[Jorge Arbache] Why we still need Wall Street

Investors have no shortage of reasons to diversify away from the United States. America’s public debt is rising, political polarization is deepening, trade policy has become unpredictable, the rule of law is now in doubt and financial sanctions have encouraged other governments to seek alternatives to the dollar. Yet there has been no great exodus from US markets. The dollar still accounted for 56.8 percent of allocated foreign-exchange reserves at the end of 2025, and was used in 89.2 percent o