This topic has confused me for a long time. ...
These electrical fields are picked up by wires like an antenna. They can be drained to ground at either end; the shield intercepts these noises and prevents them from reaching the signal ground wire inside the shield. This is slightly better than having the shield itself be the ground, as in a coaxial interconnect. The current of those noises going to ground still drops a tiny voltage as it finds its way to the earth, and usually the output of a source is less sensitive to those tiny voltages than is the input of the next device, because the source impedance is much lower.
Thank you, Paul. That clears up a lot. I like the antenna analogy.