{"id":7478,"date":"2018-02-25T20:04:49","date_gmt":"2018-02-25T11:04:49","guid":{"rendered":"http:\/\/www.globalmacroresearch.org\/jp\/?p=7478"},"modified":"2018-02-25T14:05:14","modified_gmt":"2018-02-25T05:05:14","slug":"%e3%82%ac%e3%83%b3%e3%83%88%e3%83%a9%e3%83%83%e3%82%af%e6%b0%8f-%e3%83%93%e3%83%83%e3%83%88%e3%82%b3%e3%82%a4%e3%83%b3%e7%9b%b8%e5%a0%b4%e3%81%8c%e6%a0%aa%e4%be%a1%e3%81%ae%e5%8b%95%e5%90%91%e3%82%92","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/7478","title":{"rendered":"\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f: 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rel=\"noopener\">\u539f\u6587\u82f1\u8a9e<\/a>\uff09\u3067\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f\u304c\u307e\u305f\u7b46\u8005\u306e\u6570\u65e5\u524d\u306e\u8a18\u4e8b\u3068\u540c\u3058\u89b3\u70b9\u3067\u76f8\u5834\u89b3\u3092\u8aac\u660e\u3057\u3066\u3044\u308b\u3002<\/p>\n<p><!--more--><strong>\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u3068\u7c73\u56fd\u682a<\/strong><\/p>\n<p>\u7b46\u8005\u306f\u30e6\u30fc\u30ed\u30c9\u30eb\u3084\u91d1\u76f8\u5834\u3001\u539f\u6cb9\u4fa1\u683c\u306b\u3064\u3044\u3066\u682a\u5f0f\u5e02\u5834\u3068\u306e\u95a2\u4fc2\u3092\u8aac\u660e\u3057\u305f\u304c\u3001\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f\u304c\u76ee\u3092\u3064\u3051\u305f\u306e\u306f\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u76f8\u5834\u3067\u3042\u308b\u3002\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f\u306f\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u4fa1\u683c\u3068\u682a\u5f0f\u5e02\u5834\u306e\u9023\u52d5\u6027\u306b\u3064\u3044\u3066\u6b21\u306e\u3088\u3046\u306b\u8a9e\u3063\u3066\u3044\u308b\u3002<\/p>\n<blockquote><p>\u7c73\u56fd\u682a\u306f\u6628\u5e74\u306e9\u6708\u304b\u3089\u4e00\u76f4\u7dda\u306b\u4e0a\u6607\u3057\u3066\u3044\u308b\u304c\u3001\u3053\u306e\u4e0a\u3052\u76f8\u5834\u306b\u306f\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u76f8\u5834\u304c\u8c61\u5fb4\u7684\u306b\u5148\u884c\u3057\u3066\u3044\u308b\u3002\u5f53\u66424,500\u30c9\u30eb\u7a0b\u5ea6\u3060\u3063\u305f\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306e\u4fa1\u683c\u306f20,000\u30c9\u30eb\u8fba\u308a\u307e\u3067\u9ad8\u9a30\u3057\u305f\u3002<\/p>\n<p>\u305d\u306e\u5f8c\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306f12\u6708\u306e\u5929\u4e95\u304b\u3089\u66b4\u843d\u3057\u305f\u3002\u305d\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff08\u8a33\u6ce8\uff1a\u4fa1\u683c\u306e\u632f\u308c\u5e45\uff09\u306e\u6025\u4e0a\u6607\u306f2\u6708\u306e\u682a\u5f0f\u5e02\u5834\u306e\u6df7\u4e71\u306b\u5148\u884c\u3057\u305f\u304b\u306e\u3088\u3046\u3060\u3002\u305d\u3057\u3066\u682a\u5f0f\u5e02\u5834\u304c\u5e95\u5024\u3092\u63a2\u3063\u3066\u3044\u305f\u6642\u306b\u3001\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306f\u5148\u884c\u3057\u3066\u4e0a\u6607\u3092\u59cb\u3081\u305f\u3002\u305d\u3046\u3059\u308b\u3068\u682a\u5f0f\u5e02\u5834\u3082\u5e95\u3092\u6253\u3063\u305f\u3002<\/p>\n<p>\u3068\u3066\u3082\u5947\u5999\u3067\u306f\u3042\u308b\u304c\u3001\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u76f8\u5834\u306f\u91d1\u878d\u5e02\u5834\u306e\u30e0\u30fc\u30c9\u3092\u8868\u3059\u6307\u6a19\u306e\u3088\u3046\u306b\u6a5f\u80fd\u3057\u3066\u3044\u308b\u3002<\/p><\/blockquote>\n<p>\u5b9f\u969b\u306e\u30c1\u30e3\u30fc\u30c8\u306f\u3069\u3046\u306a\u3063\u3066\u3044\u308b\u3060\u308d\u3046\u304b\u3002\u5148\u305a\u306f\u7c73\u56fd\u682a\u306e\u30c1\u30e3\u30fc\u30c8\u30929\u6708\u304b\u3089\u898b\u3066\u307f\u3088\u3046\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/02\/2018-2-25-s-and-p-500-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7479\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/02\/2018-2-25-s-and-p-500-chart.png\" alt=\"\" width=\"598\" height=\"365\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/02\/2018-2-25-s-and-p-500-chart.png 598w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/02\/2018-2-25-s-and-p-500-chart-300x183.png 300w\" sizes=\"auto, (max-width: 598px) 100vw, 598px\" \/><\/a><\/p>\n<p>\u6b21\u306f\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306e\u30c1\u30e3\u30fc\u30c8\u3067\u3042\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/02\/2018-2-25-bitcoin-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7480\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/02\/2018-2-25-bitcoin-chart.png\" alt=\"\" width=\"598\" height=\"365\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/02\/2018-2-25-bitcoin-chart.png 598w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/02\/2018-2-25-bitcoin-chart-300x183.png 300w\" sizes=\"auto, (max-width: 598px) 100vw, 598px\" \/><\/a><\/p>\n<p>\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f\u306f\u3053\u306e2\u3064\u306e\u30c1\u30e3\u30fc\u30c8\u304c\u9023\u52d5\u3057\u3066\u3044\u308b\u3068\u8a9e\u3063\u3066\u304a\u308a\u3001\u7279\u306b\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u4fa1\u683c\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u9ad8\u307e\u308a\u306f\u7c73\u56fd\u682a\u6025\u843d\u306e\u5146\u5019\u3060\u3063\u305f\u3068\u4e3b\u5f35\u3057\u3066\u3044\u308b\u3002\u5f7c\u306f\u6b21\u306e\u3088\u3046\u306b\u7d9a\u3051\u3066\u3044\u308b\u3002<\/p>\n<blockquote><p>\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u4fa1\u683c\u304c\u6700\u8fd1\u5f90\u3005\u306b\u843d\u3061\u7740\u304d\u3092\u898b\u305b\u3066\u304d\u3066\u304a\u308a\u300110,000\u30c9\u30eb\u8fd1\u8fba\u306b\u5e95\u3092\u898b\u3064\u3051\u305f\u3088\u3046\u306a\u52d5\u304d\u3068\u306a\u3063\u3066\u3044\u308b\u3002\u5947\u5999\u306a\u3053\u3068\u306b\u3001\u308f\u305f\u3057\u306f\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306e\u3088\u3046\u306a\u6295\u6a5f\u7684\u306a\u8cc7\u7523\u306b\u304a\u3051\u308b\u6295\u8cc7\u5bb6\u306e\u30bb\u30f3\u30c1\u30e1\u30f3\u30c8\u3092\u5c06\u6765\u3092\u5360\u3046\u6307\u6a19\u3068\u3057\u3066\u4f7f\u3063\u3066\u3044\u308b\u3002\u3060\u304b\u3089\u3082\u3057\u682a\u5f0f\u5e02\u5834\u304c\u518d\u3073\u8352\u308c\u308b\u3068\u3059\u308c\u3070\u3001\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306e\u4e0b\u843d\u304c\u5148\u306b\u8d77\u3053\u308b\u306e\u3067\u306f\u306a\u3044\u304b\u3068\u601d\u3046\u3002<\/p><\/blockquote>\n<p>\u9762\u767d\u3044\u30b3\u30e1\u30f3\u30c8\u3067\u3042\u308b\u3002\u3064\u307e\u308a\u3001\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306e\u30c1\u30e3\u30fc\u30c8\u304c2\u6708\u306b\u5165\u3063\u3066\u6bd4\u8f03\u7684\u7a4f\u3084\u304b\u3060\u304b\u3089\u3001\u682a\u5f0f\u5e02\u5834\u306f\u843d\u3061\u7740\u304d\u3092\u53d6\u308a\u623b\u3059\u306e\u3067\u306f\u306a\u3044\u304b\u3068\u3044\u3046\u4e88\u60f3\u306a\u306e\u3060\u308d\u3046\u3002<\/p>\n<p><strong>\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u9023\u52d5\u306e\u610f\u5473<\/strong><\/p>\n<p>\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f\u306e\u7406\u5c48\u3092\u9806\u3092\u8ffd\u3063\u3066\u691c\u8a3c\u3057\u3066\u307f\u3088\u3046\u3002<\/p>\n<p>\u5148\u305a\u3001\u7c73\u56fd\u682a\u306e\u4e0b\u843d\u304c\u59cb\u307e\u3063\u305f\u306e\u304c2\u6708\u3067\u3042\u308b\u306e\u306b\u5bfe\u3057\u3066\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306e\u4e0b\u843d\u304c\u6628\u5e74\u672b\u304b\u3089\u59cb\u307e\u3063\u3066\u3044\u308b\u4ef6\u306b\u3064\u3044\u3066\u306f\u3001\u500b\u4eba\u7684\u306b\u306f\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u304c\u7c73\u56fd\u682a\u306b\u5148\u884c\u3057\u305f\u3068\u306f\u601d\u308f\u306a\u3044\u3002<\/p>\n<p>\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306e\u5929\u4e95\u306f\u660e\u3089\u304b\u306bCME\uff08\u30b7\u30ab\u30b4\u30fb\u30de\u30fc\u30ab\u30f3\u30bf\u30a4\u30eb\u53d6\u5f15\u6240\uff09\u3068CBOE\uff08\u30b7\u30ab\u30b4\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u6240\uff09\u304c12\u6708\u534a\u3070\u306b\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u5148\u7269\u3092\u4e0a\u6607\u3055\u305b\u305f\u3068\u3044\u3046\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u7279\u6709\u306e\u4e8b\u60c5\u304c\u539f\u56e0\u3067\u3042\u308a\u3001\u305d\u308c\u306f\u7c73\u56fd\u682a\u3084\u4ed6\u306e\u76f8\u5834\u306b\u5f71\u97ff\u3092\u53ca\u307c\u3059\u3082\u306e\u3067\u306f\u306a\u3044\u3002\u5358\u306b\u5148\u7269\u306e\u4e0a\u5834\u306b\u3088\u3063\u3066\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306e\u8cc7\u91d1\u304c\u6d41\u5165\u3059\u308b\u3068\u4e88\u6e2c\u3057\u305f\u6295\u8cc7\u5bb6\u304c\u4e0a\u5834\u524d\u306b\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u3092\u8cb7\u3044\u4e0a\u304c\u308a\u3001\u4e0a\u5834\u65e5\u3068\u540c\u6642\u306b\u6750\u6599\u51fa\u5c3d\u304f\u3057\u3068\u306a\u3063\u3066\u300c\u671f\u5f85\u3067\u8cb7\u3063\u3066\u4e8b\u5b9f\u3067\u58f2\u308b\u300d\u5178\u578b\u7684\u306a\u76f8\u5834\u306b\u306a\u3063\u305f\u3060\u3051\u306e\u3053\u3068\u3067\u3042\u308b\u3002\u3053\u308c\u306f\u4ed6\u306e\u5e02\u5834\u306b\u306f\u95a2\u4fc2\u304c\u306a\u3044\u3002<\/p>\n<p>\u3057\u304b\u3057\u3001\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u3082\u542b\u3081\u3066\u3042\u3089\u3086\u308b\u6295\u6a5f\u7684\u76f8\u5834\u304c\u5168\u4f53\u306e\u8cc7\u91d1\u306e\u6d41\u308c\u3068\u9023\u52d5\u3057\u3066\u3044\u308b\u3053\u3068\u306f\u4e8b\u5b9f\u3067\u3042\u308b\u3002\u305d\u3057\u3066\u3001\u305d\u306e\u9023\u52d5\u306f\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u3060\u3051\u3067\u306f\u306a\u304f\u3001\u7c73\u56fd\u682a\u3068\u30c9\u30eb\u76f8\u5834\u3001\u539f\u6cb9\u4fa1\u683c\u3001\u91d1\u4fa1\u683c\u306a\u3069\u3001\u307b\u3068\u3093\u3069\u3059\u3079\u3066\u306e\u76f8\u5834\u306b\u304a\u3044\u3066\u898b\u3089\u308c\u308b\u72b6\u6cc1\u306b\u306a\u3063\u3066\u3044\u308b\u3002\u672c\u6765\u3001\u91d1\u5229\u3084\u7d4c\u6e08\u306b\u304a\u3051\u308b\u9700\u8981\u3068\u4f9b\u7d66\u306a\u3069\u306e\u7570\u306a\u3063\u305f\u7d4c\u6e08\u306e\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u306b\u57fa\u3065\u3044\u3066\u5225\u3005\u306b\u52d5\u304f\u3079\u304d\u76f8\u5834\u304c\u3001\u3059\u3079\u3066\u9023\u52d5\u3057\u3066\u5358\u4e00\u7684\u306a\u52d5\u304d\u3068\u306a\u3063\u3066\u3044\u308b\u3053\u3068\u3092\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3067\u306f\u6307\u6458\u3057\u3066\u3042\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/7463\">\u7c73\u56fd\u91d1\u5229\u4e0a\u6607\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u30c9\u30eb\u304c\u4e0b\u843d\u3057\u3066\u3044\u308b\u7406\u7531<\/a><\/li>\n<\/ul>\n<p>\u3053\u306e\u8a18\u4e8b\u3067\u8c61\u5fb4\u7684\u3060\u3063\u305f\u306e\u306f\u3001\u672c\u6765\u30c9\u30eb\u306e\u5b9f\u8cea\u91d1\u5229\u306b\u53cd\u5fdc\u3057\u3066\u52d5\u304f\u3079\u304d\u91d1\u76f8\u5834\u304c\u3001\u5e74\u672b\u304b\u3089\u305d\u306e\u9023\u52d5\u6027\u3092\u5931\u3044\u3001\u7c73\u56fd\u682a\u306a\u3069\u306e\u30ea\u30b9\u30af\u8cc7\u7523\u3068\u9023\u52d5\u3059\u308b\u3088\u3046\u306b\u306a\u3063\u305f\u3053\u3068\u3067\u3042\u308b\u3002\u4ee5\u4e0b\u306e\u30c1\u30e3\u30fc\u30c8\u306f\u91d1\u76f8\u5834\u3068\u5b9f\u8cea\u91d1\u5229\u3060\u304c\u3001\u9014\u4e2d\u307e\u3067\u7dba\u9e97\u306a\u83f1\u5f62\u306e\u53cd\u76f8\u95a2\u3068\u306a\u3063\u3066\u3044\u305f\u3082\u306e\u304c\u3001\u5e74\u672b\u304b\u3089\u305d\u306e\u5f62\u304c\u5d29\u308c\u308b\u52d5\u304d\u3068\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/02\/2018-2-22-gold-and-us-real-interest-rate-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7469\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/02\/2018-2-22-gold-and-us-real-interest-rate-chart.png\" alt=\"\" width=\"521\" height=\"394\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/02\/2018-2-22-gold-and-us-real-interest-rate-chart.png 521w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/02\/2018-2-22-gold-and-us-real-interest-rate-chart-300x227.png 300w\" sizes=\"auto, (max-width: 521px) 100vw, 521px\" \/><\/a><\/p>\n<p>\u305d\u3057\u3066\u91d1\u76f8\u5834\u304c\u65b0\u305f\u306b\u4f55\u306b\u9023\u52d5\u3059\u308b\u3088\u3046\u306b\u306a\u3063\u305f\u304b\u3068\u8a00\u3048\u3070\u3001\u682a\u5f0f\u5e02\u5834\u306a\u306e\u3067\u3042\u308b\u3002<\/p>\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n<p>\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u304c\u7c73\u56fd\u682a\u306e\u52d5\u304d\u3092\u5360\u3046\u5148\u884c\u6307\u6a19\u306b\u306a\u308b\u304b\u3069\u3046\u304b\u306f\u5225\u3068\u3057\u3066\u3001\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306e\u3088\u3046\u306a\u6295\u6a5f\u7684\u8cc7\u7523\u3067\u3055\u3048\u4ed6\u306e\u5e02\u5834\u3068\u3042\u308b\u7a0b\u5ea6\u306e\u76f8\u95a2\u3092\u898b\u305b\u3066\u3044\u308b\u3053\u3068\u306f\u8208\u5473\u6df1\u3044\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n<p>\u305d\u3057\u3066\u305d\u306e\u672c\u8cea\u306f\u3001\u5e02\u5834\u306e\u5168\u3066\u304c\u5b9f\u4f53\u7d4c\u6e08\u306e\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u30ba\u3067\u306f\u306a\u304f\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u91d1\u878d\u5f15\u304d\u7de0\u3081\u653f\u7b56\u306b\u3088\u3063\u3066\u5e02\u5834\u5168\u4f53\u304b\u3089\u8cc7\u91d1\u304c\u5f15\u304d\u4e0a\u3052\u3089\u308c\u308b\u306e\u304b\u3069\u3046\u304b\u3068\u3044\u3046\u3001\u8cc7\u91d1\u306e\u6d41\u308c\u306b\u57fa\u3065\u3044\u305f\u76f8\u5834\u306b\u306a\u3063\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u3059\u3079\u3066\u306e\u5e02\u5834\u304c\u305d\u306e\u4e00\u3064\u306e\u3053\u3068\u306b\u9023\u52d5\u3057\u3066\u3044\u308b\u305f\u3081\u306b\u3001\u3053\u306e\u3088\u3046\u306a\u52d5\u304d\u306b\u306a\u3063\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002\u91d1\u76f8\u5834\u306b\u3064\u3044\u3066\u306f\u4e0a\u306b\u7d39\u4ecb\u3057\u305f\u304c\u3001\u30c9\u30eb\u3084\u539f\u6cb9\u306a\u3069\u305d\u306e\u4ed6\u306e\u5e02\u5834\u304c\u3069\u3046\u9023\u52d5\u3057\u3066\u3044\u308b\u304b\u306b\u3064\u3044\u3066\u306f\u524d\u56de\u306e\u8a18\u4e8b\u3092\u53c2\u8003\u306b\u3057\u3066\u307b\u3057\u3044\u3002\u73fe\u5728\u306e\u5e02\u5834\u304c\u3069\u306e\u3088\u3046\u306a\u52d5\u304d\u65b9\u306b\u306a\u3063\u3066\u3044\u308b\u306e\u304b\u3092\u3088\u308a\u7406\u89e3\u51fa\u6765\u308b\u3060\u308d\u3046\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/7463\">\u7c73\u56fd\u91d1\u5229\u4e0a\u6607\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u30c9\u30eb\u304c\u4e0b\u843d\u3057\u3066\u3044\u308b\u7406\u7531<\/a><\/li>\n<\/ul>\n<p>\u3055\u3066\u3001\u305d\u306e\u9023\u52d5\u304c\u7d9a\u304f\u306e\u3067\u3042\u308c\u3070\u3001\u5168\u4f53\u306e\u8cc7\u91d1\u306e\u6d41\u308c\u3053\u305d\u304c\u3059\u3079\u3066\u306e\u76f8\u5834\u306e\u52d5\u5411\u3092\u4e88\u60f3\u3059\u308b\u9375\u3068\u306a\u308b\u3002\u305d\u3057\u3066\u4e16\u754c\u306e\u8cc7\u91d1\u306e\u6d41\u308c\u304c\u3069\u3046\u306a\u308b\u304b\u3068\u8a00\u3048\u3070\u3001\u4e16\u754c\u4e00\u306e\u7d4c\u6e08\u5927\u56fd\u30a2\u30e1\u30ea\u30ab\u306f\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u7e2e\u5c0f\u3068\u3044\u3046\u91cf\u7684\u5f15\u304d\u7de0\u3081\u653f\u7b56\u306b\u3088\u3063\u3066\u5e02\u5834\u304b\u3089\u8cc7\u91d1\u3092\u5f15\u304d\u63da\u3052\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/6636\">\u7c73\u56fd\u30de\u30cd\u30bf\u30ea\u30fc\u30d9\u30fc\u30b9\u7e2e\u5c0f\u3067\u91cf\u7684\u7de9\u548c\u30d0\u30d6\u30eb\u306f\u5d29\u58ca\u3059\u308b\u306e\u304b\uff1f<\/a><\/li>\n<\/ul>\n<p>Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306b\u3088\u308b\u30de\u30cd\u30bf\u30ea\u30fc\u30d9\u30fc\u30b9\u7e2e\u5c0f\u306f\u6bb5\u968e\u3092\u8e0f\u3093\u3067\u884c\u308f\u308c\u3066\u304a\u308a\u3001\u6708\u3054\u3068\u306e\u8cc7\u91d1\u5f15\u304d\u63da\u3052\u7dcf\u984d\u306f\u5f90\u3005\u306b\u5897\u52a0\u3055\u308c\u308b\u3053\u3068\u306b\u306a\u3063\u3066\u3044\u308b\u3002\u305d\u3057\u3066\u6700\u7d42\u7684\u306b\u306f\u91cf\u7684\u7de9\u548c\u3068\u307b\u307c\u540c\u3058\u901f\u5ea6\u3067\u91cf\u7684\u7de9\u548c\u3092\u9006\u6d41\u3055\u305b\u308b\u3053\u3068\u306b\u306a\u308b\u4e88\u5b9a\u3067\u3042\u308b\u3002\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f\u306f\u3053\u306e\u3053\u3068\u306b\u3064\u3044\u3066\u3082\u30b3\u30e1\u30f3\u30c8\u3057\u3066\u3044\u308b\u3002<\/p>\n<blockquote><p>\u91cf\u7684\u5f15\u304d\u7de0\u3081\u306f\u5f90\u3005\u306b\u305d\u306e\u52b9\u679c\u3092\u767a\u63ee\u3059\u308b\u3060\u308d\u3046\u3002\u4eca\u306f\u307e\u3060\u5c11\u984d\u306e\u5f15\u304d\u7de0\u3081\u3057\u304b\u3057\u3066\u3044\u306a\u3044\u304c\u3001\u72b6\u6cc1\u304c\u9032\u3080\u306b\u3064\u308c\u3066\u6708\u306b500\u5104\u30c9\u30eb\u3082\u306e\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u7e2e\u5c0f\u306b\u306a\u308b\u3002\u3053\u308c\u3068\u4e00\u76f4\u7dda\u7684\u306a\u5229\u4e0a\u3052\u304c\u5408\u308f\u3055\u308c\u3070\u3001\u591a\u304f\u306e\u4eba\u3005\u304c\u4e88\u60f3\u3057\u3066\u3044\u308b\u3088\u308a\u3082\u65e9\u304f\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u306f\u666f\u6c17\u5f8c\u9000\u306b\u9665\u308b\u3053\u3068\u306b\u306a\u308b\u3060\u308d\u3046\u3002<\/p><\/blockquote>\n<p>\u30a2\u30e1\u30ea\u30ab\u306e\u30de\u30cd\u30bf\u30ea\u30fc\u30d9\u30fc\u30b9\u306f\u91cf\u7684\u7de9\u548c\u306b\u3088\u3063\u3066\u6025\u6fc0\u306b\u62e1\u5927\u3055\u308c\u3001\u305d\u3057\u3066\u4eca\u540c\u3058\u30da\u30fc\u30b9\u3067\u6025\u6fc0\u306b\u7e2e\u5c0f\u3055\u308c\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u3002\u30a2\u30e1\u30ea\u30ab\u306e\u30de\u30cd\u30bf\u30ea\u30fc\u30d9\u30fc\u30b9\u306f\u30ea\u30fc\u30de\u30f3\u30fb\u30b7\u30e7\u30c3\u30af\u4ee5\u6765\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u62e1\u5927\u3055\u308c\u305f\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/02\/2018-jan-us-monetary-base-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7481\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/02\/2018-jan-us-monetary-base-chart.png\" alt=\"\" width=\"479\" height=\"369\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/02\/2018-jan-us-monetary-base-chart.png 479w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2018\/02\/2018-jan-us-monetary-base-chart-300x231.png 300w\" sizes=\"auto, (max-width: 479px) 100vw, 479px\" \/><\/a><\/p>\n<p>2008\u5e74\u4ee5\u964d\u306e\u682a\u9ad8\u306b\u8ca2\u732e\u3057\u305f\u30de\u30cd\u30bf\u30ea\u30fc\u30d9\u30fc\u30b9\u306e\u62e1\u5927\u306f\u3001\u9006\u623b\u308a\u306b\u306a\u3063\u305f\u3068\u3057\u3066\u3082\u91d1\u878d\u5e02\u5834\u306b\u306f\u4f55\u306e\u554f\u984c\u3082\u306a\u3044\u306e\u3060\u308d\u3046\u304b\uff1f\u3000\u3057\u304b\u3057\u5e02\u5834\u306f\u8cc7\u91d1\u306e\u6d41\u308c\u306b\u9023\u52d5\u3057\u3088\u3046\u3068\u3057\u3066\u304a\u308a\u3001\u305d\u3057\u3066\u8cc7\u91d1\u306f\u5f15\u304d\u63da\u3052\u3089\u308c\u3066\u3044\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/7463\">\u7c73\u56fd\u91d1\u5229\u4e0a\u6607\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u30c9\u30eb\u304c\u4e0b\u843d\u3057\u3066\u3044\u308b\u7406\u7531<\/a><\/li>\n<\/ul>\n<p>\u6295\u8cc7\u5bb6\u306f\u3069\u3046\u52d5\u304f\u3079\u304d\u3060\u308d\u3046\u304b\uff1f\u3000\u7b46\u8005\u306f\u5f15\u304d\u7d9a\u304d\u30b8\u30e3\u30f3\u30af\u50b5\u3092\u7a7a\u58f2\u308a\u3059\u308b\u3060\u3051\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/7303\">\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f: \u30b8\u30e3\u30f3\u30af\u50b5\u306f\u6b7b\u3093\u3060\u3001\u9577\u671f\u91d1\u5229\u306f3%\u3092\u8d85\u3048\u3066\u3082\u4e0a\u6607\u304c\u4e0d\u5341\u5206<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u518d\u3073\u8457\u540d\u50b5\u5238\u6295\u8cc7\u5bb6\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f\u306e\u76f8\u5834\u89b3\u3067\u3042\u308b\u3002\u6628\u5e74\u4ee5\u6765\u7b46\u8005\u306e\u5206\u6790\u3068\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f\u306e\u5206\u6790\u306f\u8003\u3048\u65b9\u304c\u4e00\u81f4\u3059\u308b\u3053\u3068\u304c\u591a\u3044\u304c\u3001CNBC\u306e\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\uff08\u539f\u6587\u82f1\u8a9e\uff09\u3067\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f\u304c\u307e\u305f\u7b46\u8005\u306e\u6570\u65e5\u524d\u306e\u8a18\u4e8b\u3068\u540c\u3058\u89b3\u70b9\u3067\u76f8 &hellip; <a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/7478\" class=\"more-link\">\u7d9a\u304d\u3092\u8aad\u3080 <span class=\"screen-reader-text\">\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f: \u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u76f8\u5834\u304c\u682a\u4fa1\u306e\u52d5\u5411\u3092\u4e88\u6e2c\u3059\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":[59,111],"tags":[131],"class_list":["post-7478","post","type-post","status-publish","format-standard","hentry","category-us-stock-market","category-stock-markets","tag-jeffrey-gundlach"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/7478","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=7478"}],"version-history":[{"count":17,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/7478\/revisions"}],"predecessor-version":[{"id":7498,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/7478\/revisions\/7498"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=7478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=7478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=7478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}