Yesterday, the Bank for International Settlements (BIS) dropped a bombshell report that torpedoed the Federal Reserve’s official narrative on what has caused the overnight lending market (repo loan market) on Wall Street to seize up since September 17, leading to more than $3 trillion in cumulative loans from the New York Fed as lender of last resort.

Homelessness has been on the rise in California, and has skyrocketed since the Camp and Carr fires devastated the state.

Officials throughout California have grappled with various ways to deal with the ongoing crisis, however, in the Northern California city of Redding, Mayor Julie Winter has sent a state-of-emergency request to Gov. Gavin Newsom, approved by the Redding City Council last week, that requests the right to involuntarily detain people into homeless shelters.

In the drafted letter, Mayor Winter ask the governor for aid in forcing the homeless to adhere to her regulations, but includes “conservatorship until such time as the individual has demonstrated the ability to care for themselves including managing their finances.”

As the manufacturing recession gains momentum, the largest U.S. truckload carrier filed for bankruptcy Monday morning, leaving 3,000 truck drivers and 500 administrative positions without a job two weeks before Christmas.

Indianapolis-based Celadon filed for voluntary Chapter 11 bankruptcy in the early hours on Monday morning.

Global debt is officially $184 trillion, which is 225% of global GDP. This is $86,000 for every person in the world, which is 2.5 times annual income.

We estimate that official figures are understated by a factor of 2.5, so debt is actually $460 trillion, which is 560% of GDP and $215,000 per person.

These numbers are astronomical, raising the risk of economic blowback once interest rates and inflation rise, as they eventually will.

Under Obama, being on food stamps was portrayed as “cool” and even something to aspire to. After all, one could get lobster and a host of other luxury food items via the Supplemental Nutrition Assistance Program (SNAP). The Obama administration urged everyone who could remotely qualify to enroll. In fact, Obama vastly expanded food stamps eligibility and the number of food stamp recipients.

What American taxpayer living on a budget wasn’t thrilled to subsidize the indulgent appetites of the nation’s pajama boys and government-dependent Julias? A vast number, as it turned out, including Trump voters.

While the Western world controlled the 20th century, the 21st century could be soon controlled by China.

Six of the world's largest asset managers, including BlackRock and Vanguard, are eager to do more business in China, reported Bloomberg.

Sources said these firms had told regulators they plan to apply for fully-foreign-owned mutual fund licenses after China Securities Regulatory Commission said in Oct., that it would allow overseas institutions more power over onshore ventures in 2020.

Fidelity told Bloomberg via a statement this week that it's preparing to file for a mutual fund license in China.

These big Wall Street banks see nearly $12.8 trillion of investable assets in Chinese households.

Though China's economy is slowing with growth rates crashing to three-decade lows and a trade war with the US with no immediate resolution, Western bankers understand that by 2030, the center of the global economy could be China, not the US.

Aircraft maker Boeing is facing more than $3.9 million in penalties from the US Federal Aviation Administration (FAA) after the company allegedly neglected to adhere to its own quality assurance system before installing “nonconforming components” on some 133 aircraft.

The FAA announced Friday that Boeing’s negligence in airworthiness certification and installation of subpar aircraft equipment may result in a total of $3,916,871 in civil penalties from the federal government.

According to the administration, slat tracks processed by Southwest United Industries (SUI) on June 29, 2018, and shipped to Spirit AeroSystems Inc. were ultimately delivered to Boeing for installation on its 737-series aircraft, despite the components failing a strength test.

Israeli Prime Minister Benjamin Netanyahu is keen to annex parts of the occupied West Bank, on the grounds that the US is going to let him do so. Israeli officials, particularly military officials, are warning against one of the primary targets, the Jordan Valley.

The Jordan Valley, which connects the West Bank to Jordan, is something the Israeli right has long wanted to annex, as it would mean the rest of the Palestinian West Bank would never have a border with any nation other than Israel.

Military officials are warning that the big problem would be with Jordan itself, and that this move would further damage Israel-Jordan ties, and might force the Jordanian government to take drastic steps.

In October Ukrainian Parliamentarian Andrey (Andriy) Derkach revealed in a press conference that Joe Biden was paid $900,000 for lobbying efforts from Burisma Holdings in Ukraine.

This is the same organization that paid Hunter Biden over $50,000-83,000 a month to sit on their board in an obvious pay-for-play maneuver.

SOURCE: ALJAZEERA.COM
The governor of Nairobi was arrested on Friday shortly after Kenya's chief prosecutor ordered he be detained to face charges for economic crimes.

Governor Mike Sonko is the latest in a string of top officials to be hauled in on corruption charges as Kenya battles to clamp down on rampant graft.

Sonko and other country officials are accused by public prosecutor Noordin Haji of having benefited from irregular procurement and payments of $3.5m (3.1 million euros).

Haji said he had sufficient evidence to prosecute Sonko and other county officials for "unlawful acquisition of public property, money laundering and other economic crimes."

"I have therefore ordered for the immediate arrest and arraignment in court of the Governor of Nairobi Hon. Mike Mbuvi Sonko and other persons," Haji said in a statement earlier on Friday.

In early Sept., China said it would waive soybean tariffs and start buying. Then in late Oct., China repeated it. Now a new headline from China states that it has waived duties of soybeans and pork, but does that mean China is actually going to start buying, or is it a feel-good narrative for President Trump to pump on Twitter?

OURCE: ZEROHEDGE
We first started noticing major 'odd' exports of gold from Turkey to Iran in May 2012. Turkey’s trade balance fluctuated wildly as gold stocks flowed out of the country in bursts.

“Turkey’s going to continue it,” the Turkish economy minister said. “If those casting aspersions on the gold trade are searching for immorality, they should take a look in the mirror.”

Then, in 2014, we discussed Turkey's "200 tons of secret gold" trade with Iran detailing how a complex network that spanned Turkey, China, Dubai and Iran was used to skirt US sanctions on energy exports from Iran.

The operation featured an Iranian-born businessman who liked fast horses, faster cars and the fastest planes. His unique skill: Getting gold into sanctions-encircled Iran.

Enough gold that for a time he became the government’s key instrument in improving Turkey’s irksome economic imbalance.