\u6620\u753b\u300c\u30de\u30cd\u30fc\u30fb\u30b7\u30e7\u30fc\u30c8\u300d\u30672008\u5e74\u306e\u30b5\u30d6\u30d7\u30e9\u30a4\u30e0\u4f4f\u5b85\u30ed\u30fc\u30f3\u5371\u6a5f\u3092\u7684\u4e2d\u3055\u305b\u305f\u30de\u30a4\u30b1\u30eb\u30fb\u30d0\u30ea\u30fc\u6c0f\u304c\u3001\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u5e02\u5834\u306e\u6df1\u523b\u306a\u4e0b\u843d\u304c\u65b0\u305f\u306a\u91d1\u878d\u7834\u7dbb\u3092\u5f15\u304d\u8d77\u3053\u3059\u53ef\u80fd\u6027\u3092\u8b66\u544a\u3057\u305f\u3002\u540c\u6c0f\u306f\u81ea\u8eab\u306eSubstack\u6295\u7a3f\u3067\u3001\u300c\u6050\u308d\u3057\u3044\u30b7\u30ca\u30ea\u30aa\u304c\u73fe\u5b9f\u5473\u3092\u5e2f\u3073\u3066\u304d\u305f(Sickening scenarios have now come within reach)\u300d\u3068\u8ff0\u3079\u3001\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u4fa1\u683c\u306e\u4e0b\u843d\u304c\u7d99\u7d9a\u3057\u305f\u5834\u5408\u306b\u767a\u751f\u3057\u3046\u308b3\u3064\u306e\u5177\u4f53\u7684\u306a\u30b7\u30ca\u30ea\u30aa\u3092\u63d0\u793a\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n
\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306f2026\u5e741\u6708\u306b4\u30f6\u6708\u9023\u7d9a\u306e\u4e0b\u843d\u3092\u8a18\u9332\u3057\u30012018\u5e74\u4ee5\u6765\u6700\u9577\u306e\u5f31\u6c17\u5c40\u9762\u306b\u7a81\u5165\u3057\u305f\u3002\u4fa1\u683c\u306f\u6628\u5e74\u306e\u30d4\u30fc\u30af\u304b\u3089\u7d0437%\u4e0b\u843d\u3057\u3066\u304a\u308a\u3001\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u53b3\u3057\u3044\u72b6\u6cc1\u304c\u7d9a\u3044\u3066\u3044\u308b\u3002\u30d0\u30ea\u30fc\u6c0f\u306f\u5148\u9031\u767a\u751f\u3057\u305f\u91d1\u3068\u9280\u306e\u6025\u843d\u306b\u3064\u3044\u3066\u3082\u3001\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u5e02\u5834\u306e\u6df7\u4e71\u304c\u4e00\u56e0\u3067\u3042\u308b\u3068\u5206\u6790\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n
\u30d0\u30ea\u30fc\u6c0f\u306e\u8b66\u544a\u3067\u7279\u306b\u91cd\u8981\u306a\u306e\u306f\u3001\u8cb4\u91d1\u5c5e\u5e02\u5834\u3068\u6697\u53f7\u8cc7\u7523\u5e02\u5834\u306e\u69cb\u9020\u7684\u306a\u985e\u4f3c\u6027\u3092\u6307\u6458\u3057\u3066\u3044\u308b\u70b9\u3060\u3002\u5143\u30d5\u30a1\u30f3\u30c9\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u306e\u30d0\u30ea\u30fc\u6c0f\u306f\u3001\u8cb4\u91d1\u5c5e\u5148\u7269\u5951\u7d04\u304c\u73fe\u7269\u8cc7\u7523\u306b\u88cf\u4ed8\u3051\u3089\u308c\u3066\u3044\u306a\u3044\u70b9\u304c\u4eee\u60f3\u901a\u8ca8\u306e\u30c8\u30fc\u30af\u30f3\u3068\u985e\u4f3c\u3057\u3066\u3044\u308b\u3068\u6307\u6458\u3057\u3001\u4e21\u8cc7\u7523\u304c\u9023\u52d5\u3057\u3066\u3044\u308b\u3068\u4e3b\u5f35\u3059\u308b\u3002<\/p>\n\n\n\n
\u3053\u306e\u69cb\u9020\u7684\u985e\u4f3c\u6027\u306b\u3088\u308a\u3001\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306e\u4e0b\u843d\u304c\u91d1\u3068\u9280\u306e\u4fa1\u683c\u306b\u3082\u6ce2\u53ca\u3057\u3001\u3055\u3089\u306b\u305d\u308c\u304c\u76f8\u4e92\u306b\u5f71\u97ff\u3057\u5408\u3046\u9023\u9396\u53cd\u5fdc\u3092\u5f15\u304d\u8d77\u3053\u3059\u53ef\u80fd\u6027\u304c\u3042\u308b\u3002\u30d0\u30ea\u30fc\u6c0f\u306f\u300c\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30fb\u30de\u30fc\u30b8\u30f3\u30fb\u30a2\u30ab\u30a6\u30f3\u30c8\u3001\u30c8\u30fc\u30af\u30f3\u5316\u3055\u308c\u305f\u91d1\u5c5e\u5148\u7269\u3001\u305d\u3057\u3066\u6697\u53f7\u8cc7\u7523\u62c5\u4fdd\u304c\u76f8\u4e92\u306b\u9023\u7d50\u3055\u308c\u305f\u4e16\u754c\u3067\u306f\u3001\u3053\u308c\u3089\u306e\u52d5\u304d\u304c\u6301\u7d9a\u3059\u308c\u3070\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306f70,000\u30c9\u30eb\u3092\u5272\u308a\u8fbc\u3080\u53ef\u80fd\u6027\u304c\u3042\u308b\u300d\u3068\u6307\u6458\u3059\u308b\u3002<\/p>\n\n\n\n
\u3055\u3089\u306b\u30d0\u30ea\u30fc\u6c0f\u306f\u3001\u8cb4\u91d1\u5c5e\u5e02\u5834\u3082\u58ca\u6ec5\u7684\u306a\u58f2\u308a\u306b\u898b\u821e\u308f\u308c\u304b\u306d\u306a\u3044\u3068\u6307\u6458\u3057\u3001\u91d1\u5c5e\u5148\u7269\u306f\u8cb7\u3044\u624b\u304c\u6d88\u5931\u3057\u4fa1\u683c\u304c\u66b4\u843d\u3059\u308b\u4e00\u65b9\u3001\u73fe\u7269\u91d1\u5c5e\u306e\u307f\u304c\u5b89\u5168\u8cc7\u7523\u3078\u306e\u9700\u8981\u3067\u4e0a\u6607\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3068\u8ff0\u3079\u305f\u3002\u3053\u306e\u4e8c\u6975\u5316\u306f\u3001\u5b9f\u7269\u8cc7\u7523\u306b\u88cf\u4ed8\u3051\u3089\u308c\u3066\u3044\u306a\u3044\u30da\u30fc\u30d1\u30fc\u30a2\u30bb\u30c3\u30c8(\u5148\u7269\u3084\u30c8\u30fc\u30af\u30f3)\u3078\u306e\u4fe1\u983c\u304c\u5d29\u58ca\u3057\u3001\u5b9f\u7269\u8cc7\u7523\u3078\u306e\u6025\u901f\u306a\u56de\u5e30\u304c\u9032\u3080\u30b7\u30ca\u30ea\u30aa\u3092\u793a\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n
\u30d0\u30ea\u30fc\u6c0f\u304c\u63d0\u793a\u3057\u305f\u7b2c1\u306e\u30b7\u30ca\u30ea\u30aa\u306f\u3001\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u304c70,000\u30c9\u30eb\u3092\u4e0b\u56de\u3063\u305f\u5834\u5408\u3060\u3002\u3053\u306e\u6c34\u6e96\u306b\u9054\u3059\u308b\u3068\u3001\u91d1\u878d\u696d\u754c\u5168\u4f53\u3067\u5de8\u984d\u306e\u640d\u5931\u304c\u8868\u9762\u5316\u3059\u308b\u3002<\/p>\n\n\n\n
\u7279\u306b\u6ce8\u76ee\u3055\u308c\u308b\u306e\u304c\u3001\u30de\u30a4\u30b1\u30eb\u30fb\u30bb\u30a4\u30e9\u30fc\u6c0f\u304c\u7387\u3044\u308b\u30de\u30a4\u30af\u30ed\u30b9\u30c8\u30e9\u30c6\u30b8\u30fc\u793e\u306e\u72b6\u6cc1\u3060\u3002\u540c\u793e\u306f\u4e16\u754c\u3067\u6700\u3082\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u3092\u4fdd\u6709\u3059\u308b\u4f01\u696d\u3068\u3057\u3066\u77e5\u3089\u308c\u3001\u7a4d\u6975\u7684\u306a\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u8cfc\u5165\u6226\u7565\u3092\u7d99\u7d9a\u3057\u3066\u304d\u305f\u3002\u3057\u304b\u3057\u300170,000\u30c9\u30eb\u3092\u4e0b\u56de\u308c\u307040\u5104\u30c9\u30eb\u4ee5\u4e0a\u306e\u640d\u5931\u3092\u8a08\u4e0a\u3059\u308b\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n\n\n\n
\u30d0\u30ea\u30fc\u6c0f\u306f\u3001\u3053\u306e\u898f\u6a21\u306e\u640d\u5931\u306b\u3088\u308a\u540c\u793e\u306f\u300c\u8cc7\u672c\u5e02\u5834\u304c\u4e8b\u5b9f\u4e0a\u9589\u9396\u3055\u308c\u308b(find capital markets essentially closed)\u300d\u3068\u4e88\u6e2c\u3059\u308b\u3002\u3064\u307e\u308a\u3001\u6295\u8cc7\u5bb6\u304b\u3089\u306e\u8ffd\u52a0\u8cc7\u91d1\u8abf\u9054\u304c\u4e0d\u53ef\u80fd\u306b\u306a\u308b\u3068\u3044\u3046\u3053\u3068\u3060\u3002\u30de\u30a4\u30af\u30ed\u30b9\u30c8\u30e9\u30c6\u30b8\u30fc\u793e\u306f\u3053\u308c\u307e\u3067\u3001\u8ee2\u63db\u793e\u50b5\u3084\u682a\u5f0f\u767a\u884c\u3092\u901a\u3058\u3066\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u8cfc\u5165\u8cc7\u91d1\u3092\u8abf\u9054\u3057\u3066\u304d\u305f\u304c\u3001\u5de8\u984d\u306e\u542b\u307f\u640d\u3092\u62b1\u3048\u305f\u72b6\u614b\u3067\u306f\u3001\u3053\u3046\u3057\u305f\u8cc7\u91d1\u8abf\u9054\u624b\u6bb5\u304c\u6a5f\u80fd\u3057\u306a\u304f\u306a\u308b\u3002<\/p>\n\n\n\n
\u30de\u30a4\u30af\u30ed\u30b9\u30c8\u30e9\u30c6\u30b8\u30fc\u793e\u3060\u3051\u3067\u306a\u304f\u3001\u4ed6\u306e\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u4fdd\u6709\u6a5f\u95a2\u3082\u4fdd\u6709\u8cc7\u7523\u306715\u301c20%\u306e\u640d\u5931\u3092\u88ab\u308b\u3053\u3068\u306b\u306a\u308b\u3002\u3053\u306e\u72b6\u6cc1\u306b\u3088\u308a\u3001\u5404\u6a5f\u95a2\u306e\u30ea\u30b9\u30af\u7ba1\u7406\u90e8\u9580\u304c\u300c\u3088\u308a\u7a4d\u6975\u7684\u306b\u306a\u308b(get more aggressive)\u300d\u3068\u30d0\u30ea\u30fc\u6c0f\u306f\u8ff0\u3079\u308b\u3002\u3053\u308c\u306f\u3001\u30ea\u30b9\u30af\u8a31\u5bb9\u5ea6\u304c\u4f4e\u4e0b\u3057\u3001\u5f37\u5236\u7684\u306a\u58f2\u5374\u5727\u529b\u304c\u9ad8\u307e\u308b\u3053\u3068\u3092\u610f\u5473\u3059\u308b\u3002<\/p>\n\n\n\n
\u30d0\u30ea\u30fc\u6c0f\u306f\u3001\u6700\u8fd1\u306e\u91d1\u3068\u9280\u306e\u4fa1\u683c\u4e0b\u843d\u304c\u3001\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306e\u3053\u3046\u3057\u305f\u4e0b\u843d\u3082\u53ef\u80fd\u3067\u3042\u308b\u3053\u3068\u3092\u793a\u5506\u3057\u3066\u3044\u308b\u3068\u6307\u6458\u3059\u308b\u3002<\/p>\n\n\n\n
\u7b2c2\u306e\u30b7\u30ca\u30ea\u30aa\u306f\u3001\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u304c60,000\u30c9\u30eb\u307e\u3067\u4e0b\u843d\u3057\u305f\u5834\u5408\u3060\u3002\u30d0\u30ea\u30fc\u6c0f\u306f\u3001\u3053\u306e\u6c34\u6e96\u3067\u306f\u30de\u30a4\u30af\u30ed\u30b9\u30c8\u30e9\u30c6\u30b8\u30fc\u793e\u304c\u300c\u5b58\u7d9a\u306e\u5371\u6a5f(existential crisis)\u300d\u306b\u76f4\u9762\u3059\u308b\u3068\u8b66\u544a\u3059\u308b\u3002\u8a73\u7d30\u306f\u660e\u3089\u304b\u306b\u3055\u308c\u3066\u3044\u306a\u3044\u304c\u3001\u540c\u793e\u306e\u8ca1\u52d9\u72b6\u6cc1\u304c\u6839\u672c\u7684\u306b\u63fa\u3089\u3050\u6c34\u6e96\u3067\u3042\u308b\u3053\u3068\u3092\u793a\u5506\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n
\u30bb\u30a4\u30e9\u30fc\u6c0f\u306f\u904e\u53bb\u306b\u3001\u682a\u4fa1\u3068\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u4fdd\u6709\u984d\u306e\u6bd4\u7387\u3092\u793a\u3059mNAV\u304c1\u3092\u4e0b\u56de\u3063\u305f\u5834\u5408\u3001\u6700\u7d42\u624b\u6bb5\u3068\u3057\u3066\u4fdd\u6709\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u3092\u58f2\u5374\u3059\u308b\u53ef\u80fd\u6027\u306b\u8a00\u53ca\u3057\u305f\u3053\u3068\u304c\u3042\u308b\u3002\u4e16\u754c\u6700\u5927\u306e\u4fdd\u6709\u8005\u306b\u3088\u308b\u5f37\u5236\u6e05\u7b97\u306f\u3001\u5e02\u5834\u5168\u4f53\u306b\u3055\u3089\u306a\u308b\u4e0b\u843d\u5727\u529b\u3092\u304b\u3051\u3001\u4ed6\u306e\u4fdd\u6709\u8005\u306b\u3082\u9023\u9396\u7684\u306a\u58f2\u5374\u3092\u8feb\u308b\u3053\u3068\u306b\u306a\u308b\u3002\u3053\u306e\u9023\u9396\u6e05\u7b97\u306f\u30012022\u5e74\u306e\u6697\u53f7\u8cc7\u7523\u306e\u51ac\u3092\u5f15\u304d\u8d77\u3053\u3057\u305fTerra\/Luna\u3084FTX\u306e\u7834\u7dbb\u3068\u540c\u69d8\u306e\u5e02\u5834\u5d29\u58ca\u3092\u62db\u304f\u53ef\u80fd\u6027\u304c\u3042\u308b\u3002<\/p>\n\n\n\n
\u7b2c3\u306e\u30b7\u30ca\u30ea\u30aa\u306f\u3001\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u304c50,000\u30c9\u30eb\u307e\u3067\u4e0b\u843d\u3057\u305f\u5834\u5408\u3060\u3002\u3053\u306e\u4fa1\u683c\u5e2f\u3067\u306f\u3001\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u30de\u30a4\u30cb\u30f3\u30b0\u4f01\u696d\u306e\u53ce\u76ca\u6027\u304c\u58ca\u6ec5\u7684\u306a\u6253\u6483\u3092\u53d7\u3051\u308b\u3002\u30de\u30a4\u30cb\u30f3\u30b0\u30b3\u30b9\u30c8\u3092\u4fa1\u683c\u304c\u4e0b\u56de\u308b\u305f\u3081\u3001\u591a\u304f\u306e\u4f01\u696d\u304c\u64cd\u696d\u7d99\u7d9a\u4e0d\u53ef\u80fd\u3068\u306a\u308a\u3001\u7834\u7523\u306b\u8ffd\u3044\u8fbc\u307e\u308c\u308b\u3002\u30de\u30a4\u30cb\u30f3\u30b0\u4f01\u696d\u306e\u7834\u7dbb\u3068\u4fdd\u6709\u8cc7\u7523\u306e\u6295\u3052\u58f2\u308a\u306f\u3001\u3055\u3089\u306a\u308b\u4fa1\u683c\u4e0b\u843d\u3092\u52a0\u901f\u3055\u305b\u3001\u5e02\u5834\u5168\u4f53\u304c\u8ca0\u306e\u30b9\u30d1\u30a4\u30e9\u30eb\u306b\u9665\u308b\u3002<\/p>\n\n\n\n
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