кѥ˥塼

޸Ρкѥ˥塼̤ưͻ֥Ǥϵ岹Ȳ˻ߤΤúи󾧤ޤиӽиȤϰ㤤ޤߤʴ㤤ΤǤ

2010ǯ07

ƥȥ륤ϢΥХ顼ۤҤäȤƹ
ܤΤ褦ʥǥե˴٤뤫Τʤȷٹ𤷤Ƥޤ

ССʥ󥭵ĹϡƹкѤξ踫̤
ϡʤۤԳΤȤäƤޤ
unusually uncertain ȡ

ǤϡǤ

ꥫϡܤΤ褦˥ǥե˴٤ΤϤޤäԤȹͤ
ޤǤϡȥ륤ϢΥХ顼ۤϡǥե˴
ʤ褦ˤ뤿ˤϤɤФȤäƤΤǤ礦
餪Ӥ

ʣ˥ޥɤʥե줬ޤǤϡ褷ƥ
ʤȡ

ʣ®䤫˥뤳ȡ

ʣ㳰Ū㤵ȤʤäƤĶ֤Ĺ³Ǥ
ʤɤȤϸʤ褦ˤ뤳ȡ

ʣϢ䤬ĹĤ㤤뤳ȤƳ뤳ȡ

ʣ˿̱äڤ夲뤳ȡ


ǡǤ礦

5ĤΤ2ĤǤ

ʣˤǡǤ礦ǥեй뤿ɬγи
ˤߤޤ

졢ǰʤʤΤȤ

ʣˤǡǤ礦

ʣˤǡǤ礦졢FRBäƤ뤳ȤǤ
͡ʤΤˡʤȤϤ٤ǤϤʤȡǤ⡢Х顼
ۤˤС줬ʤΤȤ

ʣˤϡ

ʣˤϡ


פˡĹ³ǤʤɤȤȤϢ
ϸʤΤȡХ顼ۤϸΤǤ

ΤȤСܤĹǯϤäƥʤɤ
ѤĹ֤ϤäƶǤ³Ǥ
ɤ«ФˡԾطԤʤɤΥեԡͽۡ
ߡη̤षǥե򾷤Ƥޤäʤ
ȡĹݻȤȤϡξϤηǤ
äơˤäƥեԡͽۡˤ⤹뤬
̤⤢Τȡ

顢ꥫȤƤܤŲƧޤʤ褦ˡ
Ĺ³ʤɤȤ«٤ǤʤΤȡ

ǤϡäƲ򤹤٤ʤΤ

Ծ컲üԤΥեԡͽۡˤ⤯ʤ褦ʤȤ򤹤
ȡ³ȤȤǤϤʤκϢ
̤˹ĤԾ줫褦ʤȤ򤹤Сե
ԡͽۡˤޤꡢʤХǥե˴٤뤳ȤϤʤǤ
ȡ

Ǥ⡢Х顼ۤϡФΥ󥿥ӥ塼ǤäƤ

֥եˤʪ徺¿꤬褹ȤϻפäƤ

ΥХ顼ۤΰոϡFOMCβˤɤ
褦ʱƶͿ뤳ȤˤʤΤǤ礦


ϡƹϥɥ¤®̣ǡĹ
褦ȹͤƤȻפΤǡΥХ顼ۤΰո
ƶϤIJǽϾȤߤƤޤ



Ѱ⡢äѶŪ˳˸äưո
ФΤˡȻפå򤪴ꤤޤ
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͵blog󥭥󥰤

Υȥ꡼ϤƤʥ֥åޡɲ

ȤȤΡʵäˤʤȡɤ澮Ȥˬ줿
ޤܤǤ⤽Ǥ̳͡äʤɤĶĮ
ʤɤˬ졢줬ƥӤʤɤ󤸤ȡ

Ȥϡ澮Ȥ̣ǤΤȡ澮ȤȯŸʤ
ơηкѤȯŸϤʤΤȡ

ȤǡȤ9%μΨǺॢꥫΤ⡢
ɥåˬ졢澮ȤηбļԤä򤷤Τȸ
ޤ

ȤȤǡХΤä֤⤤ĤȤϾФʷϵ
ۤʤޤ

о줹ͤ⡢ǡ֤˥ˡƥȥ˥㥵ȡ

ХΤϡɤʥԡ򤷤ΤǤ礦


Well, I just had a terrific meeting with these small 
business owners here at Tastee Sub Shop.  And I want 
to thank Dave and Carl for hosting us here today.  And 
I highly recommend everybody buy a sandwich while
you’re here, although as I said before, I can’t eat a 12-
inch these days, now that I’m 49 -- well, I will be in a
week.

֤ƥ֡åפǻϺ澮ȤΥʡγ
餷äȤǤǡ֤ȥФơ
Ƥ줿Ȥ򴶼դޤƤޤߤʤ󤬤ˤ֤˥
ɥåäĺȤƤγ˶ᤷޤäȤ⡢
ˤä褦˻ϡǶǤ12ΤΤϿ٤뤳
ȤǤʤΤǤ⤦49Фˤʤ뤷š1ַФĤ49Фˤʤ
ΤǤ

Tastee Sub ShopȤϡɥåʤɤηڿ䤹뤪Ź
Τ褦ǤơХΤǯϡ1961ǯ84Ǥ

We talked about some of the difficulties that people 
have had making payroll and turning a profit during this 
recession.  And we talked about what we can do to make 
it easier for small businesses to grow.

ֲ桹ϡ͡ηʵΤʤǵʧפ
뤳Ȥ񤷤ˤĤääΤǤơ澮ȤĹ
˲桹ϲǤ뤫ˤĤùäΤǤ

All of these folks here know why that’s important. 
Small businesses create two out of every three jobs in 
this country.  So our recovery depends on them.  And if 
we want to keep America moving forward, we need to
keep investing in our small businesses.

֤ˤ볧Τ줬פʤȤʤΤʬäƤ
澮ȤϡιΤθѤ2/3ƤΤǤ
顢桹ηкѤ뤫澮ȤˤäƤ롢ȡ⤷
ꥫʤ³ȤΤǤС桹澮Ȥ
³뤳ȤɬפʤΤǤ

This is, by the way, more than -- is more important than 
just our economy.  It’s also about who we are as a
people.  Because America has always been a place where
if you’ve had a good idea and you’re willing to really work
hard for it, you can see it through and you can succeed.
That’s what gives the worker the courage to leave her job
to become her own boss.  It’s what propels people to risk 
their savings on an idea that they believe might just 
change the world.  I was hearing from Tom here about
how he was having trouble finding work 30, 40 years ago,
and decided that he would take over a business that only
had two employees.  And now he’s an employer for a
whole bunch of folks and he’s going to be passing on his
business to his family.  And that’s the American story.

֤Ȥǡ줬кѤפʤȤʤΤǤ桹̱²ȤƲ
ǤΤȡꥫȤϡ⤷ǥäƤȤ
ơƤ˸äư̿ƯΤǤС
¸뤳ȤˤǤǤΤǤ顣
ΤȤϫƯԤФơΥݥΥơʬΥܥ
ˤʤȤͦͿǤΤȤѤ뤫⤷
餬Ρʥǥˤꤸ褦Ȥ
ΤǤϡˤȥफäʹƤΤǤϡ30ǯ
40ǯ˻Ż򸫤ĤΤѤäȡơ2ͤȰ
ʤäŹѤȷ迴ȡϡˤ¿
͡ѤƤͤǤꡢξ²˾뤳ȤˤʤǤ
ȡ줳ꥫ󥹥ȡ꡼ʪˤʤΤǤ

This town, Edison, is named after somebody who was
not only one of history’s greatest inventors but also a
pretty savvy small business owner.  And the small
business people who are here with me today exemplify
that same entrepreneurial spirit.  And all of these
companies have seen their share of challenges.  All of
these small business owners have had to improvise and
adapt over the years, especially in tough times, and that
includes over the last couple years.

֤Įϡ˾ǤȯȤǤФǤϤʤ
̤澮ȤΥʡǤ⤢äͤ̾äΤʤ
Ǥơ˻Ȱˤ澮Ȥο͡ϡƱͤε
ȲθƤʤΤǤơҤƤ
ľ̤Ƥ롢ȡ澮ȤΥʡƤϡĹǯδ֡
ޤä˲2ǯۤɤϾ¨ƼŬ礵뤷ʤä
Ǥ

So Tom and Catherine Horsburgh were telling me that
they got through the downturn.  In order to do so, they
had to market their products to types of businesses that
they hadn’t sold to before.  Brian Bovio’s company had to
let some people go when the recession hit.  But in the
two years since, he’s transformed his business, and now
he’s making people’s homes more energy efficient to save
money on their utility bills -- and he’s been able to start
hiring again.  He is very interested in making sure that
the HOMESTAR proposal that we’ve put into Congress
actually passes, because not only will that help to expand
his business but it’s also going to help Americans save
energy not only in this part of the country but all across
the country.

֤ǡȥȥ㥵ϡ䤬ȻäƤΤ
Ӥ뤿ϡޤäƤʤäʤ
褦ˤʤФʤʤʤäȤ櫓ʤΤǤ֥饤󡦥ܥ
βҤϡʵʤäȤ˲ͤۤʤä
ȡ2ǯΤˡƤѤϡ͡ν򥨥ͥ
󷿤Ѥˤäŵ¸Ƥ롢ȡ
ơƤӿͤۤȤǤ褦ˤʤäΤǤϡ桹IJ
ƤƤHOMESTARײ褬ˡΧˤʤ뤳ȤѴؿΤ
ΤʤСʤСξ䤬礭ʤǤϤʤ
ǤϤʤꥫƤι̱ͥ륮󤹤뤳Ȥ
褦ˤʤ뤫Ǥ

Now, all of this hasn’t been easy.  The recession has
meant that folks are spending less.  It means that small
businesses have had a tougher time getting credit and
getting loans.  And that’s why when I took office, we put
in place an economic plan specifically to help small
businesses.  And we were guided by a simple idea:
Government can’t guarantee success, but it can knock
down barriers that keep entrepreneurs from opening or
expanding.  For example, the lack of affordable credit --
that’s something the government can do something 
about.  Government can’t replace the millions of jobs that
we lost in the recession, but it can create the conditions 
for small businesses to hire more people through steps
like tax breaks.

֤ΤȤưפȤǤϤʤäΤǤʵȤϡ
͡Ȥʤʤ뤳Ȥ̣ޤϡ澮Ȥͻ
뤳Ȥ񤷤ʤ뤳Ȥ̣ޤ顢Τ˽Ǥ
ˡä澮Ȥٱ礹뤿ηккꤷΤǤ桹
ؿˤȤʤΤϴñʤȤʤΤǤܤݾڤ뤳ȤϤǤ
ȲȤϤ᤿ꡢĥꤹ뤳Ȥ˸
ˤʤäƤɤȤϤǤ롢ȡ줳ܤǤ
פ֤ǤΤǤܤϡʵǼäɴοη
򤹤뤳ȤϤǤޤ󤬡Ǥʤɤ֤̤澮Ȥ¿
ۤ͡ȤǤ褦ʴĶ򤹤뤳ȤϤǤΤǤ

That’s why we’ve cut taxes for America’s small
businesses eight times.  Eight times have we cut taxes
for small businesses all across the country.  Because of a
bill I signed into law a few months ago, businesses are
now eligible for tax cuts when they hire unemployed
workers -- something that could benefit every business
represented behind me.  Companies are also able to write
off more of their investments in new equipment, which 
Tom and Catherine have taken advantage of.  As part of
the health reform package, 4 million small business
owners recently received a postcard in their mailbox
telling them that this year they could be eligible for a
health care tax credit that’s worth perhaps tens of
thousands of dollars.

֤顢桹ϡ澮ȤΤθǤ8ԤäΤǤƤ
澮ȤФ8⸺ǤԤäȡ˻䤬Ĵˡ
줿ΤǤˤäƴȤϼȼԤۤˤϸǤλ
ʤ롢ȡθˤƤδȤ˲βäˤʤ櫓
ǤȤϤޤԤäˤ¿Ѥ
Ǥ뤳ȤˤʤäƤΤǤȥȥ㥵ѤƤ
ǤݸβפΰĤȤ4ɴ澮ȤΥʡ
Ƕ͹ʪäȦǤˤϡǯݸΤθ
ǻʤȽ񤫤ƤꡢŪˤϲɥۤɤ礭ˤ
ΤǤ

And I was just talking to Dave, who does the right thing
by his employees and is providing health insurance -- they
actually are not paying a significant share for that health
insurance.  Dave and Carl are doing the right thing by
those workers.  He’s now going to be eligible to
potentially get up to 35 percent tax relief on those --
premium that he’s paying, and that could make,
obviously, an enormous difference in terms of his bottom
line and may mean that he can hire some additional
workers.

ֻϡǡ֤ä򤷤ƤȤǤϡȰ鸫
Ȥˤǡݸ󶡤ƤޤȰϡݸ
礷ۤʧäƤʤΤǤǡ֤ȥϡȰΤ
ɤȤ򤷤Ƥ롣ϡΤȤΤ˺35%θ
֤ʤΤǤĤޤꡢबʧäƤݸФ
븺֤ǤꡢǽפʳǤߤ礭ʰ㤤ˤʤȦǡ
ΤϤޤͤۤȤǽˤʤΤǤ

Our economic plan has also supported nearly 70,000 new
loans to small businesses.  One of these loans made it
possible for Tom and Catherine to purchase new
equipment.  We’ve waived fees on new SBA loans to save
folks money on payments.  And that reduced Theo’s costs
when he opened his new restaurant.  His family had a
business, a family restaurant.  He opened his own
and it saved him more than $20,000 in waived fees --
money that’s now gone into that new restaurant and its
60 new employees.

ֲ桹ηккǤϡ澮ȤФ7᤯οͻٱ
Ȥ⤷Ƥޤͻˤȥȥ㥵⿷
뤳ȤǤΤǤ 桹ϡSBAˤĤƤ
͡Ǥ褦ˤȡ뤳ȤߤƤΤ
ơˤäƥ쥹ȥ򥪡ץ󤵤
Ϸ︺뤳ȤǤΤǤβ²ϥեߥ꡼쥹ȥ
бĤƤΤǤϼʬŹϤ᤿ΤǤ
ʤäȤˤä2ɥʾˤʤäΤǤΤ⤬
쥹ȥȿ60ͤνȰꤸƤǤ

So all told, these and other steps are making a
difference.  But when you listen to the struggles that
small business owners are still facing, it’s clear that we
need to do more.  And that’s why I’m urging the Senate to
approve a jobs bill that will do two big things for small
businesses:  cut taxes and make more loans available.
That’s what Dave and Carl and Theo and Brian and Tom
and Catherine tell me they can use.  And that’s what 
I’ve heard from small businesses all across America.

ֽäơ֤֤뤳Ȥˤäư㤤ƤȤ
ʤΤǤ澮ȤΥʡʤľ̤Ƥ뺤
ʾˤĤƼˤˡ桹ˤϤäȤ٤Ȥ
餫ʤΤǤϡ澮ȤΤ2ĤνפʤȤ
뤳ȤˤʤäƤˡƤ屡ķ褹褦¥ƤΤǤ
ƤȤϡǤȹʤͻٱǤ֤ǡ
֡롢֥饤󡢥ȥࡢƥ㥵󤬻˸äȤ
ΤǤʤѤǤ롢ȡơȤƤ澮
ʹȤʤΤǤ

   If this bill becomes law, small businesses and start-ups
will see the positive benefits right away.  It eliminates 
capital gains taxes for key investments in small firms.  It 
will increase the deductions that small businesses can
take for new equipment and other expenses.  I know Tom
and Catherine are looking at expanding to a larger facility;
this could help them do that.

֤⤷ˡƤˡΧȤʤä顢澮Ȥ϶ȤƤδȤ¨
˥åȤǤ礦ϡ澮ȤοפˤĤơ
ԥ륲ǤѻߤΤʤΤǤϡ
ʤɤ˴ؤ澮ȤѤǤ빵ۤ礹ΤǤΤ
ϡȥȥ㥵ĥ褦ȤƤΤΤäƤ
ˤȤäΩĤǤ礦

This bill will also make more credit available. 
Everywhere I go, I hear from small business owners who
simply cannot get the credit they need to hire and
expand.  And we’ve been hearing from smaller community
banks that they want to lend to these folks but need
more capital to do it.  So the initiatives in this bill will
help them meet those challenges.  And it will increase --
allow them to increase loan sizes, and make sure that we
continue to waive fees for SBA loans that have helped 
a number of the people standing behind me.

֤ˡƤϡͻλٱԤΤʤΤǤϡɤ˹ԤäƤ⡢
ȤΥʡ顢ͤۤä꾦ĥ뤿ˤڤ
褦ȤƤ⡢줬ǤʤȤäʹΤǤơϰ澮
ͻؤϡ͡ˤͻ񤷤ΤǤ뤬Τ
ˤϻܤ䤹ɬפȤäʹΤǤ顢ˡ
δޤޤ줿֤ϡˡ˱褦ȤƤ櫓ʤΤǤ
Сͻ䤷ơͻεϤ礭뤳ȤǤ
ơ³SBAˤĤƤϼʤ盧Ȥ
ΤǤθΩäƤ¿ο͡SBAˤäƽ
ƤΤǤ

Now, let me just make one last point.  I know it’s no
secret that we’ve confronted a lot of partisan politics over
the past year and a half.  We’ve seen a fair amount of
obstruction that’s had more to do with gaining political
advantage than helping the country.  But surely,
Democrats and Republicans ought to be able to agree on
this bill.  When I had a conversation with Mitch McConnell
and John Boehner yesterday, I told them that the
provisions of this bill are things that the Republican
Party has said it’s supported for years:  helping small
businesses, cutting taxes, making credit available.  This
is as American as apple pie.  Small businesses are the
backbone of our economy.  They are central to our identity
as a nation.  They are going to lead this recovery.  The
folks standing beside me are going to lead this recovery.

ֺǸ˰ġפʤȤ򡣲1ǯȾۤɡ桹Ūľ
Ƥ뤳ȤïǤ⤴¸ΤΤȤǤޤǤʤۤɤ
˸ܷ⤷ƤޤϹΤȤޤͭƳ
ȤŪΤΤʤΤǤ̱ޤȶޤϡˡƤ
ؤƹդǽʤΤˤ٤ǤΤǤ䤬ߥå
ͥȥ󡦤١ʡä򤷤ȤˡˡƤξϡ
ޤĹǯٱ礷ƤΤȸäƤޤ澮Ȥٱ礷
ǤԤͻǽˤΤȡ줳ޤˡꥫŪ
ʤΤǤΤǤ澮Ȥϲ桹ηкѤλʤΤǤ澮
ϡȤȤƤΥǥƥƥˤȤäƤ濴ȤʤΤǤ澮
ȤβƳΤǤθΩäƤ͡β
ƳΤǤ

So as I said yesterday in a meeting with congressional
leaders at the White House, I expect us to get this done
before they go vacation, for the folks standing behind me
and for small businesses and their employees all across
the country.

֤顢ۥ磻ȥϥǵIJΥ꡼ȤäȤˡ
ˡƤƵ٤ߤεٲˤ̲ᤵ褦˴Ԥ櫓ʤ
ǤθΩäƤ͡Τˡ澮ȤƤ
ȤνȰΤˡ

All right?  Thank you very much, everybody.  Thank you,
guys.


ԡν⡢ĤȤϾʷϵ㤤ޤ

̤ʤ饴åɡ֥쥹ꥫȤǤϡAll
right?


ƹкѤԤ̤ϡ28ȯɽ줿١֥åˤ
Ū˷кĹ˥ڡߤäƤΤȤ


ꥫξˤϡפϤ뤱ɶԤߤʤʤΤ
ʡȻפäå򤪴ꤤޤܤξˤϡ⤽
פʤȡλפ̤Ǥ
↓↓↓
͵blog󥭥󥰤

Υȥ꡼ϤƤʥ֥åޡɲ

S&P顼ʻؿ27ȯɽˤʤޤ

ǡΤ10ԻʬλؿǯƱ٤ơ
5.4%徺ƤΤȤ20ԻʬλؿˤĤ
4.6%徺Ƥ롢ȡ

ޤʥ˥塼ܤȡunusually uncertain
ʤΤȡפäƤޤΤǤ

Ǥ⡢ƹδطԤɽϺ㤨ʤ褦Ǥ

Τ

ǯƱ٤ƾ徺ƤȤϤäƤ⡢­ưǤ
㲼Ƥ뤫ʤΤ

٤Ƥ⡢10Իʬ1.2%徺
ơ20Իʬ1.3%徺ƤȤ

1֤1.2%徺ȤȤϡǯΨ
15%ۤɤξ徺ΨȤȤˤʤꡢѤʿʤΤ
ä顢ľ˴ǡʤƻפǤʤ
äƤܤξˤϡޤϤ˲ʤ³Ƥ
櫓Ǥ顣

ǤϡδطԤϴФʤΤ

ϡξ徺Ūʸݤȹͤ뤫ȡ

⤽⽻ʤȤΤϡդ˾徺ȤŪʷ
뤳Ȥ˲äŬѤ븺֤λ
ȡƤꡢ6νԤǤ롢
ȡ

ơζΨ⤤ȡ

ǡǸϡϤѾβ٤Ƥ뤫ȡ
ѤСĿ;֤ޤư
ȯϡԤΤ᤮롢
ȡ

ȤȤǡʤ̰ꤷƤȤΤ¿
طԤθʤΤȤݡФ꤫ǯˤơޤ
Ͳ꤬Ȥ⤢ΤȤ


ǤϡƷкѤĥꡢѤ븶ưϤˤʤ
ΤǤ礦

ư³ơͻˤƤ⡢ʾ
夲뤳ȤϤǤʤ櫓Ǥ顣
ͤȡк
ξ踫̤uncertain ȤʬʤϤޤ

ܤηи٤ƤߤʤС꡼ޥ󥷥å
Ƥޤ2ǯФäƤʤΤ˽ʤǯ
äƤȤȡ⡢Ψ9%ѹ⤤٥
ʤ齻ʤǤäȤȤ˶äˤ
ΤǤ

ϲʤ¤ϡܤ綠Ȼפå
򤪴ꤤޤ
↓↓↓
͵blog󥭥󥰤

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ȿľ͡ʷɾάˤƤޤä

̣¤ʤΤϡ⤽⸫ܤä

ٿ٤ƤߤȻפäƤΤˡơºݤ˿٤Ƥ
ȡʤ󤸤㤳㡩

Ǥ⡢ϰή쥹ȥ󡣥ɥ֥٤Ƶ櫓
⤤ʤȡ

¿ι̱ϡƱ褦ʴۤƤΤǤϤʤǤ
礦⤦äƤȻפäƤΤˡŤȡޤ
ˤƤ⡢夷ƴ֤ʤ麣ѤȤΤ


¿ι̱ϡǤΰ夲˴ؤ
ȤѤȤԿ⤷ޤ󡣤ٻ
Ψ򲼤ͳǤ礦

Ǥ⡢⤽̱ޤϢΩȤߡ⡢͹ˡ
ΩܻؤƤ뤳ȤǼʤ̱¿¸ߤ
뤳Ȥ¤ʤΤǤ

ǡϢΩȤǤ̱ޤεɽϡ̱ޤ
ĥ뤳ȤְäƤȤΤǤСͭԤȽǤǹ
̱ޤ٤Ƥ졢Ȥޤǻľ˸äƤ櫓

ǡη̤ϡ̱ޤФƥΡȤդĤ
줿ȡ


ˤ⤫餺ϵɽ򤷤Ƥ롢ȡ
ͤ츽ݤȯƤޤäƤ뤳Ȥ顢Ω
ʬʤǤϤʤΤǤ

ˤƤ⡢ͤšȤǤ

725ΥۥƥŹǵɽ
̤κݡɽϻȤ⤤٤̵ǹ
ĤƳƤȤ

ǡɤȤСٶפȡ

βͤƤ뤫ȸ

ޤϡQȽǤ뤳ȤΤǤʤʹ֤餳
κݤƤơšȤ⤢ϡ̱
ȤŤǤΤˤ⤫餺ñϢΩݻ
뤿ͳǡǤ⤷ʤȤäꡢԤ
褦ȯ򤹤ΤǡʤΤȡ

Τ褦ʸưʹơ̱Ϥޤ˾Ƥޤȡ

⤷Τ褦˵Ԥ˸äɤǤ礦

ֵȲ̤򤷤Τϻ̵ǹ
ƳФϡХХƤøˤȸ
Ƥäפȡ

⤷Τ褦٤ȤС̱ΤʤˤϿ
⤤Ȥ򤤤ǤϤʤȻפͤʤ餺櫓

󡢤ŤȻפΤǤϡǯ٤
ͽ˴ؤȤդƤ櫓Ǥ

㤨Снйפϡ71߰ʲޤ뤳
ȡơĤȯԳۤϡǯ٤Ʊ44߰ʲˤ롢
ȡ

ĤޤꡢϡĤȯԤϤۤɤۤɤˤ褦ȼФ
Τȡ顢ĤȯԳۤϺǯ٤ȯԳۤ
44ߤ뤳Ȥʤ褦ˤ褦ȡ

ǡƬϤȤСĤȯԳۤʤɤ
ޤʤǡ⥤ɤɤǺư򤹤٤ȸ
äƤ櫓Ǥ

ǡ⤷ĤȯԤ䤹ȤФƥޡåȤȿ
򼨤褦ǤС̵ǹĤȤڤ껥롢
ȡ
ιĤΤϡۤʤ͡顢
ĤȯԤФޤޤĤξò˻پ򤭤
ȤϤʤǤȡ

顢Ƥ̱ޤȹ̱ޤ㤦Ȥ
ȤʤΤǤ

⤷̱ޤĤȯԳۤ˹ʤȤͤǤ
ΤʤСšƤޤĤȯ򤷤ΤĤ
ࡼ˾ò뤫ɤǰȤΤǤС
ȤˤϡΤ̵ҹĤƤȤΤʬ
ʤǤϤޤ

Ǥ⡢֤ˤʤޤ¤ϤǤϤʤȡ

ˡ̵ǹĤȤΤϡɡ񤬤
֤ͻ̤Ƥ餦ˡ³Ǥޤ
Ȥ٤Ǥ顢֤ǡơ
ڶסĤޤäʤΤǤ

ޤ˺ܤζˤƹ⤤ˤš㤨С
10ǯʪĤ꤬10%Ȥ⤢ȤΤǤС³
ǤˤƤ⡢ʧˤʤΤǤС
Ʒ˾ϴͿ뤫⤷ʤȤϻפΤǤ



̵ǹĤʤơŤȻפäå򤪴ꤤ

↓↓↓
͵blog󥭥󥰤

Υȥ꡼ϤƤʥ֥åޡɲ

ǯ4ƹڤܤǡĹ㲼ˤ
뤳Ȥ¸ΤǤ礦

ƹǤϡǯ4ˤϰ4.0%٤ޤǾ徺ƤĹ
10ǯʪˤǶǤ3.0%Ǥ
ꡢޤܤˤƤ⡢4ˤ1.40%٤ޤǾ徺Ƥ
ĹǶǤ1.10%Ǥ롢ȡ

ǤϡΤΤ褦Ĺ³Τ

Сʥ󥭵Ĺunusually uncertain ȸä顩

ĤΤäˤϤʤäƤΤǤ礦

ƹ10ǯʪꡡ2


























ʻFRBˡ
˳Ʒ



ƹĹư⤦ĹѥǤߤƤߤȻ
ޤ2007ǯ1ưǤкѤǮ᤮⤻
䤿᤮⤻礦ɤøʤɤȤ⤫쵤̣
äǤκĹ5%򾯤ڤ뤯餤ο
ǡ줬2007ǯβƤˤƾ徺ƹԤä櫓Ǥ

ФƤޤǤ礦2007ǯ8˥ѥХå
ޤζͻüȤʤΤǤǡΤ
褦ˤʹߡFRBϰ֤ꡢöϾ֤
ᤷ˸櫓Ǥ2008ǯ9˥꡼ޥ󥷥
ꡢͻϥԡã롢ȡ

ǡθ塢2008ǯ12ˤFRBѤ
ߤ⥼³Ƥ櫓ǤĹϤष
徺Ϥᡢơǯ4˥ԡãƤȡ

Ĥޤꡢǯ4ʹߡƤĹäƤƤ
ǤɤƤǤ礦

ʵʤä顩

Ǥ⡢ƹĹäͳϡʵʤä
⡢桼¤αƶǡ񻺤ȤƤƹФ
פޤäȤŪäȻפΤ

ĤޤꡢζͻؤηбƤ˵ŵƤ
ƹĤ졢η̡ĹäƤȻ
Ƥ櫓ǤǶǤϡΤȤۤɤΥС
ʥ󥭵ĹȯäꡢƹĹ㲼ϡʵ
Ԥ路ʤڵǤ⤢롢ȡ

˷ʵɤʤɤϡȤʤ̤
פΤǤʤƤѤβΥԡɤ٤ƾ
θ̤⡢ʤۤԳΤǤ롢ȡǡäƥ
ꥫηʵʤСܤˤƶʤ
ĹⲼǤȡ

ˤƤ⡢ȤƤϡĹȤ
ϡפ夯ʤäƤڤȤȤǡԷʵ
Ȥ⤵櫓Ǥ䡢ѤʤȤ˵դޤ

Էʵϡ㲼ǤϤޤ

ʪ뤳ȤԷʵǤ

ǡΤΤȤꡢˤʪ뤳ȤѤ˷
͡Ƥ褦ǡȤΤʤˤǥեβä
ͥȤͤ⤤櫓Ǥ

󡢤ͤθǥեβäȤΤñʪ
ȿž뤳ȤǤʤʵɤ뤳ȤǤΤǤ
СϰϽҤ٤ޤ
¿οͤϡʵɤ
뤫ϤƤơȤˤʪ夲褦ˤ٤ȼĥ
Ƥ뤳Ȥ˰´򴶤ʤΤǤ

ơΤ褦ʿ͡ϡϤɤǤ⤪뤳
Ǥ櫓顢ʪ夲褦ȤʤΤϡ
դ롢ȡ

Ǥ⡢ܶԤޥɤʥե򵯤ȤǤ
ȤǡǤϲϤʤΤǤषԷʵ
ʾʪޤǾ夬äƤĤ夲ͤ⤷
ޤ

Ǥ⡢桢ϤäƤǥեβä
ƤͤΤǤ

涵ֽˡƾֽˤǾ줿
ƹάôιӰá줫ˤդ路
ͤΥʥСˤʤäɽϡɾȤβ
ˡ˿ʤš¾ˤ⤤äѤޤ

ޤˤ⾯Ʊ𤹤٤櫓Ǥ
ΤʤСΡ٥кѳؾޤä롼ޥ󶵼ޤǤ
Ʊ褦ʤȤäƤ뤷Сʥ󥭵Ĺʤɤϡإꥳץ
餪Ф黵Ƥǥե򿩤ߤ롢ȸäƤ뤫
Ǥ

ǡιͤ˶̤Ƥ뤳ȤȸСʪ
ˤʤǤϡߤΤäƤ˱Ф
бФۤɲʤ㲼뤳ȤͽۤΤǡ
ꤵ졢ʵסʤȤǤ

ε츫äȤ餷ʹޤ

¿οͤϤưˤϽФʤΤǤ

ΤˡͼޤԤƤСѡ䤬Ϥޤ뤫顢ʤ
٤㤤ʪ˽ФȤԤΤϻ¤Ǥ礦
ȸäơޤǤФˤˤϤ
ʤȡΤʤС桹ϡɬפʤΤɬפʻ
ʤФʤߤΤߤʤȡ桹
ߵ᤬뤳ȤϤʤǤ

Ǥ⡢ϡΤȤǤϤޤ
Ȥϡ˥ǥեΤǾФˤ뷹
ߤȤ򲾤ǧ᤿ǤäǤ

ȤΤϡФˤ뤳Ȥʤ褦ˤ뤿
ʪ夲뤳ȤɬפȤΤǤСǤϡ
ʤɤФ뤳Ȥʤ褦˶夲ɬפ
ȸʤΤȡ

ޤޤ夬뤳Ȥʤȹͤ뤫顢Ƥ
ڤ򤹤ɬפϤʤȹͤȤ⡢⤦
Ф餯ȶ夬ͽۤСäȶԤ餪
ڤɬפ򤹤Ȥ⤢ϤǤ

Ρ夲ȸʤΤ

褯ܤʹΤʤǥǥե˴٤äƤȤ
ʹޤ

ǡФͳ󤲤櫓ʤΤǤޤ
ϤΤΤϤޤܶԤְ
Ƥ顢ȡ

Τˡܤʪ褦ʸݤƤ롢
ȡǤϡΡܤ˵Τܤ˵Ƥ
븽ݤϥǥեʤΤ

¤ϡܤȤϲФơ䤨Ͳΰ
򤫤Ƥ뤳Ȥͭ̾ʤΤǤĤޤꡢܤξˤϡ褯
ХȺ︺Ϥ䤨ԤäƤ뤿ˡʤ
䤹ȡϡʤ򲼤ʤӤʤ
ä⤷ޤ

⤦ͳޤϡܤĹ֡
ۤܥȸäƤ³ƤȤȤ
ƤȤȤϡĤƤ٤
Ȥܼ̾Ȥϰ¤ĤȤȤǤǡȤ
¤ĤȤȤˤʤСʳΥ̤Ǻ︺;͵
ФƤϤȡʲʤ䤹ʤäƤ
Ǥ

ˤ⤦ġϡ¶ˤ㤤ˡǯ
Ԥ깵ʤƤȤȤǤ

ˡ¶ζ3%Ȥ4%ĤȤɤǤ
礦Сͭ̾ˤʤäʧϷ
ȤΤ⤢ä櫓ǤޤĤȸƤФ줿褦
ˡ61%Υݥ졼ȤǤ϶²᤮ȴ줿
⤢ä櫓ʤΤǤ

ޤޤǶ⤯ʤƤ⡢⤷˹Ĥ¶
3%Ȥ4%٤©ĤС©ʬˤĤƤϡ
åԥ󥰤˲󤽤Ȥ򤷤Ƥ⤤ʡȿʹֻפ
Ǥ

Ĥޤꡢ̾ܤ3%Ȥ4%ȤGDP򿭤ФȤ
ΤǤСζ夲ʤΤȡIJ
夬भϤᡢ࿦ǯ򤹤͡
Ƥ櫓ʤΤǤ͡ϡʤ¶
ܤ򸺤餷ʤȡ˸ˤƤ⡢Υڡ٤
褦ȡä顢¶θܤʤɤɤɤ
褦¶夲ǡǤ礦ϡ©ˤ
äϡ¿˲󤵤롢ȻפΤǤ

ϡ夲顢ȤȤ⾯ʤ餤Τ
Ƕϡ

ɤƤǥե줫æѤȤΤǤС¶
夲뤳ȡ줬֤Ǥ

ˡ¶夲ΤˡܤϺ⸻ɬפȤޤ
顢ʤˤϤޤ

夬ȤڤƤȤ줷ʤǤϤʤ
Ȥͤ⤤뤫ȤϻפޤôƤ⡢
ȤϡԤäפ礹ΤǡϤʤȹͤ
ޤ


¶夲Ƥ餦ȡĿŪ˴򤷤Ȥ
򤪴ꤤޤ
↓↓↓
͵blog󥭥󥰤

Υȥ꡼ϤƤʥ֥åޡɲ

ζԤФ륹ȥ쥹ƥȤη̤ȯɽˤʤޤ

2091ζԤФƹԤäη̡­
Ȥߤʤ줿Ԥο7Ԥǡ

ǡ7ԤϡɥĤζԤ1ԡڥζԤ5ԡ
ƥꥷζԤ1Ԥǡ

ơɥĤζԤΥҥݡꥢ륨ơȤϴ˹ͭ
ƤꡢƥꥷΥꥷȶԤͭƤ
ۤڥΥϥˤ⥹ڥܤŪ
ѤߤʤΤȤ

Ĥޤꡢ­Ȥ줿Ԥϡ­Ȥߤʤ
ΤȤФΤ褦ǡץ饤Ϥʤषбİ
䤫Ƥ褦ʶԤꡢ
饤Ǥ褦ʡ

ˤƤ⡢ȡλ­ۤϡ35桼
3900Ȥ

Ǥ⤦ٸޤ

91ζԤλ­ιפä3900ߤʤ
ȡȤ顢Τʤ˵ŵˤʤäƤΤ

ϤääơΥȥ쥹̤ȯɽϡȤϸ
ʤǤ礦ΤʤСʤ˾ʤ顢ष
ʤޤäȡѤäԿȡ

Ǥ⡢⤽⤳Υȥ쥹ƥȤ򲤽¦˶Ƥ
ȥʡ̳ĹϡΥƥȤηȯɽ˴ޤΥȤ
ȸޤ

ءáƤʤΤǤȸäƤΤǤ礦

We welcome the release of bank-level stress test
results in Europe. With this undertaking, the EU has
made a significant effort to increase disclosure on the
conditions of individual European financial institutions
and enhance market stability.

ֲ桹ϡˤƹԤ줿ԤΥȥ쥹ƥȤη
ȯɽˤʤäȤ򴿷ޤ롣ȤˤꡢEUϡ衼
åѤθġζͻؤξ󳫼ʤȤȤ˻Ծΰ
뤿礤ϤƤ

Τ˴ޤΥȤʤΤǤ礦Ǥ;꿴äƤ
ȤפʤʥȤǤ

ޤ⤽ΤϤǤ͡¿δطԤƥȤϴŤ
äΤǤϤȸäƤ櫓Ǥ顣

ˤƤ⡢ΥƥȤδबºݤˤɤȤ
Ȥ̤ˡä3900٤λ­ˤʤʤ
ФȤˡطԤΥ󥹤Τʤ򴶤ޤ

ǯ5ƹΥȥ쥹ƥȤη̤Ǥϡ746ɥ롢Ĥ
7ߤۤɤλ­ζ줬Ŧ줿櫓Ǥ顢
Ϸ夬­ʤäȤ٤ǤϤʤΤǤ礦

ޤ4ߤۤ­ޤȲȯɽơ­
ۤϡ®䤫˳ƼԤʤꡢܤŪ
ޤȤСޡåȤϤʤǼȻפΤ

ϤȤơΥȥ쥹ƥȤδˤĤƤ
ȤƤȻפޤ

⡢ƥȤδबŤȻפޤ

㤨С񻺤ȤͭƤĤɾˤĤƤǤ
ɾ򤹤Τ㴪ʬ˸ꤷƤꡢͭʬ
ĤƤۤԤȴƤ櫓Ǥ
Ťȡ

ΤʤСޤͭĤǤ⡢⤷ˤɤ
ι񤬥ǥեȤ򵯤СιĤβͤȾϳμ¤
ƤޤǤ

㴪˷׾夵Ƥ5ǯΥꥷĤξˤϡ
ͤ23%ܸꤹ뤳Ȥ򿥤ȤƤޤ
ͭʬˤĤƤƱͤξɾ٤äΤǤϤʤ
ΤǤ礦

ޤˤƤ⡢ޤޤǤ


Υȥ쥹ƥȤϡबŤȹͤå
ꤤޤ
↓↓↓
͵blog󥭥󥰤

Υȥ꡼ϤƤʥ֥åޡɲ

͡ν˶̣ϤǤ礦

ֲΤȡ

䡢ߤΤȤȤˤؿ꤫ɤȤ
ߤĤʹʬ뤳ȤǤޤ

֥ĥηϡĤޥͤǤ

¸Ƥޤ

ʬä

ʬääơ

֤顢Ƕϥޥߤơΰǡ֥饼ߤ
ʤʤäƤȤΤ͡



֤ʤΤ֥͡饼ߤäơ㿧ο򤷤Ƥ̣
š᤬㿧ο򤷤ʤΤȻƤ
͡

Τ˲桹Ҥɤκϡ֥饼ߤŪˤϥ᥸㡼
ꡢΰ̣ǤϡޥߤŪͤ⤫ä櫓ʤ
Ǥ

ǶǤϤɤǤ礦षޥߤʤ
ʤʤäƤޤޤ


ʤƻפäƤ

󡢤Ȼפޤ󤫡

ޥߤ羧ʹϤʤΤǤšɤ
ǯϥޥߤοʤ褦ǤӤطƤ뤫
⤷ޤ󤬡ĤǤʤޥߤλѤ򸫤뤳Ȥ
ƥޥߤȴ̤ޤĤƤʤǤ

٤ƥ֥饼ߤϡˤȤäƤ⡢ޥߤ
Ϥޤ󤬡ĤƤޤ

ޥ߷Where have you gone?

 ᥭѤθήФǡޥߤ֥饼ߤˤʤäƤޤä
ΤǤ礦

ʡդξǤ

ͤΤȤξ򤪶ĺ鹬Ǥ

ˤꤤޤ


ĶѲˤʤ롢Ȥå򤪴ꤤ

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͵blog󥭥󥰤

Υȥ꡼ϤƤʥ֥åޡɲ

Сʥ󥭵Ĺ21屡ζ԰Ѱ˽ʤƾڸ򤷤
ܤƤޤ

ȸäȤС

ƹкѤԤϡְʤۤԳΤפʤΤȤ

礭ʾѲǤⵯƤΤǤ礦

Сʥ󥭵ĹȸäȤ٤ߤƤȤˤޤ礦


Economic and Financial Developments

 The economic expansion that began in the middle of last
year is proceeding at a moderate pace, supported by
stimulative monetary and fiscal policies. Although fiscal
policy and inventory restocking will likely be providing less
impetus to the recovery than they have in recent quarters,
rising demand from households and businesses should
help sustain growth. In particular, real consumer spending
appears to have expanded at about a 2-1/2 percent 
annual rate in the first half of this year, with purchases of
durable goods increasing especially rapidly. However, the
housing market remains weak, with the overhang of
vacant or foreclosed houses weighing on home prices
and construction.

ֺǯ椴˻Ϥޤäʵϡͻº˻٤
ƴˤ䤫ʥڡ³Ƥ롣߸ˤκѤθ
̤ϡȾ٤оʤǤȷפȤμ
礷Ƥ뤳ȤĹ³٤ȤʤǤäˡ¼
;ٽФϡѵ׺ιƤ뤳Ȥ⤢ꡢǯξȾ
ˤƤϡǯΨ2.5%Υԡɤdz礷Ƥ褦˸
롣ԾϰȤƼޤߤǤ롣Ȥˤʤä亹
ʤ佻ߤνФȤʤäƤΤǤ

An important drag on household spending is the slow
recovery in the labor market and the attendant
uncertainty about job prospects. After two years of job
losses, private payrolls expanded at an average of about
100,000 per month during the first half of this year, a
pace insufficient to reduce the unemployment rate 
materially. In all likelihood, a significant amount of time
will be required to restore the nearly 8-1/2 million jobs
that were lost over 2008 and 2009. Moreover, nearly half
of the unemployed have been out of work for longer than
six months. Long-term unemployment not only imposes
exceptional near-term hardships on workers and their
families, it also erodes skills and may have long-lasting
effects on workers' employment and earnings prospects.

ֲȷפλٽФˤȤäƾ㳲ȤʤäƤΤϡѻԾβ٤
뤳ȤȡȼѸ̤ԳμǤ롣2ǯ֤Ϥ
Ӽθ塢ǯξȾˤƤ̱֤θѤϽФϡʿѤ
10ΥڡǿʤǤ뤬Ψ礭ˤϽʬ
ϸʤڡǤʤΤ2008ǯ2009ǯˤ850᤯
θѤ줿櫓Ǥ뤬ˤʻ֤ɬ
פǤˡȼԤȾ᤯6ְʾ⼺Ⱦ֤ˤ
Ȥդ٤Ǥ롣ĹϤ뼺ȤϡϫƯԤȤβ²Ф
ưζ줷ߤͿΤߤʤ餺ϫƯԤεǽ򿯤ƤޤΤ
ꡢϫƯԤθѤ̤Фľˤϲäʤƶ
Ϳ붲줬Τ


In the business sector, investment in equipment and
software appears to have increased rapidly in the first half
of the year, in part reflecting capital outlays that had
been deferred during the downturn and the need of many
businesses to replace aging equipment. In contrast,
spending on nonresidential structures--weighed down by
high vacancy rates and tight credit--has continued to 
contract, though some indicators suggest that the rate of
decline may be slowing. Both U.S. exports and U.S.
imports have been expanding, reflecting growth in the
global economy and the recovery of world trade. 
Stronger exports have in turn helped foster growth in the
U.S. manufacturing sector.

ִˤƤϡ䥽եȥ񤬺ǯξȾ
Ƶ®ä褦˸롣ϡϡʵ
ؤλٽФꤵ줿Ȥȡ¿δȤˤϷಽ
򹹿ɬȤˤΤǤ롣ȤоŪ
ˡサѷʪؤλٽФϡݡݹ⤤Ψ丷ͻΤ
˲Ƥݡݰ³Ƥ롣äȤ⤽θΨ
ϴˤ䤫ˤʤĤĤȤɸ⤢롣͢еڤ͢ϤȤ˳礷
Ƥ롣ϡкѤĹǰפβȿǤΤǤ
롣͢Ф礷Ȥˤƹ¤Ĺ¥Ƥ

Inflation has remained low. The price index for personal
consumption expenditures appears to have risen at an
annual rate of less than 1 percent in the first half of the
year. Although overall inflation has fluctuated, partly
reflecting changes in energy prices, by a number of
measures underlying inflation has trended down over the
past two years. The slack in labor and product markets
has damped wage and price pressures, and rapid
increases in productivity have further reduced producers'
unit labor costs.

֥եΨ㤤ޤޤĿ;ٽФʪǥåϡǯ
ȾˤǯΨ1%̤ξ徺ΨˤʤäƤʤ褦˸
롣ʪΤȤƤϡͥ륮ʤѲȿǤƿ뤳
Ȥ뤬2ǯ֤ߤСեΨϴĴŪ㲼Ƥ
¿λɸƤ롣ѻԾʻԾβ꤫顢¶
ʤˤϲϤäƤꡢޤθ⡢Ԥ
ñϫƯȤ򤵤˰Ƥ

My colleagues on the Federal Open Market Committee
(FOMC) and I expect continued moderate growth, a
gradual decline in the unemployment rate, and subdued
inflation over the next several years. In conjunction with 
the June FOMC meeting, Board members and Reserve
Bank presidents prepared forecasts of economic growth,
unemployment, and inflation for the years 2010 through
2012 and over the longer run. The forecasts are
qualitatively similar to those we released in February and
May, although progress in reducing unemployment is now
expected to be somewhat slower than we previously
projected, and near-term inflation now looks likely to be 
a little lower. Most FOMC participants expect real GDP
growth of 3 to 3-1/2 percent in 2010, and roughly 3-1/2 to
4-1/2 percent in 2011 and 2012. The unemployment rate
is expected to decline to between 7 and 7-1/2 percent by
the end of 2012. Most participants viewed uncertainty
about the outlook for growth and unemployment as
greater than normal, and the majority saw the risks to
growth as weighted to the downside. Most participants
projected that inflation will average only about 1 percent 
in 2010 and that it will remain low during 2011 and 2012,
with the risks to the inflation outlook roughly balanced.

ֻFOMCƱνϡǯ֤ˤƴˤ䤫ʷкĹ³
ȡΨϴˤ䤫㲼뤳ȡơʪ夤ƿܤ
ȤͽۤƤ롣6FOMCβȤؤäơFRBΥС
϶Ϣۤϡ2010ǯ2012ǯˤкĹ
ڤӥեˤĤƤθ̤Ĺθ̤ޤˤȯɽ
̤ϡŪˤ25˲桹ȯɽΤΤΤǤ
롣äȤ⡢Ψ㲼ΥԡɤϰͽۤΤʬ
󤷤ƤꡢޤûΥե츫̤ϡ⤦㤯ʤꤽ
ǤϤ뤬FOMCؤɤΰѰϡ¼GDPοΨϡ2010ǯ
3%3.5%2011ǯ2012ǯϳ3.5%4.5%ϰϤͽ
Ƥ롣Ψϡ2012ǯޤǤ7%7.5%ϰϤ㲼
ͽۤ롣¿λüԤϡкĹѤθ̤˴ؤԳ
̾礭ʤäƤȤոǤꡢ¿μԤϡ
кĹΨϲ줹ꥹȤߤƤ롣Ƥޤؤɤλ
üԤϡեΨϡ2010ǯ1%ơ2011ǯ2012ǯ⡢
³㤤ޤޤǿܤեΨ徺ꥹȤϳ
ȾǤȤߤƤ

One factor underlying the Committee's somewhat weaker
outlook is that financial conditions--though much
improved since the depth of the financial crisis--have
become less supportive of economic growth in recent
months. Notably, concerns about the ability of Greece and
a number of other euro-area countries to manage their
sizable budget deficits and high levels of public debt
spurred a broad-based withdrawal from risk-taking in
global financial markets in the spring, resulting in lower
stock prices and wider risk spreads in the United States. 
In response to these fiscal pressures, European leaders
put in place a number of strong measures, including an
assistance package for Greece and €500 billion of funding
to backstop the near-term financing needs of euro-area
countries. To help ease strains in U.S. dollar funding 
markets, the Federal Reserve reestablished temporary
dollar liquidity swap lines with the ECB and several
other major central banks. To date, drawings under the
swap lines have been limited, but we believe that the
existence of these lines has increased confidence in dollar
funding markets, helping to maintain credit availability in
our own financial system.

FOMC踫̤˴ؤ嵤ǤͳΰĤϡͻˤ
ΤǤ롣ͻϡͻοäˤäȤ餹
вϤƤΤΡưߤСʵ٤
ˤϷ礱褦ˤʤäƤƤ롣äˡꥷ䤽ʳΥ桼
δĤι񤬡Ʒ̤ȤǤ뤫ɤȤȤ˴
뵿ǰΤˡνաζͻԾ줫űबꡢ
η̡ƹˤƳβȥꥹץߥγ
̤ǤΰϤ˱뤿ˡ桼Υ꡼
ϴĤб֤ˤϥꥷؤλٱ桼
ι񡹤ûΥˡٱ礹뤿5000桼λ
ٱѥåޤޤƤ롣ϢϡޡåȤˤɥĴ
ãκ񤵤¤뤿ˡԤ䤽ʳμפ
Ȥδ֤ǥɥΥå׼ƤӳΩޤǤΤȤ
å׼˴ŤФϸ¤줿ΤǤ뤬
׼᤬뤳ȤˤäƥޡåȤˤɥĴãμ
ͻƥεǽݻνˤʤäƤȿƤ

ά


Federal Reserve Policy

 The Federal Reserve's response to the financial crisis and
the recession has involved several components. First, in
response to the periods of intense illiquidity and
dysfunction in financial markets that characterized 
the crisis, the Federal Reserve undertook a range of
measures and set up emergency programs designed to
provide liquidity to financial institutions and markets in
the form of fully secured, mostly short-term loans. Over
time, these programs helped to stem the panic and to
restore normal functioning in a number of key financial
markets, supporting the flow of credit to the economy. As
financial markets stabilized, the Federal Reserve shut
down most of these programs during the first half of this 
year and took steps to normalize the terms on which it
lends to depository institutions. The only such programs
currently open to provide new liquidity are the recently
reestablished dollar liquidity swap lines with major central
banks that I noted earlier. Importantly, our broad-based 
programs achieved their intended purposes with no loss to
taxpayers. All of the loans extended through the
multiborrower facilities that have come due have been
repaid in full, with interest. In addition, the Board
does not expect the Federal Reserve to incur a net loss on
any of the secured loans provided during the crisis to help
prevent the disorderly failure of systemically significant
financial institutions.

ֺζͻȷʵФϢбϡĤʬ
ʬƤ롣 褺ˡͻԾήưϳȵǽ㤬
ФΤǡϢȤƤϡͻؤޡåȤ˴
դǡ¿ûǤäήư򶡵뤹뤿ζͻ
äΤǤä֤ϻ֤Фƥѥ˥åᡢ
ƴĤμפʥޡåȤεǽΩƱ˷
ѤФήٱ礹̣ǤΩäϢϡͻ
줬ꤷƤΤǡǯξȾˤ¿֤λ
ꡢ¶갷ͻؤФͻξﲽʤɤ
֤äήư򶡵뤹ʤȤͣĤƤ֤ϡ
ۤɽҤ٤¾Ȥδ֤Ǽ᤿ɥΥåץ饤Ǥ롣
פʤȤϡ桹νŪϡǼǼԤ»򤫤뤳Ȥʤã
줿ȤȤǤ롣ʣμڤФͻ٤̤
Ƥϡ¤褿ΤҤդƴѤƤ롣ä
ơFRBϤΤʤˤäơͻƥεǽ
ߤ뤿󶡤줿ǡʤˤĤƤ⡢ȯ
뤳ȤϤʤͽۤƤ

 A second major component of the Federal Reserve's
response to the financial crisis and recession has involved
both standard and less conventional forms of monetary
policy. Over the course of the crisis, the FOMC
aggressively reduced its target for the federal funds rate 
to a range of 0 to 1/4 percent, which has been maintained
since the end of 2008. And, as indicated in the statement
released after the June meeting, the FOMC continues to
anticipate that economic conditions--including low rates of
resource utilization, subdued inflation trends, and stable
inflation expectations--are likely to warrant exceptionally 
low levels of the federal funds rate for an extended
period.

ϢбΤΤϡɸŪǤ⤢ŪǤ⤢ͻ
ŸǤäδΤʤˤäơFOMCϥեǥե
졼ȤͶƳɸѶ˲̴00.25ϰϤˤޤǰ
2008ǯ12衢οब³Ƥ롣6βθȯɽ
ʸˤȤꡢFOMCϡ񸻤Ψ㤤Ȥ䡢
Ψ夤Ĵˤ뤳ȡƥեͽۡʴԡˤ㤤
顢кѾϺĹ֤ˤ錄ä㳰Ū㤤եǥե
졼Ȥݾڤ뤳ȤˤʤꤽȰ³ͽۤ

 In addition to the very low federal funds rate, the FOMC
has provided monetary policy stimulus through large-scale
purchases of longer-term Treasury debt, federal agency
debt, and agency mortgage-backed securities (MBS). A
range of evidence suggests that these purchases helped
improve conditions in mortgage markets and other private
credit markets and put downward pressure on longer-term
private borrowing rates and spreads.

֥եǥե󥺥졼Ȥˤ㤤Ȥ˲äơFOMCϡĹ
ġܵغĵڤӽôݾڷ絬Ϥ㤤̤
ͻ̤Ǥλɷ֤Ƥ̤ϡôݾڷ
Ծ¾ֶ̱ͻԾξΩޤ̱֤Ĺ
Υ졼Ȥʺ뤳ȤΩäƤ

 Compared with the period just before the financial crisis,
the System's portfolio of domestic securities has
increased from about $800 billion to $2 trillion and has
shifted from consisting of 100 percent Treasury securities
to having almost two-thirds of its investments in agency-
related securities. In addition, the average maturity of the
Treasury portfolio nearly doubled, from three and one-half
years to almost seven years. The FOMC plans to return
the System's portfolio to a more normal size and
composition over the longer term, and the Committee has
been discussing alternative approaches to accomplish that
objective.

֤ζͻľλ٤ơϢ䥷ƥιڷΥݡ
ȥեꥪ8000ɥ뤫2ɥäޤƤϡ
100%ĤǤäΤ2/3ܵغĤѲƤ롣
ơͭĤʿѽԴ֤ؤ2ܤĹŪˤ3.5
ǯ鳵7ǯˤʤäƤ롣FOMCϡϢ䥷ƥΥݡȥեꥪ
֤򤫤ﲽȤͤǤꡢŪã
ˤϤɤΤ褦ˡ뤫ƤƤ

 One approach is for the Committee to adjust its
reinvestment policy--that is, its policy for handling
repayments of principal on the securities--to gradually
normalize the portfolio over time. Currently, repayments 
of principal from agency debt and MBS are not being
reinvested, allowing the holdings of those securities to
run off as the repayments are received. By contrast, the
proceeds from maturing Treasury securities are being 
reinvested in new issues of Treasury securities with
similar maturities. At some point, the Committee may
want to shift its reinvestment of the proceeds from
maturing Treasury securities to shorter-term issues, so as
to gradually reduce the average maturity of our Treasury
holdings toward pre-crisis levels, while leaving the
aggregate value of those holdings unchanged. At this
juncture, however, no decision to change reinvestment 
policy has been made.

ְĤˡϡFOMCˤľȤǤ롣Ĥޤꡢ
ξڷθܤֺѤ˱ƻ֤򤫤ﲽǤ롣
ߡܵغĤMBSθܤֺʬˤĤƤϡԤä
ϤʤĤޤꡢԤȡʬͭܤ뤳Ȥˤʤ
Ƥ롣ФơԴ褿ĤξˤϡƱͤνԴ
ͭ뿷ȯιĤ˺񤹤뤳ȤˤʤäƤ롣λǡ
FOMCȤƤϡԴûĤ˾괹뤳Ȥ˾뤫
ʤСͭĤۤˤѲʤ
ͭĤʿѽԴ֤ξ֤᤹ȤǽǤ뤫
Ǥ롣ˤĤƤϡޤꤵƤʤ

 A second way to normalize the size and composition of
the Federal Reserve's securities portfolio would be to sell
some holdings of agency debt and MBS. Selling agency
securities, rather than simply letting them run off, would 
shrink the portfolio and return it to a composition of all
Treasury securities more quickly. FOMC participants
broadly agree that sales of agency-related securities
should eventually be used as part of the strategy to
normalize the portfolio. Such sales will be implemented in
accordance with a framework communicated well in
advance and will be conducted at a gradual pace. 
Because changes in the size and composition of the
portfolio could affect financial conditions, however, any
decisions regarding the commencement or pace of asset
sales will be made in light of the Committee's evaluation 
of the outlook for employment and inflation.

Ϣ䤬ͭڷ̤Ƥﲽ뤿ˡȤ
ƤϡͭܵغĤMBSΰѤ뤳ȤǤ롣Ԥ
뼫ԤĤΤǤϤʤѤԤȤȤˤʤХݡȥե
®˽̾ͭĤȤ®ﲽ뤳
Ǥ롣FOMCλüԤϡݡȥեꥪﲽΰĤȤơ
ؤδطڷѤˤĤƴŪˤϹդƤ롣
Ѥϡȯɽե졼˱äơƽ˼¹Ԥ
뤳ȤˤʤǤݡȥեꥪ礭ƤѲȤ
Ȥϡͻ礭ʱƶͿͤʤΤǡѤγϤ
ѤΥڡˤĤƤϡѤ䥤ե˴ؤFOMCɾ˴դ
Ʒꤵ뤳Ȥˤʤ

 As I noted earlier, the FOMC continues to anticipate that
economic conditions are likely to warrant exceptionally
low levels of the federal funds rate for an extended
period. At some point, however, the Committee will need
to begin to remove monetary policy accommodation to
prevent the buildup of inflationary pressures. When that
time comes, the Federal Reserve will act to increase
short-term interest rates by raising the interest rate it
pays on reserve balances that depository institutions hold
at Federal Reserve Banks. To tighten the linkage between
the interest rate paid on reserves and other short-term
market interest rates, the Federal Reserve may also drain
reserves from the banking system. Two tools for draining
reserves from the system are being developed and tested
and will be ready when needed. First, the Federal Reserve
is putting in place the capacity to conduct large reverse
repurchase agreements with an expanded set of 
counterparties. Second, the Federal Reserve has tested a
term deposit facility, under which instruments similar to
the certificates of deposit that banks offer their customers
will be auctioned to depository institutions.

ۤɻ䤬ڤ褦ˡFOMCϡкѾϺĹ֤ˤ錄
ä㳰Ū㤤եǥե󥺥졼Ȥݾڤ뤳Ȥˤʤꤽ
Ȱ³ͽۤ롣ˤơFOMCϡե찵
ίޤ³뤳Ȥ򤹤뤿˶ͻȿžɬפ
Ǥλ褿顢Ϣϡ¶갷ͻؤϢ
ͭƤФƻʧ夲뤳Ȥˤäû
夲褦˹ưǤեǥե󥺥졼Ȥ
¾ûδϢ򶯤뤿ˡϢȤƤ϶ԥƥफ
򾯤ʤ뤳ȤǤ롣ƥΤ餽
餵ˡȤĤˡȯǤꡢɬפѤ
褦ˤʤǤĤϡϢ䤬󥿡ѡƥ絬
Ϥ㤤ᤷ֤ȤǤ롣ȤƤϡϢϡʪ
٤ƥȤƤȤǤꡢ٤βǡԤܵҤȯ
Ԥ¶ڽΤΤˤä¶갷ͻؤ
뤳Ȥˤʤ

 Of course, even as the Federal Reserve continues prudent
planning for the ultimate withdrawal of extraordinary
monetary policy accommodation, we also recognize that
the economic outlook remains unusually uncertain. 
We will continue to carefully assess ongoing financial and
economic developments, and we remain prepared to take
further policy actions as needed to foster a return to full
utilization of our nation's productive potential in a context
of price stability.

֤Ϣ䤬ΰȤ⤤٤ͻºǽŪ˼
뤿ǡ˿Ť˷ײΩƤ褦Ȥ⡢桹ϡкѤθ̤ϡ
ʤۤԳΤʤޤޤǤȤȤ򤷤Ƥ롣桹ϡ
³ͻкѤοŸˤĤƿŤɾԤơʪΰ
ȤȤߤΤʤǹǽϤեȯ֤᤹
ɬפ˱ƹʤ֤ǤƤΤǤ


 


Τ˸Ѥβˤλ֤ꤽǤǤ⡢ʵ
­꤬ߤʤǽϤۤ礭Ȥϻפޤ

Сʥ󥭵Ĺȯϡ夲ΰϤ뤿
Ǥäȯȸ٤ǤϤʤΤǤ礦

Ĥޤꡢ⤷夲碌褦ʤȤСȤ䥵
ޡʤɤܥ˸붲줬뤫⤷ʤȡ

ˡ龭褬Գμ¤ȤϤäƤ⡢ͻΰβǽ
ˤȸڤƤ櫓ǤšޤǤϤʤͻ
κݤζŪʼʤҲ𤷤Ƥ櫓Ǥ顣Ĥޤꡢ
ξڸƤ⡢ĤƱ褦ˤĤΤʤƤȤʤäƤȤ
Ǥ

ۤѤɬפϤʤȻפȤå򤪴ꤤ

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͵blog󥭥󥰤

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ޤǯν˿󤬺̳˽Ǥˡ
⤯ɾȤȤˡγԤƤޤΤ
˷кѤͻϺˤĤƤ糰ǤϤ뤬
ٻ֤򤫤СʬǤμȤˤĤ
̱򤤤ƳƤȡ

ǡǤ礦Ʊ褦˿˴Ԥ
¿ΤǤϤʤǤ礦

Ǥ⡢㴳ȽǤ򲼤Τᤤ⤷ޤ󤬡¿ʬ桹
ϴԤ᤮Ƥ褦˻פޤĤޤꡢοФ
ɾϳƤȡ

ΰ̣Ǥϡοʪɾ礷ȤʤΤ⤷

Ϥȡγ׵˴ؤƤ⡢ޤä
ޤ

ΤȤСǯ٤γ׵˴ؤǯ٤ٰ
Χ1٤κ︺ͤ󤸤Ƥ뤫Ǥ

ˤĤٶȤͤʤľʬǤ礦
ƾģˤ줾γ׵᤬ǯ٤ޤʤϰϤǹ
褦ˤȤãФΤ󥰡󥰤Ȥŷ
档Ĥޤꡢ׵ξ¤ȤǤ

ơΤ褦ǯǥޥʥˤʤ褦׵ᤷ
ȤãФΤޥʥ󥰡

졢̳ʤȤ¢ʤδνͤФˤ
ŪͽηäȤȤʤΤǤɤ̣ʬ
Ǥ礦

ɤξģ⡢𤬶줷ΤϽʬʬäƤ롢
ȡǤϤäƤ⡢ʬξģλŻϡ̱Ҳ
뤿ˤʤƤϤʤ餺Τˤ1ߤǤ¿ͽ
뤳ȤɬפʤΤȡ

ޤΤäƤŻ¿ϡξ겼Ϥ
Ƥ⡢ɬפɤСΤɬפʤΤФǡ
Ǽ­뤫ȤäƤ⡢ñ˥åȤƤ
礬褦ʤΤФꡣ

šǯ⡢ٻ顢ɱҡ򡢸ȡ

Ǥ顢ʬȤ̵̤Ŧ褦ʤȤϤǤƤ⡢
ͽͥ٤դΤϸ¤ˤѤ˺ʤȤ
ȡ

Ǥ⡢äơɤξģλŻڤǤ͡ʤɤȴŤ
ȤäƤȡͽϤĤФꡣơΰ
ǡǼӤʤȤмڶϱס롢ȡ

2010ǯ٤ΰ̲ͽߤƤߤȡнۤϡ92
ߡʥˡˤͽ92ߤȤȤǤʤΤǤ礦
Ȥˤ92ߤǡΤǼŤʬ餢
ȤС

ä37ߡʥߥʡˡ褯ʡʥߥʡˡȤȤǡǼ
37ߤʤΤǤȤȤˤʤȡϡ¾
ȼڶŤʤڶ⤬44ߤȤʤäƤΤǤ
;μڶ¿ˤȸʤȤȤǤ礦

ǡнФߤȡ21ߤ⤢ꡢ
Ǹն17ߤ⤢ȤȤǡƾģ
ȤƻȤ̺нͽϡ53ߤۤɤ˲᤮
ȡ

ǡܤϤǸնȰ̺нФ
нгۤǯ¤ߤ71߰ʲˤȤȤˡۤ
Ҥ٤褦˳ƾģˤĤưΧ˥ޥʥ
󥰤򤫤褦ȤƤ롢ȡ

ޤ𤬸Τ顢ܤޥʥ
󥰤򤫤褦ȤƤΤʡȻפͤ⤤뤫⤷
Ǥ⡢ϤǤˤƤšȻפ虜ʤ
Ǥ

ǯ8ΤȤ˺Ǥ礦λϡ
ȸä

831ȤΤϡƾģ׵Ф¤Ǥ
ΤǤ

夹뤳ȤޤäΤ顢ˤ
äƤʤ복׵ʤǧʤȡơ⡢
ͤٻʤΤǤ

夬¸Τ顢ͽˤĤƤ⡢
ĤƹԤ褦ˤ٤ȡɬפͽϻפ
äդǤʤΤϤФäڤ٤ȡ

ƾģΧ˥󥰤碌褦ʤǤϤʤ
Żν٤˱ͽɡģ⤢С
˥åȤģ⤢ΤȡޤǤƳ
ͽǤʤäΤǻʤä줫Ͽ
ꤹΤȡ

줫ޤ1ǯФäƤޤ󡣤˸ϡ
̱˹ԤȤʤޤĤƤΤ褦ʥ
ȸäƤΤǡ϶äƤΤǤ

ΤˡΧˤߤʬ礦˽С¤ä
ºȤʤ椬ʸȤڤˤϹäƤȤפ
櫓ǤǤϡβפϤʤʤ¸ǤʤΤ

츫ɤפʻŻ˸ơϤФäڤäƤ
Ż⤢뤫⤷ʤΧåǤϡФ
ڤ뤳ȤʤȤäơǧ٤Ż⡢
Ʊ˥å׺⸻ʤǧ뤳ȤϤʤΤ

顢ޥʥ󥰤褹ȤΤǤ
СϤ䲿ΤäΤȴƤޤ
ʤΤǤ
渵˼ĹޤǤʤ̱ޤΤ
ȰǤϤʤȡ

ǤϡοϡΤ褦ʼ԰٤ȤǤ⤤٤Ȥ
ȤƤΤ

ϡХꡢƳͽꤿƤ⡢ʬ
ˤǽϤμ礱Ƥ뤫¾ʤޤ

ϤǤνϤڤ뤳Ȥʤͽ
ȤʤɻεǤ뤫ʤΤǤơξδ
νȤΤϡ⥨꡼ȴνΤȤؤΤǤϤʤΥ󥭥
ޤ¿δνȤ̣ǤΤǤĤޤꡢͽ
ˤȤȤϤټȤϤǤƤ⡢ͽ
ΤΤϴνϤڤ뤳Ȥʤ뤳ȤԲ
ǽǤȤȤʤΤǤݡδ֤ߤȡͽ
ޤˤ򼨤ȤʤʤѤǤ褦Ǥ

ƤޤͽˤȤΤϡ
неϤ71߰ʲˤĤġĤȯԳۤ44
ʲˤȤΤǤ

ȡǼȤ¾μˤ47ߤۤɤŤɬ
ΤǤš˺ǤȴطԤͽۤ
Ƥ뤫ʤΤǤ

Ĥޤꡢ2011ǯͽѤҤǤȤ
ȤꤵƤ롢ȡܲСҤɤ
Ƥޤƹ⹻μ̵®ƻϩ̵
ŤȤȤʤΤǤޤǸä顢줳
˥եȰȿȸ줫ͤʤΤǻʤ

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ľ˹̱˻ơͥ褷ű󤹤
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ǶᡢܤƹǤ褦ۤŤʥ֡ˤʤäƤ褦
Ǥ

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襦ۥȤϡbeekeeping. Ĥޤ˪ȤǤ˪
˪ȸäƤ⤤ʼब櫓Ǥʹ֤
˪ȤС̪˪

ޤ桹ʹ֤Τʤˤϡ繥ʿͤȡȤ
οͤʬȻפǤšʿ
ˤͳʹƤ⡢顢ȡ̤ˤˤ
ǤⲿǤʤɡ֥ȥॷĤޤꡢߤȥ
äꤹΤ繥ʤΤȡ

ߥĥХξˤϾФ𤬰㤦褦Ǥ

ߥĥХΤȤѻȤΤͤʤ餪ʬȻפ
ǤߥĥХ˰ۤʤȤäơ֥ȥ
䥯塞䥻ߤۤ򿶤ޤ櫓ǤϤʤΤǤ
ȥॷ䥯塞ϡҤɤˤȤäƤϤäƤȲȤʤؤ餷
ʤ뤷ߤϡʹ֤ŤĤߡޤ褦ȤȤ
ä򤷤ΩȤȤ롢ȡ

٤ƥߥĥХȤšʹ֤Υ˶Ť
̪μ褹븽Ż뤷Ƥ⡢äȴʤ¤ꡢ
ä̪μ褷³ΤǤϤ󤿤ΤȤʤ󤫡
ˤʤ衢ȡ

顢ʹ֤¦ȤƤ⡢ߥĥХΤȤ򥫥磻ʤɤȻפ
ͤ϶ˤƾʤȻפΤǤǤ⡢¿οʹbeekeeping
˺ǶϤޤäƤ롢ȡ

ǤƹǤϡ΢ʤɤǥߥĥХͤ10
ϤΤǤϤʤȿꤵƤ롢Ȥ

ǤϡͤϲΥߥĥХΤ

ХꡢϥϥߥĤ뤿Ǥ礦

Ǥ⡢ǤϤޤ󡣼̣ǥߥĥХ͡ϡ
ϥߥĤμϤڤߤ˹ԤäƤ櫓Ǥ礦ϥߥĤ
ϤȤϴطʤϥȤդ礤Ƥͤ櫓Ǥ

ɡܤ㡢ܡšΤ
ˤϥߥĥХμʴȤ礫ʤȤȤʤΤǤ
ޤꡢȤϡϤȿʹ֤ϫƯˤäƿԤƤ
ǤϤʤߥĥХζϫ礭׸Ƥ롢ȡ

ȤȤǡ⤷ߥĥХʤʤäƤޤä顢Ȥ
⸺ηGDP⸺Ǥȡ

ʤȤСΥ֥Ĺ֤ˤʤäĺƤ
ϡСߥĥХνļϤɤʤäΤȤ
פ⤷ޤ͡

ߥĥХνļȤϡߥĥХ㤫餤ʤ
ʤäƤޤݡ

CCDColony Collapse DisorderȤƤޤ
ƤǤϡ10ǯ֤˥ߥĥХ㤬40%⸺Ƥȸ
Ƥޤ

ǤϡΤʤȤΤ

ޤޤʸ夲ƤޤˤƤ⹭
̣ǤδĶѲ˥ߥĥХ뤳ȤǤʤȤ
ͳʤΤǤϤʤǤ礦

㤨СλѡˡϫϲȲˤƶ
ɤޤޤ뤫⤷ޤ

Ȥ¿ϡʹ֤ưˤ뤿
˼龷̤ǤΤǤäƼĶ礭
Ѳ⤿餷Ƥ뤳ȤϡǤȤϵդư˳
ˤʤ뤳Ȥ⤢ȤȤ˲桹ϵդ٤ʤΤǤ

ϵ岹ȲкɬФƤΤˡš
櫓꡼ޥ󥷥åʹߡϵ岹ȲкˤĤƤ
Ƥܤ֤ˤʤäƤޤͤƤߤ顢桹ƱȤ
֤Ƥޤ¨1990ǯνΤ
Ȳк˴ؿȤäΤǤθХ֥
ĹԶΤʤ˺

Ǥ⡢20ǯ֤᤮ʤǡȲαƶ
ƤȸäƤΤǤϤʤΤǤ礦

1100ߥʾߤ뤳Ȥ⡢ǶǤϤۤ
ʤʤäǤϤޤ󤫡

ޤѲҴǤ뤿ˤ⡢ʹ֤Ͼ
äȼȿäΤ⤷ޤ󡣤⤷
ϥȤˤʤСΥϥļʤɤ
ʤΤκǶο͡ϡ𴢤μ֤ʤ
˴ñ˽ޤ򻵤ƤޤΤʤɤȤȤ˵
褦ˤʤǤ礦

ʤƤ⡢Ҥɤ⤿ˤϥ߼ʤɤ򤷤ƲƵ٤ߤᤴ
餤Ȼפޤ


ǡǸ˷кѤˤĤơš

⤷¿οͤߥĥХ褦ˤʤäơ1겿
βͤϥߥĤǯϤ褦ˤʤä顢椬
GDPˤϡɤΤ褦ʱƶͿǤ礦

ϡϤϥߥĤƼȾ񤷤顢GDP
ˤϲͿޤ

ϡͤΤƤΤˡȤ
Τ⤪Ǥ͡

줬GDPפθ³ʤΤǤ

˪ȤμȾʬϡGDP˥Ȥޤ


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