{"id":69898,"date":"2025-09-03T20:00:00","date_gmt":"2025-09-03T11:00:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=69898"},"modified":"2025-09-03T19:28:32","modified_gmt":"2025-09-03T10:28:32","slug":"%e3%83%ac%e3%82%a4%e3%83%bb%e3%83%80%e3%83%aa%e3%82%aa%e6%b0%8f-%e3%83%88%e3%83%a9%e3%83%b3%e3%83%97%e5%a4%a7%e7%b5%b1%e9%a0%98%e3%81%ae%e5%88%a9%e4%b8%8b%e3%81%92%e5%9c%a7%e5%8a%9b%e3%81%af%e7%b1%b3","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/69898","title":{"rendered":"\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f: \u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u306e\u5229\u4e0b\u3052\u5727\u529b\u306f\u7c73\u56fd\u50b5\u304b\u3089\u30b4\u30fc\u30eb\u30c9\u3078\u306e\u8cc7\u91d1\u9003\u907f\u3092\u5f15\u304d\u8d77\u3053\u3057\u3066\u3044\u308b"},"content":{"rendered":"\n<p>\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9Bridgewater\u5275\u696d\u8005\u306e\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u304c\u3001FT\u306b\u3088\u308b\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u3068Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306e\u91d1\u878d\u653f\u7b56\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u306e\u3067\u7d39\u4ecb\u3057\u305f\u3044\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u3068\u4e2d\u592e\u9280\u884c<\/strong><\/p>\n\n\n\n<p>\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u306eFed\u306b\u5bfe\u3059\u308b\u5727\u529b\u304c\u30cb\u30e5\u30fc\u30b9\u306b\u306a\u3063\u3066\u3044\u308b\u3002\u30c8\u30e9\u30f3\u30d7\u6c0f\u306f\u304b\u306d\u3066\u3088\u308a\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306b\u5bfe\u3057\u3066\u5927\u5e45\u306a\u5229\u4e0b\u3052\u3092\u8981\u6c42\u3057\u3066\u3044\u308b\u307b\u304b\u3001\u6700\u8fd1\u3067\u306f\u30af\u30c3\u30af\u7406\u4e8b\u3092\u4e0d\u6b63\u7591\u60d1\u3067\u89e3\u4efb\u3059\u308b\u3068\u767a\u8868\u3057\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/68361\" data-type=\"post\" data-id=\"68361\">\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u3001\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306b3%\u306e\u5229\u4e0b\u3052\u3092\u8981\u6c42\u3001\u30c9\u30eb\u4e0b\u843d\u3092\u5f8c\u62bc\u3057<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/69820\" data-type=\"post\" data-id=\"69820\">\u30b5\u30de\u30fc\u30ba\u6c0f: \u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u306f\u4e2d\u592e\u9280\u884c\u3092\u652f\u914d\u3057\u3066\u30a4\u30f3\u30d5\u30ec\u3068\u666f\u6c17\u5f8c\u9000\u3092\u5f15\u304d\u8d77\u3053\u3059<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u30c8\u30e9\u30f3\u30d7\u6c0f\u306b\u3088\u308bFed\u3078\u306e\u5229\u4e0b\u3052\u5727\u529b\u306b\u3064\u3044\u3066\u3001\u30c0\u30ea\u30aa\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u8a9e\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>\u73fe\u5728\u30a2\u30e1\u30ea\u30ab\u3067\u8d77\u304d\u3066\u3044\u308b\u653f\u6cbb\u7684\u30fb\u793e\u4f1a\u7684\u306a\u51fa\u6765\u4e8b\u306f\u30011930\u5e74\u4ee3\u306b\u4e16\u754c\u4e2d\u3067\u8d77\u304d\u305f\u3053\u3068\u3092\u601d\u3044\u51fa\u3055\u305b\u308b\u3002<\/p>\n\n\n\n<p>\u91d1\u5229\u304c\u4e0d\u81ea\u7136\u306a\u6c34\u6e96\u307e\u3067\u5f15\u304d\u4e0b\u3052\u3089\u308c\u3001\u7c73\u56fd\u50b5\u304c\u3082\u306f\u3084\u826f\u3044\u6295\u8cc7\u5148\u3060\u3068\u306f\u8003\u3048\u3089\u308c\u306a\u304f\u306a\u308b\u3068\u6295\u8cc7\u5bb6\u304c\u5224\u65ad\u3059\u308b\u307b\u3069\u306b\u4e2d\u592e\u9280\u884c\u306e\u72ec\u7acb\u6027\u304c\u5931\u308f\u308c\u308c\u3070\u3001\u30c9\u30eb\u306e\u4fa1\u5024\u306f\u4e0d\u5065\u5168\u306a\u30ec\u30d9\u30eb\u3067\u4e0b\u843d\u3057\u3066\u3086\u304f\u3060\u308d\u3046\u3002<\/p>\n<\/blockquote>\n\n\n\n<p><strong>\u30c9\u30eb\u306e\u4e0b\u843d<\/strong><\/p>\n\n\n\n<p>\u3042\u307e\u308a\u7279\u5b9a\u306e\u9298\u67c4\u306b\u95a2\u3059\u308b\u76f8\u5834\u4e88\u60f3\u3092\u516c\u8868\u3059\u308b\u3053\u3068\u306e\u306a\u3044\u30c0\u30ea\u30aa\u6c0f\u3060\u304c\u3001\u30c9\u30eb\u306b\u3064\u3044\u3066\u306f\u73cd\u3057\u304f\u4e0b\u843d\u306e\u4e88\u60f3\u3092\u306f\u3063\u304d\u308a\u3068\u8868\u660e\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\/68443\" data-type=\"post\" data-id=\"68443\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f: \u30c9\u30eb\u4e0b\u843d\u306b\u8ced\u3051\u308b\u3079\u304d\u3001\u91d1\u878d\u7de9\u548c\u3067\u30c9\u30eb\u5b89\u3068\u30a4\u30f3\u30d5\u30ec\u306f\u6fc0\u5316\u3059\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306e\u671b\u3080\u91d1\u878d\u7de9\u548c\u304c\u30c9\u30eb\u3092\u4e0b\u843d\u3055\u305b\u308b\u3068\u8003\u3048\u3066\u3044\u308b\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u3057\u3066\u3001\u30c9\u30eb\u304b\u3089\u306e\u8cc7\u91d1\u9003\u907f\u3068\u8a00\u3048\u3070\u3001\u601d\u3044\u51fa\u3057\u3066\u3082\u3089\u3044\u305f\u3044\u306e\u304c\u53bb\u5e74\u306e\u30be\u30eb\u30bf\u30f3\u30fb\u30dd\u30b8\u30e3\u30fc\u30eb\u6c0f\u306e\u4e88\u60f3\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\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<p>\u30dd\u30b8\u30e3\u30fc\u30eb\u6c0f\u306f\u3001\u30c9\u30eb\u304b\u3089\u8cc7\u91d1\u304c\u9003\u907f\u3059\u308b\u3053\u3068\u306b\u3088\u3063\u3066\u3001\u5fc5\u7136\u7684\u306b\u7c73\u56fd\u50b5\u304c\u8cb7\u3044\u624b\u4e0d\u8db3\u306b\u9665\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u304c\u4eca\u73fe\u5b9f\u306b\u8d77\u304d\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u3002\u30c0\u30ea\u30aa\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>\u56fd\u5916\u306e\u6295\u8cc7\u5bb6\u305f\u3061\u304c\u5730\u653f\u5b66\u7684\u72b6\u6cc1\u304b\u3089\u7c73\u56fd\u50b5\u306e\u4fdd\u6709\u3092\u6e1b\u3089\u3057\u3001\u30b4\u30fc\u30eb\u30c9\u306e\u4fdd\u6709\u3092\u5897\u3084\u3057\u3066\u3044\u308b\u72b6\u6cc1\u4e0b\u3067\u653f\u5e9c\u3068\u4e2d\u592e\u9280\u884c\u306e\u95a2\u4fc2\u304c\u3053\u306e\u3088\u3046\u306b\u306a\u3063\u3066\u3044\u308b\u3053\u3068\u306f\u3001\u9577\u671f\u7684\u306a\u30b5\u30a4\u30af\u30eb\u306e\u7d42\u76e4\u306b\u898b\u3089\u308c\u308b\u5178\u578b\u7684\u306a\u5146\u5019\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u30b5\u30a4\u30af\u30eb\u306e\u7d42\u76e4\u3068\u3044\u3046\u306e\u306f\u3001\u4f55\u5341\u5e74\u3082\u7a4d\u307f\u4e0a\u3052\u3089\u308c\u305f\u30a2\u30e1\u30ea\u30ab\u306e\u50b5\u52d9\u554f\u984c\u3082\u300c\u7d42\u308f\u308a\u300d\u306b\u5dee\u3057\u639b\u304b\u3063\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30a6\u30af\u30e9\u30a4\u30ca\u6226\u4e89\u4ee5\u5f8c\u3001\u30a2\u30e1\u30ea\u30ab\u306f\u81ea\u56fd\u306b\u5354\u529b\u7684\u3067\u306f\u306a\u3044\u7121\u95a2\u4fc2\u306e\u56fd\u3005\u306b\u30c9\u30eb\u3092\u4f7f\u3063\u305f\u7d4c\u6e08\u5236\u88c1\u3092\u3061\u3089\u3064\u304b\u305b\u3066\u304a\u308a\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u90fd\u5408\u3067\u8cc7\u7523\u304c\u51cd\u7d50\u3055\u308c\u306a\u3044\u3088\u3046\u3001\u591a\u304f\u306e\u56fd\u306e\u4e2d\u592e\u9280\u884c\u304c\u5916\u8ca8\u6e96\u5099\u306e\u30c9\u30eb\u306e\u4fdd\u6709\u3092\u6e1b\u3089\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\/68119\" data-type=\"post\" data-id=\"68119\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f: \u4e2d\u592e\u9280\u884c\u306e\u30c9\u30eb\u58f2\u308a\u30b4\u30fc\u30eb\u30c9\u8cb7\u3044\u304c\u91d1\u4fa1\u683c\u3092\u9ad8\u9a30\u3055\u305b\u3066\u3044\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u305d\u306e\u7d50\u679c\u3001\u30b4\u30fc\u30eb\u30c9\u306e\u4e0a\u6607\u306f\u3082\u306f\u3084\u307e\u3063\u305f\u304f\u6b62\u307e\u3063\u3066\u3044\u306a\u3044\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/09\/2025-9-3-gold-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"520\" height=\"482\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/09\/2025-9-3-gold-chart.png\" alt=\"\" class=\"wp-image-69926\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/09\/2025-9-3-gold-chart.png 520w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/09\/2025-9-3-gold-chart-300x278.png 300w\" sizes=\"auto, (max-width: 520px) 100vw, 520px\" \/><\/a><\/figure>\n\n\n\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>\u7d19\u5e63\u3078\u306e\u4fe1\u983c\u304c\u3086\u3089\u304e\u3001\u8cb4\u91d1\u5c5e\u306b\u8cc7\u91d1\u304c\u9003\u907f\u3059\u308b\u30b7\u30ca\u30ea\u30aa\u306f\u3001\u3053\u3053\u3067\u306f\u53bb\u5e74\u304b\u3089\u4f55\u5ea6\u3082\u7e70\u308a\u8fd4\u3057\u8a18\u4e8b\u306b\u3057\u3066\u304d\u305f\u30c6\u30fc\u30de\u3067\u3042\u308b\u3002\u5927\u5f53\u305f\u308a\u3068\u8a00\u3063\u3066\u3082\u826f\u3044\u3068\u601d\u3046\u304c\u3001\u3057\u304b\u3057\u3042\u307e\u308a\u306b\u5f53\u305f\u308a\u524d\u306e\u52d5\u304d\u3067\u306f\u306a\u3044\u304b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/67652\" data-type=\"post\" data-id=\"67652\">\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f: \u91d1\u4fa1\u683c\u306f\u30c9\u30eb\u7d19\u5e63\u304c\u5b8c\u5168\u306b\u4fa1\u5024\u3092\u5931\u3046\u307e\u3067\u4e0a\u304c\u308a\u7d9a\u3051\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u305d\u3057\u3066\u30dd\u30b8\u30e3\u30fc\u30eb\u6c0f\u3084\u30c0\u30ea\u30aa\u6c0f\u306e\u4e88\u60f3\u306b\u3088\u308c\u3070\u3001\u305d\u308c\u306f\u6700\u7d42\u7684\u306b\u7c73\u56fd\u50b5\u306e\u8cb7\u3044\u624b\u4e0d\u8db3\u306b\u767a\u5c55\u3059\u308b\u3002<\/p>\n\n\n\n<p>\u30c0\u30ea\u30aa\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>\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306e\u4e88\u7b97\u8a08\u753b\u3067\u793a\u3055\u308c\u3066\u3044\u308b\u3088\u3046\u306a\u5927\u304d\u306a\u652f\u51fa\u306f\u3001\u6bd4\u8f03\u7684\u8fd1\u3044\u5c06\u6765\u30a2\u30e1\u30ea\u30ab\u306b\u50b5\u52d9\u904e\u591a\u306b\u3088\u308b\u5fc3\u81d3\u767a\u4f5c\u3092\u5f15\u304d\u8d77\u3053\u3059\u3060\u308d\u3046\u3002\u304a\u305d\u3089\u304f\u306f\u4eca\u304b\u30893\u5e74\u524d\u5f8c\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u300c\u5fc3\u81d3\u767a\u4f5c\u300d\u3068\u306f\u8cb7\u3044\u624b\u4e0d\u8db3\u3067\u7c73\u56fd\u50b5\u304c\u6025\u843d\u3059\u308b\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30c0\u30ea\u30aa\u6c0f\u306f\u3053\u3046\u3057\u305f\u4e88\u60f3\u3092\u65b0\u8457\u300e<a href=\"https:\/\/amzn.to\/4kWfty4\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">How Countries Go Broke<\/a>\u300f\uff08\u4eee\u8a33\uff1a\u306a\u305c\u56fd\u5bb6\u306f\u7834\u7dbb\u3059\u308b\u306e\u304b\uff09\u3067\u8a73\u3057\u304f\u8aac\u660e\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u82f1\u8a9e\u7248\u3057\u304b\u51fa\u3066\u3044\u306a\u3044\u304c\u3001\u65e5\u672c\u3082\u767b\u5834\u3059\u308b\u306e\u3067\u3001\u82f1\u8a9e\u304c\u8aad\u3081\u308b\u4eba\u306f\u8aad\u3093\u3067\u307f\u3066\u307b\u3057\u3044\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/66448\" data-type=\"post\" data-id=\"66448\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u306e\u65b0\u8457\u3001\u65e5\u672c\u7d4c\u6e08\u3092\u653f\u5e9c\u50b5\u52d9\u306e\u5bfe\u51e6\u306b\u5931\u6557\u3057\u305f\u5834\u5408\u306e\u4e8b\u4f8b\u3068\u3057\u3066\u63b2\u8f09<\/a><\/li>\n<\/ul>\n\n\n\n<a href=\"https:\/\/amzn.to\/4kWfty4\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/m.media-amazon.com\/images\/I\/61uYp1qd3WL._SL160_.jpg\"><\/a><br><a href=\"https:\/\/amzn.to\/4kWfty4\" target=\"_blank\" rel=\"noreferrer noopener\">How Countries Go Broke<\/a>\n","protected":false},"excerpt":{"rendered":"<p>\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9Bridgewater\u5275\u696d\u8005\u306e\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u304c\u3001FT\u306b\u3088\u308b\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u3068Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306e\u91d1\u878d\u653f\u7b56\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u306e\u3067\u7d39\u4ecb\u3057\u305f\u3044\u3002<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[118,120,19,57,108,110],"tags":[102],"class_list":["post-69898","post","type-post","status-publish","format-standard","hentry","category-us-bond-market","category-usdjpy","category-foreign-exchange-market","category-commodity-markets","category-bond-markets","category-gold","tag-ray-dalio"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/69898","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=69898"}],"version-history":[{"count":37,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/69898\/revisions"}],"predecessor-version":[{"id":69937,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/69898\/revisions\/69937"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=69898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=69898"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=69898"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}