{"id":8671,"date":"2020-01-22T07:13:00","date_gmt":"2020-01-21T22:13:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=8671"},"modified":"2020-01-22T05:58:53","modified_gmt":"2020-01-21T20:58:53","slug":"%e4%b8%96%e7%95%8c%e6%9c%80%e5%a4%a7%e3%81%ae%e3%83%98%e3%83%83%e3%82%b8%e3%83%95%e3%82%a1%e3%83%b3%e3%83%89-%e7%8f%be%e9%87%91%e3%81%af%e3%82%b4%e3%83%9f%e3%80%81%e5%88%a5%e3%81%ae%e3%82%82%e3%81%ae","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/8671","title":{"rendered":"\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9: \u73fe\u91d1\u306f\u30b4\u30df\u3001\u5225\u306e\u3082\u306e\u306b\u6295\u8cc7\u3092"},"content":{"rendered":"\n<p>\u6bce\u5e74\u6052\u4f8b\u306e\u3053\u3068\u3060\u304c\u3001\u73fe\u5728\u30b9\u30a4\u30b9\u3067\u306f\u4e16\u754c\u7d4c\u6e08\u30d5\u30a9\u30fc\u30e9\u30e0\uff08\u901a\u79f0\u30c0\u30dc\u30b9\u4f1a\u8b70\uff09\u304c\u884c\u308f\u308c\u3066\u3044\u308b\u3002\u4f8b\u5e74\u901a\u308a\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9Bridgewater\u3092\u904b\u7528\u3059\u308b\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u304c\u76f8\u5834\u89b3\u3092\u8868\u660e\u3057\u3066\u3044\u308b\u306e\u3067\u7d39\u4ecb\u3057\u305f\u3044\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>2020\u5e74\u306e\u682a\u5f0f\u76f8\u5834\u306f\u4eca\u306e\u3068\u3053\u308d\u529b\u5f37\u3044\u30c8\u30ec\u30f3\u30c9\u306b\u306a\u3063\u3066\u3044\u308b\u3002\u3053\u306e\u3053\u3068\u306b\u3064\u3044\u3066\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\"><p>\u8ab0\u3082\u304c\u4e57\u308a\u9045\u308c\u305f\u305f\u3081\u3001\u8ab0\u3082\u304c\u4e57\u308d\u3046\u3068\u3057\u3066\u3044\u308b\u3002<\/p><p>\u73fe\u91d1\u306f\u30b4\u30df\u3060\u3002\u73fe\u91d1\u304b\u3089\u96e2\u308c\u308b\u3079\u304d\u3060\u3002\u3044\u307e\u3060\u591a\u304f\u306e\u8cc7\u91d1\u304c\u73fe\u91d1\u306e\u307e\u307e\u306b\u306a\u3063\u3066\u3044\u308b\u3002<\/p><\/blockquote>\n\n\n\n<p>2018\u5e74\u306e\u4e16\u754c\u540c\u6642\u682a\u5b89\u3092\u53d7\u3051\u3066\u30a2\u30e1\u30ea\u30ab\u306e\u4e2d\u592e\u9280\u884c\u304c\u91d1\u878d\u5f15\u304d\u7de0\u3081\u304b\u3089\u91d1\u878d\u7de9\u548c\u3078\u306e\u5927\u8ee2\u63db\u3092\u884c\u3063\u3066\u4ee5\u6765\u3001\u7279\u306b\u30a2\u30e1\u30ea\u30ab\u306e\u682a\u5f0f\u5e02\u5834\u306f\u6012\u6d9b\u306e\u52e2\u3044\u3067\u4e0a\u6607\u3057\u3066\u304d\u305f\u3002\u300c\u5217\u8eca\u306b\u4e57\u308a\u9045\u308c\u305f\u300d\u3068\u611f\u3058\u3066\u3044\u308b\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u3082\u591a\u304f\u3001\u30c0\u30ea\u30aa\u6c0f\u306f\u540c\u696d\u8005\u306e\u305d\u3046\u3044\u3046\u96f0\u56f2\u6c17\u3092\u8868\u73fe\u3057\u305f\u306e\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u3053\u3053\u306e\u8aad\u8005\u306f\u300c\u73fe\u91d1\u306f\u30b4\u30df\u300d\u3068\u3044\u3046\u30d5\u30ec\u30fc\u30ba\u306b\u30c7\u30b8\u30e3\u30f4\u3092\u611f\u3058\u308b\u306e\u3067\u306f\u306a\u3044\u304b\u30022018\u5e74\u306e\u540c\u3058\u304f\u30c0\u30dc\u30b9\u4f1a\u8b70\u306b\u304a\u3051\u308b\u30c0\u30ea\u30aa\u6c0f\u306e\u30b3\u30e1\u30f3\u30c8\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/7260\">\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306e2018\u5e74\u682a\u5f0f\u5e02\u5834\u4e0a\u6607\u4e88\u60f3\u300c\u73fe\u91d1\u4fdd\u6709\u306f\u99ac\u9e7f\u3092\u898b\u308b\u300d<\/a><\/li><\/ul>\n\n\n\n<p>\u3061\u306a\u307f\u306b\u3053\u306e\u6642\u3001\u30c0\u30ea\u30aa\u6c0f\u306e\u767a\u8a00\u306e\u76f4\u5f8c\u306b\u682a\u5f0f\u5e02\u5834\u306f\u6025\u843d\u3059\u308b\u3053\u3068\u306b\u306a\u308a\u3001\u30c0\u30ea\u30aa\u6c0f\u306f\u76f8\u5834\u89b3\u306e\u64a4\u56de\u3092\u4f59\u5100\u306a\u304f\u3055\u308c\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/7383\">\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3001\u682a\u9ad8\u4e88\u60f3\u3092\u64a4\u56de\u3001\u4e16\u754c\u540c\u6642\u682a\u5b89\u306f\u6570\u65e5\u3067\u306f\u7d42\u308f\u3089\u306a\u3044<\/a><\/li><\/ul>\n\n\n\n<p>\u3053\u306e\u5931\u6557\u304c\u8a18\u61b6\u306b\u65b0\u3057\u3044\u72b6\u6cc1\u3067\u300c\u73fe\u91d1\u306f\u30b4\u30df\u300d\u767a\u8a00\u3092\u3059\u308b\u306e\u306f\u52c7\u6c17\u3042\u308b\u3053\u3068\u3060\u304c\u3001\u4eca\u56de\u306f\u524d\u56de\u306e\u3088\u3046\u306b\u306f\u306a\u3089\u306a\u3044\u3060\u308d\u3046\u304b\u3002\u524d\u56de\u3068\u306e\u5927\u304d\u306a\u9055\u3044\u306f\u3001\u524d\u56de\u306f\u4e2d\u592e\u9280\u884c\u304c\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3092\u884c\u3063\u3066\u3044\u305f\u4e00\u65b9\u3067\u3001\u4eca\u56de\u306f\u305d\u308c\u304c\u65e2\u306b\u64a4\u56de\u3055\u308c\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u4e00\u65b9\u3067\u3001\u4eee\u306b\u5217\u8eca\u306b\u4e57\u308b\u3068\u3057\u3066\u3082\u3044\u3064\u964d\u308a\u308b\u306e\u304b\u3068\u3044\u3046\u3053\u3068\u304c\u554f\u984c\u306b\u306a\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\"><p>\u5217\u8eca\u304b\u3089\u964d\u308a\u308b\u3068\u306f\u8a00\u3046\u304c\u3001\u964d\u308a\u3066\u4f55\u51e6\u306b\u884c\u304f\u304b\u304c\u554f\u984c\u3060\u3002\u73fe\u91d1\u3092\u9003\u907f\u5148\u306b\u9078\u3076\u3053\u3068\u306f\u3067\u304d\u306a\u3044\u3002\u73fe\u91d1\u306f\u30b4\u30df\u3060\u3002\u4e2d\u592e\u9280\u884c\u304c\u7d19\u5e63\u3092\u3044\u304f\u3089\u3067\u3082\u5370\u5237\u3057\u3066\u3044\u308b\u3002<\/p><\/blockquote>\n\n\n\n<p>\u5217\u8eca\u304b\u3089\u964d\u308a\u308b\u3068\u304d\u306b\u3082\u73fe\u91d1\u3092\u9078\u3093\u3067\u306f\u306a\u3089\u306a\u3044\u3068\u3044\u3046\u3002\u30c0\u30ea\u30aa\u6c0f\u306f\u91cf\u7684\u7de9\u548c\u306b\u3088\u308b\u8ca8\u5e63\u4fa1\u5024\u306e\u66b4\u843d\u3001\u3064\u307e\u308a\u30cf\u30a4\u30d1\u30fc\u30a4\u30f3\u30d5\u30ec\u3092\u61f8\u5ff5\u3057\u3066\u3044\u308b\u306e\u3060\u308d\u3046\u304b\u3002\u305d\u3057\u3066\u73fe\u91d1\u3001\u3064\u307e\u308a\u9810\u91d1\u306e\u3082\u30461\u3064\u306e\u554f\u984c\u306f\u30de\u30a4\u30ca\u30b9\u91d1\u5229\u3067\u3042\u308b\u3002\u30c0\u30ea\u30aa\u6c0f\u306f\u6b21\u306e\u666f\u6c17\u5f8c\u9000\u6642\u306b\u30a2\u30e1\u30ea\u30ab\u3067\u3082\u30de\u30a4\u30ca\u30b9\u91d1\u5229\u306b\u306a\u308b\u53ef\u80fd\u6027\u3092\u6307\u6458\u3057\u3066\u3044\u308b\u3002\u305d\u306e\u6642\u73fe\u91d1\u3084\u9810\u91d1\u3001\u77ed\u671f\u306e\u50b5\u5238\u306e\u4fa1\u5024\u306f\u3069\u3046\u306a\u308b\u3060\u308d\u3046\u304b\uff1f\u3000\u30c0\u30ea\u30aa\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u8a00\u3046\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u308f\u308c\u308f\u308c\u306f\u50b5\u5238\u3092\u4fdd\u6709\u3057\u3066\u3044\u3066\u3001\u305d\u3057\u3066\u91d1\u5229\u304c\u30de\u30a4\u30ca\u30b9\u306b\u306a\u308b\u3002\u305d\u308c\u306f\u3044\u3064\u307e\u3067\u7d9a\u3051\u3089\u308c\u308b\u3060\u308d\u3046\u304b\uff1f\u3000\u6b21\u306e5\u5e74\u306f\u3069\u3046\u3044\u3046\u3082\u306e\u306b\u306a\u308b\u3060\u308d\u3046\u3002\u8ca0\u50b5\u3082\u5897\u3048\u308b\u3053\u3068\u306b\u306a\u308b\u3002\u8ca0\u50b5\u304c\u5897\u3048\u308c\u3070\u50b5\u5238\u304c\u5897\u3048\u308b\u3002<\/p><\/blockquote>\n\n\n\n<p>\u3057\u304b\u3057\u305d\u306e\u50b5\u5238\u306f\u30de\u30a4\u30ca\u30b9\u91d1\u5229\u3067\u3042\u308a\u3001\u4fdd\u6709\u3059\u308c\u3070\u4fdd\u6709\u3059\u308b\u307b\u3069\u8cc7\u7523\u304c\u76ee\u6e1b\u308a\u3057\u3066\u3086\u304f\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u3057\u304b\u3057\u305d\u3093\u306a\u50b5\u5238\u3092\u3069\u3046\u3057\u3066\u4fdd\u6709\u3057\u305f\u3044\u3060\u308d\u3046\u304b\uff1f\u3000\u308f\u305f\u3057\u304c\u9593\u9055\u3063\u3066\u3044\u308b\u306e\u304b\u3082\u3057\u308c\u306a\u3044\u3002\u3057\u304b\u3057\u3069\u3046\u3044\u3046\u72b6\u6cc1\u3067\u3042\u308c\u3070\u305d\u3093\u306a\u3082\u306e\u3092\u4fdd\u6709\u3059\u308b\u3053\u3068\u304c\u7406\u306b\u304b\u306a\u3046\u306e\u304b\u6559\u3048\u3066\u307b\u3057\u3044\u3002<\/p><\/blockquote>\n\n\n\n<p>\u305d\u3046\u306a\u308c\u3070\u8cc7\u91d1\u306e\u6d41\u308c\u306f\u73fe\u91d1\u304b\u3089\u9003\u3052\u3066\u3086\u304f\u3068\u30c0\u30ea\u30aa\u6c0f\u306f\u4e3b\u5f35\u3057\u305f\u3044\u306e\u3060\u308d\u3046\u3002\u3067\u306f\u3069\u3046\u3059\u308c\u3070\u826f\u3044\u304b\uff1f\u3000\u30c0\u30ea\u30aa\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u63a8\u5968\u3059\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u4e16\u754c\u4e2d\u306b\u5206\u6563\u3059\u308b\u3053\u3068\u3001\u30d0\u30e9\u30f3\u30b9\u306e\u53d6\u308c\u305f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u3059\u308b\u3053\u3068\u3001\u4e00\u5b9a\u91cf\u306e\u30b4\u30fc\u30eb\u30c9\u3092\u4fdd\u6709\u3059\u308b\u3053\u3068\u3060\u3002<\/p><p>\u308f\u305f\u3057\u304c\u5f37\u8abf\u3057\u305f\u3044\u306e\u306f\u5c11\u3057\u306e\u30b4\u30fc\u30eb\u30c9\u4fdd\u6709\u304c\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u591a\u69d8\u6027\u3092\u4e0e\u3048\u308b\u3068\u3044\u3046\u3053\u3068\u3060\u3002\u3053\u3046\u3044\u3046\u3053\u3068\u3092\u558b\u308b\u3068\u307e\u305f\u30e1\u30c7\u30a3\u30a2\u304c\u300c\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u306f\u30b4\u30fc\u30eb\u30c9\u306b\u5f37\u6c17\u300d\u3068\u3067\u3082\u66f8\u304d\u59cb\u3081\u308b\u3002\u3067\u3082\u73fe\u91d1\u306f\u30b4\u30df\u306a\u3093\u3060\u3002<\/p><\/blockquote>\n\n\n\n<p>\u30c0\u30ea\u30aa\u6c0f\u306f\u73fe\u91d1\uff08\u3064\u307e\u308a\u306f\u77ed\u671f\u56fd\u50b5\u3068\u307b\u307c\u540c\u3058\u3082\u306e\u3067\u3042\u308b\uff09\u304c\u3088\u307b\u3069\u5acc\u3044\u3089\u3057\u3044\u3002\u3057\u304b\u3057\u91cf\u7684\u7de9\u548c\u3067\u30cf\u30a4\u30d1\u30fc\u30a4\u30f3\u30d5\u30ec\u306f\u8d77\u3053\u308b\u3060\u308d\u3046\u304b\uff1f\u3000\u7b46\u8005\u304c\u4e88\u60f3\u3059\u308b\u91cf\u7684\u7de9\u548c\u30d0\u30d6\u30eb\u306e\u7d42\u308f\u308a\u306f\u30cf\u30a4\u30d1\u30fc\u30a4\u30f3\u30d5\u30ec\u3067\u306f\u306a\u304f\u30c7\u30d5\u30ec\u3068\u4e0d\u6cc1\u3067\u3042\u308b\u3002\u4f8b\u3048\u3070\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u3067\u3082\u56fd\u50b5\u304b\u3089\u8cc7\u91d1\u306f\u9003\u907f\u305b\u305a\u3001\u9577\u671f\u56fd\u50b5\u306f\u4e0a\u6607\u3057\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/4454\">\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u3067\u6025\u843d\u3057\u305f\u91d1\u4fa1\u683c\u3001\u4e0a\u6607\u3057\u305f\u7c73\u56fd\u50b5<\/a><\/li><\/ul>\n\n\n\n<p>\u3057\u304b\u3057\u30c0\u30ea\u30aa\u6c0f\u304c\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u4e2d\u3057\u304d\u308a\u306b\u6b21\u306e\u666f\u6c17\u5f8c\u9000\u304c\u3069\u306e\u3088\u3046\u306b\u306a\u308b\u304b\u3092\u8b70\u8ad6\u3057\u3088\u3046\u3068\u3057\u3066\u3044\u305f\u3088\u3046\u306b\u3001\u6b21\u306e\u30d0\u30d6\u30eb\u5d29\u58ca\u304c\u3069\u306e\u3088\u3046\u306b\u306a\u308b\u306e\u304b\u3092\u8003\u3048\u3066\u304a\u304f\u3053\u3068\u306f\u91cd\u8981\u3060\u308d\u3046\u3002\u4e2d\u592e\u9280\u884c\u304c\u4f5c\u308a\u4e0a\u3052\u305f\u91cf\u7684\u7de9\u548c\u30d0\u30d6\u30eb\u306e\u7d50\u672b\u306f\u3069\u3046\u306a\u308b\u306e\u3060\u308d\u3046\u304b\uff1f\u3000\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u3068\u306f\u307e\u305f\u9055\u3063\u305f\u4f55\u304b\u306b\u306a\u308b\u3060\u308d\u3046\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u30c0\u30ea\u30aa\u6c0f\u3082\u7b46\u8005\u3082\u5408\u610f\u3059\u308b\u3068\u3053\u308d\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/8278\">\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3001\u91cf\u7684\u7de9\u548c\u30d0\u30d6\u30eb\u306e\u9650\u754c\u3068\u91d1\u4fa1\u683c\u4e0a\u6607\u3092\u4e88\u60f3<\/a><\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u6bce\u5e74\u6052\u4f8b\u306e\u3053\u3068\u3060\u304c\u3001\u73fe\u5728\u30b9\u30a4\u30b9\u3067\u306f\u4e16\u754c\u7d4c\u6e08\u30d5\u30a9\u30fc\u30e9\u30e0\uff08\u901a\u79f0\u30c0\u30dc\u30b9\u4f1a\u8b70\uff09\u304c\u884c\u308f\u308c\u3066\u3044\u308b\u3002\u4f8b\u5e74\u901a\u308a\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9Bridgewater\u3092\u904b\u7528\u3059\u308b\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u304c\u76f8\u5834\u89b3\u3092\u8868\u660e\u3057\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":[59,111],"tags":[102],"class_list":["post-8671","post","type-post","status-publish","format-standard","hentry","category-us-stock-market","category-stock-markets","tag-ray-dalio"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/8671","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=8671"}],"version-history":[{"count":2,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/8671\/revisions"}],"predecessor-version":[{"id":8673,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/8671\/revisions\/8673"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=8671"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=8671"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=8671"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}