{"id":124,"date":"2016-08-28T11:41:00","date_gmt":"2016-08-28T02:41:00","guid":{"rendered":"http:\/\/beacons-inc.com\/wordpress\/?p=124"},"modified":"2020-03-22T22:42:59","modified_gmt":"2020-03-22T13:42:59","slug":"%e3%81%be%e3%81%9f%e3%81%be%e3%81%9f%e3%80%80gpif%e3%81%ae%e9%81%8b%e7%94%a8%e6%90%8d%e5%a4%b15%e5%85%86%e5%86%86","status":"publish","type":"post","link":"https:\/\/beacons-inc.com\/blog\/%e3%81%be%e3%81%9f%e3%81%be%e3%81%9f%e3%80%80gpif%e3%81%ae%e9%81%8b%e7%94%a8%e6%90%8d%e5%a4%b15%e5%85%86%e5%86%86\/","title":{"rendered":"\u307e\u305f\u307e\u305fGPIF\u306e\u904b\u7528\u640d\u59315\u5146\u5186"},"content":{"rendered":"\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>Investing a portion of the social security trust fund assets in equities, as the Administration and others have proposed, would arguably put at risk the efficiency of our capital markets and thus, our economy. Even with Herculean efforts, I doubt if it would be feasible to insulate, over the long run, the trust funds from political pressures&#8211;direct and indirect&#8211;to allocate capital to less than its most productive use.<\/p><cite>by Alan Greenspan on January 28, 1999, in Testimony Before the U.S. Senate Committee on Budget <\/cite><\/blockquote>\n\n\n\n<p>\u3064\u3044\u6700\u8fd1\u3001\u540c\u69d8\u306e\u30cb\u30e5\u30fc\u30b9\u306b\u89e6\u308c\u3066\u3001\u30d6\u30ed\u30b0\u306b<a href=\"https:\/\/beacons-inc.com\/blog\/gpif%E3%81%AE%E6%90%8D%E5%A4%B15%E5%85%86%E5%86%86\/\">\u30e1\u30e2<\/a>\u3092\u66f8\u304d\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u305d\u306e\u3068\u304d\u66f4\u306a\u308b\u640d\u5931\u306e\u53ef\u80fd\u6027\u3092\u793a\u5506\u3057\u307e\u3057\u305f\u304c\u30011\uff0d3\u6708\u306b\u7d9a\u304d\u30014\uff0d6\u6708\u3082\u540c\u3058\u898f\u6a21\u306e\u640d\u5931\u3092\u51fa\u3057\u305f\u3089\u3057\u3044\u3002\u898b\u65b9\u306b\u5909\u308f\u308a\u306f\u306a\u304f\u3001\u9577\u671f\u4fdd\u6709\u304c\u524d\u63d0\u306a\u306e\u3067\u6642\u4fa1\u8a55\u4fa1\u3067\u4e00\u559c\u4e00\u6182\u3059\u308b\u3088\u308a\u3001\u5b9a\u671f\u7684\u306b\u304d\u3061\u3093\u3068\u73fe\u91d1\u914d\u5f53\u3092\u5206\u914d\u3057\u3066\u3044\u308b\u304b\u3069\u3046\u304b\u3001\u3057\u3063\u304b\u308a\u898b\u6975\u3081\u305f\u904b\u7528\u3092\u671b\u307f\u307e\u3059\u3002<\/p>\n\n\n\n<p>\u3068\u3053\u308d\u3067\u3001\u524d\u56de\u89e6\u308c\u306a\u304b\u3063\u305f\u70b9\u3067\u3001\u305d\u306e\u5f8c\u3001\u542b\u3081\u308b\u3079\u304d\u3060\u3063\u305f\u3068\u601d\u3048\u308b\u8ad6\u70b9\u304c\u3042\u308a\u307e\u3059\u3002\u305d\u308c\u306f\u904b\u7528\u8cc7\u91d1\u304c\u516c\u7684\u8cc7\u91d1\u3060\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002\u7c73FRB\u8b70\u9577\u3060\u3063\u305f\u30a2\u30e9\u30f3\u30fb\u30b0\u30ea\u30fc\u30f3\u30b9\u30d1\u30f3\u306f\u3001\u516c\u7684\u8cc7\u91d1\u306e\u682a\u5f0f\u6295\u8cc7\u3092\u901a\u3058\u305f\u6c11\u9593\u7d4c\u55b6\u4ecb\u5165\u3092\u660e\u78ba\u306b\u5426\u5b9a\u3057\u3066\u3044\u307e\u3059\u3002\u78ba\u304b\u306b\u3001\u3069\u3046\u3057\u3066\u516c\u7684\u8cc7\u91d1\u304c\u682a\u5f0f\u6295\u8cc7\u3092\u3059\u308b\u306e\u304b\u3001\u8003\u3048\u305f\u307b\u3046\u304c\u3044\u3044\u3002\u500b\u5225\u4f01\u696d\u306e\u30ea\u30b9\u30af\u3092\u53d6\u308a\u305f\u3044\u306a\u3089\u3001\u500b\u4eba\u306e\u30ec\u30d9\u30eb\u3067\u6295\u8cc7\u3067\u304d\u308b\u306f\u305a\u3067\u3001\u516c\u7684\u8cc7\u91d1\u3068\u3057\u3066\u500b\u5225\u4f01\u696d\u306e\u30ea\u30b9\u30af\u3092\u53d6\u308a\u51fa\u3059\u3068\u3001\u305d\u3053\u306b\u591a\u304b\u308c\u5c11\u306a\u304b\u308c\u653f\u6cbb\u7684\u306a\u601d\u60d1\u306e\u4ecb\u5165\u3092\u907f\u3051\u3089\u308c\u305a\u3001\u6295\u8cc7\u5bb6\u3068\u3057\u3066\u306e\u7d14\u7c8b\u306a\u5224\u65ad\u304c\u640d\u306a\u308f\u308c\u7d4c\u6e08\u6d3b\u52d5\u3092\u6b6a\u3081\u3066\u3057\u307e\u3046\u3068\u3044\u3046\u8003\u3048\u65b9\u3067\u3059\u3002\u78ba\u304b\u306b\u3001GPIF\u306e\u682a\u5f0f\u6295\u8cc7\u306b\u306f\u3001\u591a\u5206\u306b\u653f\u6cbb\u7684\u80cc\u666f\u304c\u898b\u3066\u53d6\u308c\u307e\u3059\u3002\u516c\u7684\u8cc7\u91d1\u306f\u653f\u5e9c\u50b5\u306b\u6295\u8cc7\u3057\u3066\u91d1\u5229\u4f4e\u4e0b\u3084\u8ca1\u653f\u5b89\u5b9a\u3092\u901a\u3058\u3066\u3001\u6c11\u9593\u6295\u8cc7\u3092\u4fc3\u3059\u3053\u3068\u306b\u5fb9\u3059\u308b\u3079\u304d\u306a\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u6295\u8cc7\u5bb6\u6559\u80b2\u304c\u9032\u3093\u3067\u3044\u308b\u7c73\u56fd\u3067\u306f\u3001\u6295\u8cc7\u4fe1\u8a17\u3084\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3092\u901a\u3058\u3066\u500b\u4eba\u304c\u3088\u308a\u7a4d\u6975\u7684\u306b\u30ea\u30b9\u30af\u30de\u30cd\u30fc\u306b\u8cc7\u91d1\u3092\u632f\u308a\u5411\u3051\u3066\u3044\u307e\u3059\u3002\u4e00\u65b9\u3067\u3001\u65e5\u672c\u3067\u306f\u6295\u8cc7\u5bb6\u6559\u80b2\u304c\u9045\u308c\u3066\u3044\u3066\uff08\u3082\u3057\u304f\u306f\u3001\u5358\u306b\u30ea\u30b9\u30af\u56de\u907f\u3092\u597d\u3080\u56fd\u6c11\u6027\u304b\u3089\uff09\u3001\u6295\u8cc7\u306b\u5145\u3066\u3089\u308c\u308b\u30ea\u30b9\u30af\u30de\u30cd\u30fc\u304c\u5c11\u306a\u3044\u3068\u8a00\u308f\u308c\u3066\u3044\u307e\u3059\u3002\u30ea\u30b9\u30af\u30de\u30cd\u30fc\u304c\u7d4c\u6e08\u5168\u4f53\u3067\u8db3\u308a\u306a\u3044\u3068\u3044\u3046\u306a\u3089\u3001\u516c\u7684\u8cc7\u91d1\u3092\u6d3b\u7528\u3057\u305f\u30ea\u30b9\u30af\u30de\u30cd\u30fc\u4f9b\u7d66\u3092\u8003\u3048\u3066\u3082\u3088\u3044\u306e\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002\u4f46\u3057\u3001\u305d\u308c\u306f\u3042\u304f\u307e\u3067\u4e00\u6642\u7684\u306a\u63aa\u7f6e\u3067\u3042\u3063\u3066\u3001\u3084\u306f\u308a\u500b\u4eba\u306e\u30ec\u30d9\u30eb\u3067\u30ea\u30b9\u30af\u30de\u30cd\u30fc\u3092\u62e0\u51fa\u3055\u305b\u308b\u3079\u304d\u3067\u3059\u3002<\/p>\n\n\n\n<p>\u3068\u3044\u3046\u308f\u3051\u3067\u3001\u6700\u8fd1\u306e2\u5ea6\u306e5\u5146\u5186\u3092\u8d85\u3048\u308b\u640d\u5931\u306b\u95a2\u3057\u3066\u3001\u904b\u7528\u304c\u307e\u305a\u3044\u3068\u3044\u3046\u3053\u3068\u3092\u8b70\u8ad6\u3059\u308b\u3088\u308a\u3082\u3001\u305d\u3082\u305d\u3082\u305d\u306e\u3088\u3046\u306a\u6295\u8cc7\u304c\u516c\u7684\u8cc7\u91d1\u306b\u671b\u307e\u308c\u3066\u3044\u308b\u306e\u304b\u3068\u3044\u3046\u70b9\u3092\u8003\u3048\u76f4\u3057\u305f\u307b\u3046\u304c\u3044\u3044\u306e\u3067\u3059\u3002\u4eee\u306b\u3001\u305d\u306e\u3088\u3046\u306a\u6295\u8cc7\u3092\u884c\u3046\u3068\u3057\u305f\u3089\u3001\u664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a portion of the social security trust fund assets in equities, as the Administration and others have proposed, would arguably put at risk the efficiency of our capital markets and thus, our 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