Central banks are unwinding vast bond holdings (QE) after two decades. While credited with stimulating economies and providing liquidity in crises, QE is blamed for inequality and eroding trust, creating market distortions. Figures like Warsh advocate shrinking balance sheets to restore legitimacy. However, the author cautions against abandoning this "useful form of economic medicine." The financial system relies on central bank liquidity. Policymakers must proceed cautiously, gradually reducing holdings while remaining ready to reinstitute the tool if needed, balancing reduction with preserving a crucial shock-absorber.