Bill White is a legendary figure in global monetary policy but not always a popular one. He has this annoying habit of speaking hard truths to central bankers who would rather not hear them. He did this for years as chief economist at the Bank for International Settlements. Now he heads the OECD’s Economic and Development Review Committee. Bill is a good friend, and I’ve had him speak at our conferences.

In this short Financial Times guest column, Bill clinically describes the “debt trap” in which he thinks we are all caught. His detached language is almost terrifying. Bill looks at this big machine, sees parts that are about to start grinding each other into oblivion, and very matter of factly explains why we won’t like the results.

That “Start Preparing” headline isn’t intended for you and me, by the way. It is Bill White’s plea to central bankers and other policymakers to prepare for a breakdown he thinks is all but inevitable. A quick but important read.