No government wants to acknowledge the risk of central banks reducing their balance sheet. Even the most aggressive strategist fails to dare to estimate a three trillion US dollar quantitative tightening because they all know that the effects could be devastating. However, to truly normalize, central banks should reduce their balance sheet by at least five trillion US dollars. Governments and investment banks fear a gradual three trillion tightening because it can lead to a financial crisis. Those same market participants know that a five trillion tightening would undoubtedly lead to a financial crisis.