〓新型コロナ·ウイルス(COVID-19)パンデミックが齎した外出自粛要請やロック·ダウンによる生産停止による過少な総供給と製品高騰は典型的なサプライ·ショックに起因するコストプッシュ·インフレであって､景気加熱に供給が追いつかない総需要の急激な膨張､すなわちデマンドプル·インフレではなかった｡

〓外出自粛要請やロック·ダウン等によるサプライ·チェーンの萎縮は､不織布マスク､使い捨てゴム手袋､アルコール消毒液の原料となる一部の化学製品､巣篭もり需要の家庭用ゲーム機､建築用木材､新車生産ストップによる中古車などの品薄と高騰を招いた｡

〓このようなサプライ·ショックに起因するコストプッシュ·インフレに直面した各国中央銀行は利上げではなく､利下げに踏み切り､多くの政府が所得補償金の給付を実施することで､コストプッシュ·インフレ対策に成功した｡

〓ところが2022年に始まったウクライナ戦争に起因するコストプッシュ·インフレ時は正反対にFRBやECBなどが“狼狽利上げ”を繰り返し､逆に高インフレを招いてしまったのである｡

〓FRBやECBは､2020年に始まった新型コロナ·ウイルス(COVID-19)パンデミック時のインフレ対策と､2022年に始まったウクライナ戦争に起因するインフレ対策が正反対(利下げと利上げ)となり､明暗を分けた事実を精査し､反省すべき点を率直に反省して､トランプ大統領やアメリカ国民の前で潔く謝罪と補償を申し出なければならない｡

https://gyazo.com/12c3b2cc9feb69eebecb57577c64a7e8


♣♣Ⅱ．ウォール街の投機屋(“投資銀行”やヘッジ·ファンド)の利敵行為♠♠


〓サプライ·ショックを引き起こすような地政学的リスクの殆どは､ユダヤ人解放政策を含む法の支配と自由主義ブルジョア憲法､国際人権B規約などグローバル·スタンダードを確立した西側の近代市民国家に背を向ける専制国家が引き起こして来た｡

〓多大な犠牲を払ってグローバル·スタンダードを確立した近代市民国家(西側先進国)に背を向け続けるテロ支援国家､専制国家の暴走がサプライ·ショックの主な原因である｡

〓更にテロ支援国家､専制国家が引き起こすサプライ·ショックに呼応するようにウォール街の投機屋が商品先物相場を吊り上げ､あまつさえ中央銀行に利上げを要求して西側先進国経済の窮乏化を助長するのは､専制国家側に莫大な軍資金を提供したナポレオン戦争時のロスチャイルドが見せた反社会的な投機行動､利敵行為と何ら変わらない｡

〓それは多大な犠牲を払ってユダヤ人解放政策を含む法の支配と自由主義ブルジョア憲法､国際人権B規約などグローバル·スタンダードを確立した西側の近代市民国家を敵視するテロ支援国家､専制国家を喜ばせるだけの利益相反行為であることは明白である｡

〓ウォール街の投機屋が､テロ支援国家や専制国家を喜ばせる利敵行為ではないというのであれば､商品先物取引や国債の売買などは顧客同士のニーズを繋ぐブローキングに留め､ウォール街の投機屋自らキャピタル·ゲインを追求するディーリングを止めるべきだ｡

〓すると彼等は､需給が一方に傾いて相場が乱高下してしまうのを中和するのがウォール街の投機屋､すなわち“投資銀行”やヘッジ·ファンドが大々的に反対売買ディーリングを行う合理的根拠だと言い募る｡

〓しかし例えば2022年の円安相場を見れば､円キャリー·トレードによって相対的購買力平価説と正反対の方向に為替相場が大きく振れた事実は､彼等の釈明が裏付けを欠いている何よりの証となる｡

〓2022年の円安相場の時の金融市場を見る限り､円キャリー·トレードに傾く顧客の投機行動をウォール街が中和する方向で大々的に反対売買を行っていたかと問われれば､答えはNoである｡寧ろ相対的購買力平価説と正反対の方向に為替相場が大きく振れた主因は彼等の投機行動だったと言うべきであろう｡

〓当時の日·米インフレ率格差を見れば､長期的にドル円相場は実需原則(相対的購買力平価説)に沿って円高方向に動く筈であったが､そうはならなかった。つまりウォール街が自ら大々的にディーリングを行う大義名分としている“中和行動”は余り効いていなかったのである｡

〓2022年当時のウォール街は､顧客と一緒になって反社会的な円キャリー·トレードに勤しんでいたと見るべきであろう｡

https://gyazo.com/59b8a2039da82e9be07c360ba8d947cb

♣♣Ⅲ．金融政策とウォール街の意識改革♠♠


〓FRBやECBは何故､2022年に始まったウクライナ戦争後のコストプッシュ·インフレに当たって､2020年からの新型コロナ·ウイルス(COVID-19)パンデミック時のインフレ対策と正反対の政策に突き進んだのか､精査とトランプ大統領やアメリカ国民への謝罪､補償を行わなければならない｡

〓インフレ対策としての利上げは､金利裁定の投機資金を呼び込んで､2022年のアメリカのように逆にインフレを加速する場合もあることに留意が必要だ｡

〓“投資銀行”やヘッジ·ファンドなどウォール街の投機屋はウクライナ戦争後に始まったサプライ·ショックに起因するコストプッシュ·インフレに臨んで､なぜ利敵行為､自国民への裏切り行為とも思える商品先物投機に走るのか､なぜインフレ率格差を反映する相対的購買力平価説に逆らうような為替投機に走るのか､説明責任を果たさなければならない｡

https://gyazo.com/55f56f1e8fb84f549be6b8cf64e39560

English Translation

Title:
Speculation Grows for Fed Rate Hikes; President Trump Exerts Pressure for Rate Cuts — Sep 12, 2026 (Sat) 14:49 NHK [URL]


♣♣ I. Cost-Push Inflation Caused by Supply Shocks Due to the COVID-19 Pandemic ♠♠

* Raising interest rates does not resolve geopolitical risks.

* Using interest rate hikes to address cost-push inflation stemming from supply shocks represents a misuse of the Taylor rule.

* During the cost-push inflation caused by the supply shock of inadequate aggregate supply stemming from the COVID-19 pandemic that began in 2020, the FRB responded by lowering interest rates and successfully suppressed inflation. However, during the cost-push inflation resulting from the war in Ukraine that began in 2022, the FRB did the exact opposite—repeatedly engaging in "panic rate hikes"—which ironically triggered high inflation.

Main products that experienced shortages and price spikes due to the pandemic

> 《Google AI Overview》
> During the lockdowns and stay-at-home orders caused by the COVID-19 pandemic, a combination of "surge in demand," "supply chain disruptions," and "nesting (stay-at-home) demand" caused many goods to become scarce and prices to skyrocket.
> The products with particularly prominent shortages and price spikes are as follows:
> * Medical & Hygiene Supplies (Price spikes due to panic buying and reselling)
> This category experienced the most severe acquisition difficulties in the early stages of the pandemic, with prices jumping by tens of times.
> ✪ Non-woven masks: Global demand exploded, leading to a series of high-priced resales on flea market apps and secondary markets.
> ✪ Hand sanitizers & mouthwashes: Alcohol sanitizers temporarily vanished completely from store shelves.
> ✪ Thermometers: Shortages occurred due to mandatory daily temperature checks.
> ✪ Disposable rubber gloves: Prices rose as demand increased not only in medical settings but also among the general public.
> * Daily Necessities & Household Goods (Shortages due to misinformation and stockpiling)
> Toilet paper / Facial tissues: Shelves were emptied due to false rumors that "raw materials are the same as masks and will run out," as well as panic buying prior to lockdowns.
> Pool chlorine & detergents: Rising hygiene awareness at home and supply chain disruptions led to price surges in certain chemical products.
> * Groceries (Spike in "stay-at-home" eating and home cooking)
> With dining out restricted and home cooking increasing, specific food items ran short.
> Pancake mix / Flour / Butter: A worldwide boom in baking snacks and bread with children staying home led to severe shortages of flour and yeast.
> Pasta like spaghetti / Canned foods / Frozen foods: Stockpiling occurred for these long-shelf-life staple foods.

https://gyazo.com/769394be7db8297a4cc7894291cb775c

新型コロナ·パンデミックと最適インフレ対策

* The inadequate aggregate supply and product price surges caused by production halts from lockdown measures and requests to refrain from going out during the COVID-19 pandemic were typical examples of cost-push inflation originating from supply shocks, rather than demand-pull inflation where rapid expansion of aggregate demand outpaces an overheating economy.
* The shrinkage of supply chains due to stay-at-home requests and lockdowns led to shortages and price spikes in non-woven masks, disposable rubber gloves, certain chemical raw materials for alcohol sanitizers, home video game consoles driven by nesting demand, construction lumber, and used cars due to the halt in new car production.

* Central banks around the world that faced this type of cost-push inflation resulting from supply shocks successfully countered it not by raising interest rates, but by lowering interest rates, alongside income compensation payouts provided by many governments.

* However, during the cost-push inflation stemming from the war in Ukraine that began in 2022, central banks such as the FRB and ECB did the exact opposite, repeatedly carrying out "panic rate hikes," which ironically brought about high inflation.

* The FRB and ECB must closely scrutinize the fact that their inflation countermeasures during the 2020 COVID-19 pandemic and the 2022 Ukraine war were diametrically opposed (rate cuts vs. rate hikes), leading to contrasting outcomes. They must candidly reflect on their mistakes and gracefully offer an apology and compensation to President Trump and the American people.

https://gyazo.com/b0b595b3462bbb85079352e174fdc6e2

新型コロナ·パンデミックと最適インフレ対策

♣♣ II. Treasonous Acts by Wall Street Speculators ("Investment Banks" and Hedge Funds) ♠♠


* Most geopolitical risks that induce supply shocks have been triggered by autocratic states that turn their backs on modern civil states of the West—states that established global standards such as the rule of law, liberal bourgeois constitutions, and the International Covenant on Civil and Political Rights (ICCPR), including policies for Jewish emancipation.

* The primary cause of supply shocks is the rampant behavior of terror-sponsoring states and autocratic regimes that continuously turn away from the modern civil states (advanced Western nations) that established global standards at great sacrifice.

* Furthermore, as if in response to the supply shocks caused by these terror-sponsoring and autocratic states, Wall Street speculators drive up commodity futures markets and even demand interest rate hikes from central banks, thereby promoting the impoverishment of advanced Western economies. This behavior is no different from the anti-social speculative actions and treasonous behavior displayed by the Rothschilds during the Napoleonic Wars, who provided immense war funds to autocratic powers.

* It is blatantly clear that this constitutes a conflict of interest, serving only to delight terror-sponsoring states and autocratic regimes that harbor hostility toward the modern civil states of the West—nations that established global standards such as the rule of law, liberal bourgeois constitutions, and the ICCPR at great sacrifice.

* If Wall Street speculators claim that their actions are not treasonous acts meant to appease terror-sponsoring states and autocracies, they should limit their trading in commodity futures and government bonds to broking—matching the mutual needs of clients—and cease engaging in dealing for their own capital gains.

* To this, they argue that the rational justification for Wall Street speculators—namely, "investment banks" and hedge funds—to engage in large-scale counter-trading (dealing) is to neutralize market volatility when supply and demand tilt heavily to one side.

* However, looking at the yen's depreciation in 2022, for instance, the fact that the exchange rate swung dramatically in the opposite direction of the relative purchasing power parity (PPP) theory due to the yen carry trade serves as paramount proof that their excuse lacks supporting evidence.

新型コロナ·パンデミックと最適インフレ対策

* Looking at the financial markets during the yen depreciation of 2022, if asked whether Wall Street was conducting large-scale counter-trading to neutralize the speculative behavior of clients leaning into the yen carry trade, the answer is no. Rather, it should be said that their own speculative actions were the primary driver behind the exchange rate swinging so far in opposition to relative purchasing power parity.

* Considering the inflation rate differential between Japan and the U.S. at the time, the USD/JPY exchange rate should have moved toward a stronger yen in the long term in accordance with the real-demand principle (relative purchasing power parity theory), but it did not. In other words, the "neutralizing action" that Wall Street uses as a rationale for its own large-scale dealing was hardly effective.

* It should be viewed that Wall Street in 2022 was actively participating alongside clients in the anti-social yen carry trade.

https://gyazo.com/acf660a30129f2faf3bd73ffdd7f8c61

♣♣ III. Monetary Policy and Reform of Wall Street's Mindset ♠♠


* The FRB and ECB must thoroughly examine why, during the cost-push inflation following the war in Ukraine in 2022, they rushed into policies diametrically opposed to those used during the COVID-19 pandemic in 2020. They must apologize and offer compensation to President Trump and the American public.

* It must be kept in mind that raising interest rates as an anti-inflation measure can attract speculative capital seeking interest rate arbitrage, which may end up accelerating inflation instead—as seen in the United States in 2022.

* Wall Street speculators, such as "investment banks" and hedge funds, must fulfill their accountability and explain why, when facing cost-push inflation caused by supply shocks after the Ukraine war, they rushed into commodity futures speculation that feels like a treasonous act and betrayal of their own citizens, and why they engaged in currency speculation that runs counter to the relative purchasing power parity theory reflecting inflation differentials.

https://gyazo.com/ba37fd660f6776bb37589533c84fa889

〓旧ソ連共産党の独裁者スターリンが始めた第1次五カ年計画(1928年〜1932年)と同時期に西側先進国を襲った世界大恐慌を踏み台に飛躍を遂げたアメリカ民主党｡

〓アルジャー·ヒスやハリー·ホワイトなどソ連共産党(コミンテルン)のスパイの巣窟だったアメリカ民主党の本質は今でも『ミニ·ソ連共産党』乃至『ミニ中国共産党』｡

https://gyazo.com/cc4c0fff456bb9f63ca47d9b461b816d

〓拷問､銃殺､強制労働､飢餓､輪姦·屍姦､共食い(人肉食)などによって2,000万人を粛清した中国共産党(毛沢東)の文化大革命(1966年〜1976年)｡

〓支那の直ぐ南隣に位置するベトナム共和国において､ユダヤ人解放政策を含む法の支配と自由主義ブルジョア憲法､国際人権B規約など近代市民革命によって打ち立てられたグローバル·スタンダードを守るためにアメリカやオーストラリア､韓国が参戦したベトナム戦争｡

〓ベトナム戦争に公然と反発した反米·極左活動家の牙城であったアメリカ民主党や支那かぶれ屑ハーバード·イェール·カリフォルニア大学バークレー校·コロンビア大学｡

https://gyazo.com/e81ef9cc478148102db04fca5af8bb92

〓マルクス共産主義と宥和する自由主義神学のキリスト教プロテスタント会衆派を母体とする支那かぶれ屑ハーバード·イェール大学｡

〓1969年､マルクス共産主義を容認するメソジスト教会(プロテスタント)の青山学院大学の兄弟校であるバプテスト教会(プロテスタント)の関東学院大学で､その後『よど号ハイ·ジャック事件』や『テルアビブ·ロッド空港無差別テロ事件』を引き起こすことになる赤軍派が旗揚げし､その後も会衆派プロテスタントの同志社大学と並び赤軍派の主要拠点校となった｡

〓ユダヤ人解放政策を含む法の支配と自由主義ブルジョア憲法､国際人権B規約など近代市民革命によって打ち立てられたグローバル·スタンダードに背を向けるマイノリティーや無知蒙昧な無産階級を差別してはいけない､などと絵空事を垂れ流すリベラル派の偽善者｡

〓『物が安く手に入るのは労働者階級､無産階級の利益』と決め付け､正常財を選好する消費者行動に『物神崇拝(フェティシズム)』の烙印を押して生活必需品や劣等財(安値コピー製品)､極普通のコモディティーの生産·消費しか認めない共産主義マルクス経済学者｡

〓『物が安く手に入るのは労働者階級､無産階級の利益』と決め付け､ミクロ的な価格破壊と慢性的不況を招くマクロ的なデフレ政策を強行するマルクス共産主義者､リベラル派の偽善者｡

〓万が一 自国経済が痩せ細り､子や孫達が生きて行かなければならない自分達の国が自滅することになろうとも､近代市民革命によって打ち立てられたグローバル·スタンダードに背を向けるマイノリティーや無知蒙昧な無産階級､『丁稚の権助』に救いの手を差し伸べることは､貧富の差を拡大する経済成長よりも大事なことだと喚き散らす､リベラル派の偽善者(民主党､社会党､共産党､労働党)の馬鹿丸出し｡

〓ミクロ的な価格破壊と慢性的不況を招くマクロ的なデフレ政策を続けていれば､経済は痩せ細り､旧ソ連·東欧圏や『平成デフレ日本の失われた30年』､五月革命以降のフランス第5共和国のように自滅への道を辿ることが避けられなくなる｡