In BlackRock Chairman and CEO Larry Fink’s 2024 letter to shareholders, he highlighted potentially countries took a peep at the U.S. and wonders what they can do to make themselves more resilient. And the key may be to have stronger capital markets: Last year, I spent a lot of days on the road, logging visits to 17 different countries. I met with clients and employees. I also met with many policymakers and heads of state, and during those meetings, the most frequent conversation I had was about the capital markets. More and more countries recognize the power of American capital markets and want to build their own. Of Saudi Arabia, Japan and India: In Saudi Arabia, for example, the government is interested in building a market for mortgage securitization, while Japan and India want to give people new places to put their savings. Today, in Japan, it’s mostly...