Does not sound like he knows what “Canary in a coal mine” means...
I always understood it to be a precursor of danger. Warning miners of dangerous gas levels. The canary would die as a warning to get out of the mine. What is your understanding of the term? The BDI is a warning of possible future trouble.
If this article does not do it for you then read David Stockman’s article “Soon Comes The Deluge” which was up on Tuesday on his site. Its a must read.