кѥ˥塼

޸Ρкѥ˥塼̤ưͻ֥Ǥϵ岹Ȳ˻ߤΤúи󾧤ޤиӽиȤϰ㤤ޤߤʴ㤤ΤǤ

2017ǯ11

ǮɼԤΤ褦ʥȤ󤻤ƤƤޤ

ֿͧ÷פǡɼ봱νïܤδͿ򼨤Ūڵ꡼Ƥʤȡڤ˴ꤦФǤ

Ǥ⡢ϼ㴳㤦ȤͤƤޤ

ʾ塢ɤʾڵɬפʤΤȡ

󿿼¤βʤ뤳ȤäƤΤƱǤ

ڵϽʬۤɽФƤǤϤޤ󤫡

ӻ᤬̳ɤ˾ݤβǡˡᵦ̳ɤȲʸĤ򤷤ݤβǡ

׿դ̳ʤ˾Ҳ򤷤ơФƺ̳ɤäեå⤢ޤ

ͧرؤʧˤĤƤʤɽʤäꡢ¾¿Ǥΰ򤷤Ƥ¤餫ˤʤäƤޤ

ơǤ¸ߤƤʤФʤʤطबѴѤߤˤʤäƤ롢ȡ

ͧرȤľܤδطϤޤ󤬡÷׳رൿǤǤޤǤڸ򤷤ƤΤǤ

ʾ塢ξڵɬפʤΤǤ礦

ʤƤ⾼׿ͤͧرؤʲʤǤιͭѤ˼㴳ʤȤͿΤϻ¤ǤΤǤ

Ȥǡͧرؤιͭäơ󣸲ߤͰ뺬ȤʤäΤߤ̤ǧĴˤĤƼä褦Ǥ

̳üΤ褦Ƥޤ
֤ܴۤʪ롣ȼԤͭƤ븽¤ꡢĴԤΤ񤷤

ĽĹ⼡Τ褦ˡ

ְǤäƤ櫓ǤʤҤä֤ʤ̵ȤƤ뤫̣뤫

ơθǤ

ּºݤ˹ԤȤβݡˤĤܤȤƤǧ

Ǥ礦

⤷Ǥڤ򷡤귫֤ƥߤ¸ߤƤ뤳ȤȤ顢˷ʪäƤ褦Ȥޤȡ餫μʤȤƥߤ¸ߤ褦ȤȦǤ

ɤʤˤ⤬äƤ⡢Ǥ

äơǰη򤬾Ǥ뤫Ǥ

ΡĴ򤷤褦ȤʤΤ

餫ǤϤʤǤ

ɼ봱νľ˻¤Ҥ٤뤳ȤԤƤ⤽̵Ǥ礦͡

ȤνοͻϴšڤäƤꡢʾڸ򤹤褦ʿͤĹ饹˽ǤƤȦʤǤ

դ˸ȡΤ褦ʴνθʬϡȿͤβ²ξڸƱ褦˾ڵǽϤۤʤΤǤ

ĤޤꡢδͿäʤäˤĤơνɤʤȤäƤ;̣ʤȤʤΤǤ

νڸȤ⡢ڵϽʬۤɤΤǤ



ϼǤ٤Ȼפå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

٤Ǥȸ

⡢ʳäƤޤ

ָɽĤϤʤä

ɤƸɽĤ꤬ʤäȸС

ָˡȿϸĤäƤʤ

ʹεǤ

ϣưѥ䶯ʤɤ¤ҲҤϥ֥åɡʰθԡˤʸǡ󤷤Ƥȯɽǡ᡼ʤɣҤ˽в١ǯˤİƤСʤˤä˾ĹϵԲ񸫤ǡָɽĤϤʤäפȯ󥿡ͥåȾƱҤ˴ؤ񤭹ߤäȤʤɤ顢ȯɽ᤿Ȥ

ˤȡҲҤԤƤΤϣǯǯδ֤ʼݾڼĹ̳᤿ͤҤǼ伫ưʤ䶯ǡܵҤȤδ֤Ǽ᤿˼ޤ褦ǡ󤷤ƤָˡȿϸĤäƤʤפȤ𤷡ǧʤƤ롣

ҲҤҰˡ˴ؤ륢󥱡Ȥ򤷤̡ȽΥ֥åʤɤκȯɻߺ֤ˡȿϤʤȤͳ顢ޤǣǯʾ塢ɽƤʤä˥󥿡ͥåȤǡλҲҤǥǡ񤭴ä褦פȤν񤭹ߤꡢγ礫䤤碌Ȥ顢ɽƧڤäȤмĹϡ֤ʷǤ蘆ȤƹޤˡΤ٤ȹͤפȸä

ϺλҲҤΣΤۤˤ⡢롼ΤǣεǤꡢĴʤƤ롣۸Τˤ볰ĴѰߤǯĴλؤ

ϷϢκ縶ĹνпȲҤǡ縶ϸߤ̳롣ݽꡢɩޥƥꥢ³ϢĹФƤ̾ȤǤ餫Ȥʤꡢܤ¤ȤФ뿮㲼򤱤줽ˤʤ


٤ƤơǤ褯ޤˡȿʤʤƸΤǤ

䡢٤äƤޤϤαƶ礭ȻפΤǤ衣

äơȤǤαˤäơ̱ǼƤʤǤ

׸ǤͧرؤιͭѤˤĤƤβʤȻŦƤ
Ǥ顣


줬ɽʤäͳΰĤϡ̳Ƥ縶᤬˸ޤƷϢβĹ˽ǤȤ¤äǤϤʤΤǤ礦

㺩ܤ˸Ƥ館ΤǤϤʤȡϡϢβĹФƤʤ顢äʤɤȸȦʤǤϤʤȡ

褦ʤȤϡȥȤǸȯץȤ򳤳Ǥ
Ǥˤ뤳ȤǤϤʤǤ礦

줬ܤλȳμ֤ʤΤǤ

ǡɤܷкѤɤʤϤǤ礦



縶ϢŨMǤ٤Ȼפå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

ǤδƬѥۥå˥礵Ƥ̿Ƥޤ

ϡ⤷δ䤬Ƭ10˥äȤĥǤʤȽݤˤϡǵ֤ؤȽäʤȽ񤤤ˡμ̿򸫤ƾʤ餺äƤޤ

Ǥʤ䤬Ĥޤ

μ̿˼ŤȤμ̿ʤΤȡ

⤷顢θ塢ȯο⤿뤿ˤȤѥۥåǤäƤäǽϤʤΤȡ

Ǥ⡢ǤٻΤ˽Ԥȡθˤƻä˽Ԥ򸫤Ƥ˲ι԰٤񤵤Ƥ٤ʤΤϡΤȤǤ

äѤޤ

ͧرൿǤޤɵڤƤޤ

ѷ빽ʤȤǤ

ʤƤϾ׿ͤͭϤ˴ͿȤ;ˤ餫ǤϤޤ󤫡

פˡǤƤ⤤ۤɡ

ˤ⹴餺̳ʤϲʤθĤϤƤʤȤϤΤʤ򷫤֤ƤǤ

ХХä餢㤷ʤ

ХХȸä顢Ĥοİ̳Ƥ渶Ƿ᤬ʵ׹ĤȯԤ뤳ȤĥƤΤΤäơޤäȤƤޤޤ

ФεǤ
ɧ᤬ۤȤʤäƤ飴ǯȾۤɡۼȤ줿絬Ϥʶͻ¤ϥ٥Υߥ裱Ȥܤ줿ǶѤؤλŦƤϤɤƹۤ٤ʤΤܿ˶ᤤȤ졢Ĥ俳İѰ̳᤿иʵ۴ijز渶ǷĹʹά

줫ʵʤƶͻ¤;ϤֶͻﲽפϺ٤Ȥΰոޤ

ȤϰβؤΤͻ¤νиͤϷкѤΤɤʾ̤ƤΤƤۤۤиʤΤϸ㤤ĹΨ㤤Ψλ夬³ΤˡޤǤƱ褦ʹͤǤϾڤʤ
䤬Ĥ㤦̤򸺤餹ȸäǤ߹ˤʤ롣ͻϸˤʤ񻺤500ߤˤΤܤ뤬ʬδ֡³뤳ȤͤʤȤʤ

ۤǤˤȤ٤ͻϲǤ礦

񻺤ϴкȤ100ߤۤ䤹;ϤϤͻǤǤ뤳Ȥϸ¤Ƥ롣ưȤξؤǷʵɷ㤹٤䤬ͭĤΤ50ߤ̵Ҥαʵ׹Ĥž롣ԤɬפʤʤΤǡܤ˴60ǯη߹ĤȯԤǤ롣ܤɺкʤɤ10ǯ֤100ߤΥե򤹤롣ʸάˡ


ο͡ե쥿åȤ侩ƤͤǤ줬Ԥ˽äͻǤϽʬǤʤΤǺư򤹤뤿˱ʵ׹ĤȯԤɤʤƸäƤΤǤ

ϡοͤΰոɤΤ褦ɾǤ礦

ϡοͤΰոŪƤʤȹͤޤ

ο͡ʵɷ㤹뤿˺ưɬȸäƤǤ

ѻԾ򸫤СʤΤϼΨ⤤ȤǤϤʤɤͼ­ˤʤäƤΤǤơޤפδطߤСޤĤƤμ륮åפϴ˲äƤꡢष­ˤʤäƤΤǤ

ΡΤ褦ʾǶͻºưɬפˤʤΤ

Ǥ礦

ȽǤɤ̤ȤơեΨɸͤ2%ãʤͻ¤򶯤ɬפȤΤǤС괺ΰϤȤǤ

ˤƤʵ׹Ĥ

ʵ׹ĤϽԤɬפʤ褦˸äƤޤαʵ׹Ĥΰ̣ϡԻʤȤΤȤǡ㤨СܤԹǤĤǤԤǤΤʵ׹ĤȤΤʤΤǤ

ˡ˸ܤϤäƻʧȤʤĤȤΤФȤơФʧʤĤʤƤʤΤǤ

ȲꤷƤߤޤ礦

100ߤۤ;͵⤬롢ȡ

ΤȤˡܤ̵Ҥαʵ׹ĤȯԤȯɽȤơϤȻפ

󡢥Ρ˷ޤäƤޤ͡

äơ񤷤ܤäƤ뤳ȤʤСҤʧʤʤΤǤ

⤷ʤҼ«ƤΤǤС˸ܤνԤݾڤƤʤƤ⡢Ϥǽʬڥ뤳Ȥ⤢ޤ

졢񻺤θ߲ͤιͤ򤷤ƤͤˤȤäƤϾQǤ͡

Ǥ⡢ˤϡΤʤ̵Ҥαʵ׹ĤȯԤ뤳Ȥ侩ڤ⤤Ǥ

᤬οͤǤ
ǡǤܶԤͭĤܤΡּ¼ŪġפǤϤޤͳϡ䤬ܤλҲҤǡƲҡҲҴ֤ΤͤߤڤϡϢѤ껦ƤޤǤ

䤬ͭĤˤĤơԤɬפϤޤ󡣱ʵפ˼ڤ괹򤹤ФǡʧפǤƻҴ֤ʧ⡢Ϣ軻껦ˤʤޤ

ά

ȤϤǤ⡢
䤬ͭƤȤϤڶϼڶáŪʲפʬʤ̱¿ɤǤ礦顢渶̤ꡢ䤬ͭԴ¤Ĥ顢缡̵̵ҹĤ˸򴹤ƤޤФΤǤ

ά

֤٤ʤΤ
ȡ͡פϤСǤ⡢У¹ɸ⡢ְ̣ʤɤषפǤ뤳Ȥ褦䤯ΤϤ뤳Ȥˤʤޤ

ά

ܤĤϣܱ߷ƤǡҲҤ˹Ĥ碌뤳Ȥǡܤϼ¼Ūֺôä롣
ܤ̵̵ҹĤȯԤͭιĤȸ򴹤ƤޤС̾Ūˤֺôä


̵ܤĤΡפǤ뤳ȤϾΤƤޤȤϡ֥ȥå襤פʤΤǤ


Τˡ̵ұʵ׹ĤĿͤȤ㤤ȻפȤϤʤƤ⡢ˤ뤳ȤˡΧǽǤǤ礦

Τ褦ʤȤ˼ƤޤʤС⤽ܤܻʾȯԤ뤳ȤƱ褦ʤȤˤʤäƤޤޤ

Ǥ⡢ܻʾȯԤǧΤǤСȯԤ褦ʤȤ򤷤ƤΤȡ

ϡܤλҲҤǤ뤫顢ƲҤܤȻҲҤκĸ̳ĢäˤʤȼĥޤϤǤäƤ⡢ȯԤ뤳Ȥˤ̳餦ǡκ̳Ģäˤʤ餺˺٤ܤôȤưݤΤǤ

ϡΤȤˤĤƤϴ̵뤷ƤޤϡΤȤˤĤ̵ΤǤΤǤ礦

ˡ⤷ˡˤäƺ꤬ǤΤǤСɤιäƺʤɵʤäȤƤ⤹ǤƤޤǤϤޤ󤫡

˸С⤽̱Ƕʤħɬפʤȡ

ɬפǶʬϡܻʾȯԤ뤫˹Ĥ򤹤٤ưƤ館ФǤ

ǯκ⡢¨¤˲á

ʤäƤޤȡ̱ƯʤäƤ⿩äƤ뤳ȤˤʤǤ



˥ХäƤ󤸤ʤ衢ȸǤ



˿μĥ̤˿˼ƤͤʤƿʤȤå򤪴ꤤפޤ

͵blog󥭥󥰤
Υȥ꡼ϤƤʥ֥åޡɲ

٥ΥߥȤ5ǯвᤷޤ

̤ʪɸͤǤ̤ιĤιԤǤϤʤûޥʥˡơĹۤܥͶƳȸˤưäƤǤ

ƹˤĤƤ⡢夲ɤڤäȤϤΥڡϿӤ٤

褦ʤΡ

ǤϡԤΤ褦礭žǤʤΤ

ͳϡǥե줬ݤǤ͡

ǶǤϡͥ륮ʤξ徺龯ѤäƤ봶ʤǤ⤢ޤ󤬡Ȥƥեζ줬礭Ȥϸ񤤡

ȤȤǡº³ƤǤ

ޤǤⲿ٤äƤ褦ˡܤˤĤƤ⡢ƹˤĤƤѻԾϥ꡼ޥ󥷥åξȤ㤤

ͼ­ˤʤۤɤǤ顣

륮åפ˲úѤߡ

äơǤС䤬夲Ƨڤä

ޤǤηǤϤǤʤǤǤƤȤͤ򹹿³ƤΤˤ⹴餺

NYο

ǡ礭ʵ䤬⤫֤ΤǤ

ۤ䥤ĹϥСʥĹΤ褦罨ͤǥե졢ĤޤꥤեΨդǿܤ뤳ȤѷǰǡޡåȤϡեΨ㤤Ȥؤ뤷ƤʤΤǤϤʤȡ

⤷եΨ㤤ȤۤǤȹͤΤʤС夬ͳʤǤ

ϲä

Ǥ礦

եΨɸͤ2%ϤʤƤޡåȤϲȤⴶƤʤȡ餳NYʿѤϾ徺ΤǤ

Ȥ⤦ʤǡषեΨɸͤϤʤޡåȤȤƤԹ礬ȹͤƤΤǤϤʤȡ

ȤΤ⡢⤷եΨɸͤ뤳ȤˤʤС󤫤餺ĶºϽ򤻤ޤ졢夬Ȥɬꡣ

Ǥ⡢äƶ夬ΥȤȤȤʤΤǡϾ夬ˤʤ롢ȡ

ĤޤꡢХ֥뤬ƤǽȤȤǤ

ƤʤȤˤʤСFRBϰβäƤΤȡ

Ǥ͡


ͻܤ鸫ľƤΤǤϤʤǤ礦



ۤϡøǤ٤Ȼפå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

ɼԤ饳Ȥĺޤ

䤬ҶäȤ򤹤۸岰Ȱ崱ϿͲҡˤäƽȳƤޤ

Ǥ⸽ߤϡΥȥåפ򤷤ȵǤݤʤ顢˴ȼ̳夢ꤨʤۤ򤷤ꡢޤμˤ⿿ʤäꡢ˴̳̳ۤΥȥåפǤ̿ʤɥإƥʤȤФꤷƤ褦˸ޤ

ΤޤޤǤϡ÷׳رʱ۸岰ˤȰ崱ˤιޤϿʤͧرǤԤ⿹ͧޤƤ⤦ι¦ϤʤǤ

Τ˳Ͼ夬äȤμפ夬ä츫ʵɤʤäƤΤǤǤϤϤäꤵ̳Ȼפޤ

ޤξ徺ǯˤԼʤΤǡ塹ǤϻʤΤǤ礦

̱˴˾Ƥ褦ʹˤƤȤϤȤƤפޤ


̱˴˾Ƥ褦ʹˤƤȤϤȤƤפޤ

ޤˤΤȤꡣ



̵ʤɼɤȤ

ơʿǥ롼̵뤷ơͧãصޤ롣

˵ȤˤʤäƤޤäܡ

̱ϡΤ褦ʼҲ񤬤ĤޤǤ³ȦϤʤȻפäƤ롣

鼫ɱҤɬפȹͤʤΤˤߤƤȤ롣

ȤäƱ

ǸˤʤΤϤ

αݡ桢⡦¶ͭ⤬Τ

ȤˤȤ褦˸äƤï⼪򷹤ʤ

ǤΤ֤ηкѤøˤʤΤǤϤʤǤ礦


μǤ˾ȸ϶å򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

⤦ɤ⤳ⱳФäꡪ

ɩޥƥꥢμĹ˿ޤǤפƬ򲼤Ƥޤ

°᡼ΡֻɩޥƥꥢפϡҲҤʤθܵҤΥǡ˲󤷤ƤȤƼպᤷޤ
ɩޥƥꥢˤޤȡҲңҤѥåȸƤФ르ʤƼʤθǡ˲󤷡в٤ƤȤȤǤΤֻɩȡפϡǯİƤˤؤ餺ޤʤв٤³Ƥޤ

ɩޥƥꥢϡɽ٤줿ȤˤĤơֽвİ뤳Ȥͥ褷ȤԤ줿طʤ´طˤĤƤϡֳĴѰԤפȷ֤Ҥ١ܺ٤ϸޤǤ

ɩޥƥꥢʤɤϡڸ̾ʤ˷аޤʤνвϣҤˤΤܤǽޤ


ɽ٤줿ͳͳˤʤäƤޤ

Ǥ礦

ʤǤʤȤDzԤƤΤ

ϥȥåפäƤ뤫Ǥ

äƤܡ

Ǥ⡢ͧر⤢ؤǤ򤪤碌ƽˤ褦Ȥͭ͡

Ⱦڵμ̿ΤǤ

abekinen




ʤ¤ꡢȤ԰٤ϻߤޤʤȻפå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

ʹǤΤ褦ʥȥ뤬ܤդޤ

ֺ̳ʡͭ⻺ʬ³βء

عˡֿͧ͡رפؤιͭѲʤλ꤬äȲ׸Ŧ줿Ȥ̳ʤϣͭ⻺ʬ³βޤˤ򼨤Ϻ̳꤬յĸεԲ񸫤ɽ

̳ʤޤȤ᤿ľƤˤȡ⤯̶㳰ȤƤշˤĤƤϡ٤ƤηѲʤ롣ѲʤεҴݤ뤿ᡢϲ̤ʪ褦üʰƷϡʳȤ˲ʻꤹˤ

̳ʤȿͧ¦ѸĤŪʤȤ򵭤Ͽʤɤʤ׸뤵줿ˤĤƤϡȤνפǤ碌Ƥ˳ǧǤ褦ˡʸƤ򽼼¤ȤƤ롣ƱʤϤľƤ̳λ䵡ءֺIJפιͭ⻺ʬʲ˼ƱǤɾƧޤƺǽŪˤȤޤȤ롣

а淼ڸϣεԲ񸫤ǡҶɤΤߤűʬѤθѤϡᵦ̳ɤꤵ졢󣲽֤ǸڲǽʺѤƹԤä֤¤줿Ǥ꤮б򤷤פȽҤ١ޤǤιƱͤˡѤ꤬ŬäȤ븫Ҥ٤

Ŧ師ѤϡɬפʺȻ֤γݢγǧȤʤκ¸θƤݡݤ»ܤȤ

ѤˤܿʾûؤΤ󤿤ˤĤƤϡ̾λ̳¹Ԥ򤷤Ƥ롣ŪθϤʤäפä

׸λŦǤ̳äаڸäβ񸫤Ǥ

ͧرФͭϤѤϡˡΧ˴ŤŬڤ˹Ԥ줿ȰӤƼĥƤ̳äǤľԤɽȤǾ󤬤äȤǧƤǤ

âͭ⻺δʬ˼ºݤ˷Ȥäηи碌Ƥ館С³ΤǤäΤǤ

³ΤǤꡢͧرؤιͭѤ⤽˽ФääΤˡɤͧرƷ̰ƴطѴƤޤäȤΤλοʤΤǤ

ΤȸС̾ξ硢ͭϤѤɤǤɤȤƤϡ׸塹塹뤳ʬäƤꡢơ˹ͭϤѲʤˤĤʹƤ⤽뤳ȤǤ褦ɬפʻɬݴɤ褦ˤʤäƤʤΤǤ

ˤ⹴餺ɬפʽѴȡ

δطѴƤޤäΤ

줬ƤʪäƤǤ

Ǥ礦

ʬ³βʤääƤ⡢ͭ⻺δʬ˷ȤäƤ뿦餷ХХƻʤȡ

ˤƤ⡢аäϡ̾λ̳¹ԤŪθϤʤäʤƸäƤޤ˹̱ϮƤȤ褦ޤ

ΰƷŪθʤäȤΤǤСɤΤ褦ʰƷʤŪθäȸΤ


椪ʤäƤޤäȤ褦ޤ



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Ϥȴ˲᤯Ω夬ꡢƤĤΤ褦ʿǴѥꡢȡ

Ǥơ褯̤̤ȡ

ȽȽǤ˼ٹʸդʤ졣

ХʤΡȸ

ǡٻΤ˽ԻΤǤĤ⤽ٻΤ˽Ԥ˵ڤ֤ɤ̤Ȥơ̤ξǵδ䤬ֵλϽäפȤΤʹ˲ٻΤʤǡ֤襤פ򤹤Ĥ23ϢФΤǤϤʤȤǰ⤿ΤǤ

äơǤ礦

δϡʤ󥴥ΰ߲˽ʤ뤳ȤϿػߤƤϡ⹻OBޤȤΤǻä顢ɤι⹻ȤϴطΤʤ3ͤäƤǤ

ȥٻΤˤäȤΤʤäȸäƤǤϤʤǤ

ޤɤǤ⤤

ˤƤ⡢˲ۤʪĤʤ̤ʹ

äѤäơͧرФͭѤηǤ׸ȯɽޤ

׸Ǥ饴߽Ѥλ˵򺹤ǤΤǤ

ĤޤꡢŬڤʲʤꤵ줿Ȥϸʤȡ

̳äȺĹϡϰӤŬ˽줿ȼĥƤޤ͡

μĥְäƤȤȤʤΤǤ

äȤ⡢ʤȲ׸Ĵ٤ƤʤƤ⼫ΤȤʤΤǤ

ˤøʼҲˤʤäƤޤޤ

ܰ춯˲춯


춯Ϥ褯ʤǤ͡





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ĹȯǤ

It can be quite dangerous to allow inflation to drift down and not to achieve over time a centralbanks inflation target.

 ֥եΨ㤤Τޤ֤ԤΥեɸͤãǤʤȤȤ˴Ǥ

One reason its dangerous is because inflation expectations are likely to also drift down and indeed there is some evidence -- I dont really think theyve drifted down very much -- but theres some suggestion.

 줬Ǥ뤳ȤΰĤͳϡʤȥեͽۤ㤤ˤȤɤޤꤽǤ롣¡ξڵ⤢뤬ȤƤϡեͽۤ礭㲼ƤȤϻפʤĤϤ

That would be a very undesirable state of affairs.

֤˹ޤʤ֤Ǥ


פΤǤեΨޥʥǡ⤽֤Ĺ³Ʊ˼ΨߤޤꤷƤΤǤСΤͫθ٤֤⤷ޤ󤬡ƹμΨϺ꡼ޥ󥷥åξ֤ˤޤDzƤꡢϺǹͤ򹹿³ƤǤϤޤ󤫡

ʤΤˡեΨ2%ɸͤãʤȤäơ줬ʤʤΤǤ礦

Сʥ󥭵Ĺ⤽ǤĹǥեҾɤˤʤäƤΤǤϤʤǤ礦

⤦ٸޤƹμΨϹʵοˤޤ㲼ƤǤơʵκǹͤ򹹿Ƥ롢ȡ

褷ԶΤʤʪ夬ʤȤǤϤʤΤǤ

եɸͤѤ餽2%ɸͤιˤĤƵꤲˤ⤤ʤȡ

ʹǺƤ㥤եξϡ1930ǯΥǥեƱͳǤϤʤΤǤ




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ʤΤǤ

ݡǤϤʤ⤷ޤ󡣵βֿϡäƤΤȡ

Ǥ⡢ȼ̷ˤʤäƤޤΤǤ衢͡äƼʬ϶νĹʤΤ顣

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֤ϡβ֤Ϥμβ֤ȰäƾѤäƤ뤫ʤȻפäƤΤǤϤʤǤ礦

ιݲĤ˽ʤݤΥ󥰥饹ȥϥåȻѤ̣ޤβ֤Υ󥰥饹ȥޥե顼Ѥ̣ޤʤƤ̤οȤϰäƤ롢ȡ

餳˿İѰΤʤˤ⵮βֿǤ䤦ԤǤ

ˤƤ⡢δϲοȤ򱣤ƲʤΤ

Ǥޤ

˽ԤȤʢΩƤƤȤƤ⡢ϥ󥴥륯֤ΰ

⤷ΩƤ褦ʹ԰٤˽ФĤĤޤꡢˤɵڤ褦ʹư˽Ф󥴥륯֤ΰǤϤʤʤ뤫Ǥ

ĤޤꡢٻﳲϤФΤϵβֿΰջפǤϤäƤ⡢δܰդǤϤʤäǽޤ

ǤϡεβֿϷٻﳲϤФΤ

˽Թ԰ټΤٻμȤǧƤꡢºݤ˽Ԥʤ줿ﳲϤٻФ

ͤǤ礦Ĥ˽ԤȤ¤ȤƤ⵮δϼºݤˤ˽Ԥľ˲ʤäΤ褦ФäƤǤ顢̤ϤޤǤι԰٤˵ڤФʤ⤷ޤ͡

Ĥޤꡢ˼պơ꤬˱Фǽˤ롢ȡ

β֤εϤǤϼޤʤä

δΥܥϥ󥴥륯֤Υ꡼Ǥ˱ٻΤǤϤʤʤΤȤռäǤ礦

ˤƤľܤﳲԤǤ뵮δ伫Ȥʬθǻ¤ʤ¤꤬ï⤬Ǽ뤳ȤϤʤǤ

δ䤬Фʤ褦ʻ֤ˤʤäƤΤʤȤ⤫ϤޤФȤΤǤСδϡٻΤˤɤΤ褦ʽʬ褦Ȥ⹴ʤ⤷ޤ

⤷ٻΤΤȤͳг뤳ȤˤǤʤСʬΰȤʤäȤȤǥ󥴥륯֤ˤ뤳ȤǤʤʤäƤޤ줬ꡢǤʤʤ⤷ޤ

餯δˤϥ󥴥륯֤͡ʴطԤ̵ͭΰϤäƤΤȻפޤ

ȤȤϡϤĤƱ

δ䤬10˥äȤ¤⤷ǤϤʤäȤȡβֿɵڤסʤ뤳ȤǤ礦



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