u306e\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3092\u6279\u8a55\u3057\u305f\u30c7\u30a4\u30f4\u30a3\u30c3\u30c9\u30fb\u30ed\u30fc\u30bc\u30f3\u30d0\u30fc\u30b0\u6c0f\u306e\u8b70\u8ad6\u3092\u4ee5\u4e0b\u306e\u8a18\u4e8b\u306b\u8f09\u305b\u3066\u3044\u308b\u3002\u5f53\u6642\u304b\u3089\u682a\u4fa1\u306f\u4e0a\u304c\u3063\u305f\u304c\u3001\u91d1\u5229\u306f\u4e0b\u304c\u3063\u305f\u306e\u3067\u3001\u7c73\u56fd\u682a\u306e\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306f\u5f53\u6642\u3068\u305d\u308c\u307b\u3069\u5909\u308f\u3089\u306a\u3044\u72b6\u614b\u306b\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/57536\" data-type=\"post\" data-id=\"57536\">\u30ed\u30fc\u30bc\u30f3\u30d0\u30fc\u30b0\u6c0f\u3001\u7c73\u56fd\u682a\u306e\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u3092\u9177\u8a55 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href=\"https:\/\/amzn.to\/45zOfsd\" target=\"_blank\" rel=\"noreferrer noopener 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class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/64674\" data-type=\"post\" data-id=\"64674\">\u30d0\u30d5\u30a7\u30c3\u30c8\u6c0f: \u65e5\u672c\u5186\u306e\u4e0b\u843d\u306f\u5bb9\u6613\u306b\u4e88\u60f3\u53ef\u80fd\u3001\u30c9\u30eb\u306f\u300c\u5730\u7344\u884c\u304d\u306e\u901a\u8ca8\u300d<\/a><\/li>\n<\/ul>\n\n\n\n<p><a href=\"https:\/\/amzn.to\/45zOfsd\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/m.media-amazon.com\/images\/I\/7192YH2nouL._SL160_.jpg\"><\/a><br><a href=\"https:\/\/amzn.to\/45zOfsd\" target=\"_blank\" rel=\"noreferrer 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