Moreover, within that shrinking total, exports to China were down by 18.4% last month, following a 12.2% drop in March.

The Korean export slump is no aberration. The same pattern is evident in the entire East Asia export belt. That's because the Red Ponzi is in its last innings. Beijing is furiously pumping on the credit accelerator but to no avail.

As can't be emphasized enough, printing GDP by means of wanton credit expansion does not create wealth or growth; it just results in an eventual day of reckoning when the speculative excesses inherent in central bank money printing collapse in upon themselves.

China is surely close to that kind of implosion. During Q1 total credit, or what Beijing is pleased to call "social financing", expanded at a $4 trillion annualized rate. This was up 57% over prior year and represented debt growth at a 38% of GDP annual rate.