China Braces For December D-Day: The "Unprecedented" Default Of A Massive State-Owned Enterprise

Something is seriously starting to break in China's financial system.

Three days after we described the self-destructive doom loop that is tearing apart China's smaller banks, where a second bank run took place in just two weeks - an unprecedented event for a country where until earlier this year not a single bank was allowed to fail publicly and has now had no less than five bank high profile nationalizations/bailouts/runs so far this year - the Chinese bond market is bracing itself for an unprecedented shock: a major, Fortune 500 Chinese commodity trader is poised to become the biggest and highest profile state-owned enterprise to default in the dollar bond market in over two decades.

In what Bloomberg dubbed the latest sign that Beijing is more willing to allow failures in the politically sensitive SOE sector - either that, or China is simply no longer able to control the spillovers from its cracking $40 trillion financial system - commodity trader Tewoo Group - the largest state-owned enterprise in China's Tianjin province - has offered an "unprecedented" debt restructuring plan that entails deep losses for investors or a swap for new bonds with significantly lower returns.

Tewoo Group is a SOE conglomerate, owned by the local government and operates in a number of industries including infrastructure, logistics, mining, autos and ports, according to its website. It also operates in multiples countries including the U.S., Germany, Japan and Singapore. The company ranked 132 in 2018’s Fortune Global 500 list, higher than many other Chinese conglomerates including service carrier China Telecommunications and financial titan Citic Group. Even more notable are the company's financials: it had an annual revenue of $66.6 billion, profits of about $122 million, assets worth $38.3 billion, and more than 17,000 employees as of 2017, according to Fortune’s website.

The state-owned company is neither publicly listed nor rated by the top three international ratings companies, although it does have publicly traded bonds whose performance in recent months has been nothing short of terrifying for anyone who thought purchasing a company explicitly backed by Beijing can never fail.

https://www.zerohedge.com/economics/china-braces-unprecedented-massive-default-state-owned-enterprise

Brazil’s Bolsonaro: Leonardo DiCaprio Funded Amazon Fires

Brazilian President Jair Bolsonaro accused actor Leonardo DiCaprio in a Facebook live video on Thursday of funding non-governmental organizations (NGOs) that later used his money to set the Amazon Rainforest on fire.

He repeated the accusation on Friday after reporters asked him to elaborate on the claim.

Bolsonaro regularly conducts weekly Facebook live chats with the nation. On Thursday’s edition – at one point interrupted by First Lady Michelle Bolsonaro, who gave him a bouquet of flowers for their wedding anniversary – Bolsonaro claimed that Western NGOs operating in the Amazon are starting fires, filming them, then using them in propaganda against the conservative president.

“An NGO pays 70,000 reais ($16,588.08) for a fabricated photo of fires. And what is easier? You play ‘fire’ in the bush, take a photo, film it, send it to an NGO, the NGO exposes it, gets in touch with Leonardo DiCaprio, and Leonardo DiCaprio donates $500,000 to this NGO,” Bolsonaro said in his Facebook Live. “Leonardo DiCaprio, you are collaborating with the burning of the Amazon.”

On Friday morning, Bolsonaro doubled down on the accusation.

“Now Leonardo DiCaprio is a nice guy, right? Giving money to set fire to the Amazon,” he told reporters, later accusing them of mocking him for claiming that environmentalist groups were burning parts of the rainforest to accuse him of hurting the environment and ask for donations.

The Brazilian newspaper Estadao noted that police arrested four people in Pará state on Wednesday linked to environmentalist groups.

Those arrested reportedly belonged to local NGOs that claim to be fighting the fires. National law enforcement members have accused them of taking money from the World Wildlife Fund (WWF) to fight the fires, then burning more land to claim they need more funds to extinguish fires.

Bolsonaro’s son, the lawmaker Eduardo Bolsonaro, first accused DiCaprio in a Twitter post Thursday.

“Leonardo DiCaprio gave $300,000 to an NGO that set fire to the Amazon, the NGO the WWF paid 70,000 reais for the photos of the forest in flames,” Bolsonaro wrote, showing the photos he alleged were fabricated of the fires. “[French President Emmanuel] Macron and Madonna were smarter, just took some pictures taken decades ago of some burning forest on the internet and posted them.”

https://www.breitbart.com/entertainment/2019/11/29/brazil-bolsonaro-leonardo-dicaprio-paid-amazon-fires/

Mauldin: We're On The Brink Of The Second "Great Depression"

You really need to watch this video of a recent conversation between Ray Dalio and Paul Tudor Jones. Their part is about the first 40 minutes.

In this video, Ray highlights some problematic similarities between our times and the 1930s. Both feature:

a large wealth gap

the absence of effective monetary policy

a change in the world order, in this case the rise of China and the potential for trade wars/technology wars/capital wars.

He threw in a few quick comments as their time was running out, alluding to the potential for the end of the world reserve system and the collapse of fiat monetary regimes.

Maybe it was in his rush to finish as their time is drawing to a close, but it certainly sounded a more challenging tone than I have seen in his writings.

Currency Wars

It brought to mind an essay I read last week from my favorite central banker, former BIS Chief Economist William White.

He was warning about potential currency wars, aiming particularly at the US Treasury’s seeming desire for a weaker dollar. Ditto for other governments around the world. He believes this is a prescription for disaster.

One possibility is that it might lead to a disorderly end to the current dollar based regime, which is already under strain for a variety of both economic and geopolitical reasons. To destroy an old, admittedly suboptimal, regime without having prepared a replacement could prove very costly to trade and economic growth.

Perhaps even worse, conducting a currency war implies directing monetary policy to something other than domestic price stability. There ceases to be a domestic anchor to constrain the expansion of central bank balance sheets.

Should this lead to growing suspicion of all fiat currencies, especially those issued by governments with large sovereign debts, a sharp increase in inflationary expectations and interest rates might follow. How this might interact with the record high debt ratios, both public and private, that we see in the world today, is not hard to imagine.

I called Bill to ask if he thought this was going to happen. Basically, he said no, but it shouldn’t even be considered. It was his gentlemanly way of issuing a warning.

Currency devaluations against gold were part of the root cause of the Great Depression. Coupled with protectionism and tariffs, they devastated global economic growth and trade.

The Repeat of the 1930s?

Do I think it will happen in any significant way in the next few years?

It is not my highest probability scenario. But imagine a recession that brings the US deficit to $2 trillion, possibly followed by a governmental change that raises taxes and spending.

https://realinvestmentadvice.com/we-are-on-the-brink-of-the-second-great-depression/

Carter Page Says DOJ Engaged in ‘Orwellian Overreach’ to Prevent Him From Reviewing FISA Report

Former Donald Trump campaign aide Carter Page is accusing the Department of Justice (DOJ) of “Orwellian overreach” in how it responded to his lawsuit, claiming the agency delayed its findings, according to court papers filed Friday.

“On Monday, this Court confirmed that Article II authorities do not have subjects, bound by loyalty or blood, whose destiny they are entitled to control,” Page says in a court filing. “But characteristic of the Defendant’s Orwellian overreach, DOJ has instead continued to exercise an even greater level of absolute control entailing life-threatening damages against the Plaintiff, stemming from the United States Government’s incessant violations of the Privacy Act of 1974 and other alleged criminal activity.”

The court filing was first reported on by Fox News.

Michael Horowitz, the agency’s Inspector General, is expected to release his report Dec. 9 on allegations of abuse surrounding the FBI’s surveillance on Trump’s associates during the 2016 election.

More

https://www.theepochtimes.com/carter-page-says-doj-engaged-in-orwellian-overreach-to-prevent-him-previewing-fisa-report_3160943.html

String Of Attacks Rocks Globe: Hague Stabbings Leave Several Injured, Man Takes Hostages In Rio

During a day where people from around the world join long lines to begin their Christmas shopping, a string of attacks in shopping centers and London's famous London Bridge have raised the specter of terrorism and a possible retaliation for the killing of Islamic State leader Abu Bakr al-Baghdadi.

The string of attacks occurred almost one month to the day after Baghdadi's murder at the hands of US special forces and one trained military dog.

The latest, a stabbing attack in the Hague (notoriously the home of the ICC and several other NGOs), has left several people injured (the exact number is unclear) wounded. First-responders arrived at the scene within minutes, a sign that hopefully, casualties will be minimal.

The attack in the Hague unfurled Friday evening in the Dutch city's main shopping street, Grote Marktstraat, which was packed with Black Friday shoppers.

Authorities in the Hague are claiming that the attacks are not "terror related", or at least don't appear so at this time, with the caveat that criminal probes of this magnitude often take time and it could take weeks to uncover the truth.

https://www.zerohedge.com/geopolitical/string-attacks-rocks-globe-hague-stabbings-leave-several-injured-man-takes-hostages

Sending Military Aid To Ukraine In The First Place Was A Mistake, And Congress Should Discontinue It

The beltway is swamped by coverage of the ongoing impeachment proceedings. In this deluge, it is all too easy to lose focus on the question between the lines of every article on the controversy: Is it even a good idea for the U.S. to provide lethal aid to Ukraine?

This question is foundational to the impeachment story, yet glaringly absent from vast swathes of coverage. It’s almost just assumed, even in news articles, that U.S. interests demand sending nearly $400 million in taxpayer-funded military aid to Ukraine to counter Russia. When Ambassador Bill Taylor testified in November, he put into words a common sentiment in Washington: Aid (by which he means anti-tank missiles and grenade launchers, among other weaponry) is “so important for Ukraine as well as our own national interest.”

This view is mistaken.

The U.S. won the Cold War while Ukraine was part of the Soviet Union, even managing to make the situation in Eurasia favor the west by just about every metric worth considering. The United States has the largest economy in the world while Russia’s is smaller than Italy’s. Though Russia has slightly more nuclear weapons than the U.S., we have a secure — and more than capable — second strike capability. As for conventional warfare, we spend more than 10 times what Russia spends on its military, and our military is second-to-none.

https://dailycaller.com/2019/11/29/sending-military-aid-to-ukraine-in-the-first-place-was-a-mistake-and-congress-should-discontinue-it/

Gun Trafficking by Deputies Shows Inevitable Corruption from Gun Laws

“Former San Diego County sheriff's deputy, four others charged with illegal gun trafficking,” CNN reported Saturday. “Marco Garmo, 52, served as a sheriff's deputy 27 years and was the captain in charge of the Rancho San Diego Station…was charged with engaging in the business of dealing in firearms without a license, making false statements in acquisition of a firearm, obstruction of justice, aiding and abetting the possession of marijuana with intent to distribute and other offenses.”

Outrageously, per The San Diego Union-Tribune, Garmo’s activities had been known by his department and only resulted in a reprimand from Sheriff Bill Gore (formerly in charge of the attack on Randy Weaver’s family at Ruby Ridge) and a warning letter from the District Attorney, “a longtime political ally of Gore’s.” Garmo himself dismissed his activities as “truly a hobby for me, and it just got a little out of control.”

See how understanding the Sheriff and DA would be if you told them that was your “hobby.”

And the elitism didn’t stop there. Back to the CNN report, we are told:

“Many of those transactions involved ‘off-roster’ handguns, which under California law could only be sold to law enforcement officers, not members of the general public…”

That’s done under the pretext that police are the “Only Ones” who can be trusted with guns or with having special exemptions in “gun-free zones” and the like, and that “the people” the Second Amendment refers to cannot be. As a side note, that term originated with a DEA agent who told a classroom full of schoolchildren he was “the only one professional enough” to have a gun on him in their presence and then shot himself in the leg trying to holster his Glock.

For Garmo, taking advantage of his “Only Ones” exemptions reportedly did not stop there:

“Besides making a profit, Garmo sold guns to cultivate future donors for his anticipated campaign for sheriff of San Diego County…”

Presumably, over $150K from the tax cows wasn’t enough, and besides, everybody whose anybody in California “law enforcement” apparently exploits their exclusive privilege. A week-and-a-half ago, we discussed how politically-motivated top LE honchos took advantage of California’s “may issue” concealed carry permit system to reward political donors, withholding the right from the rest of the citizenry under the fraudulent guise of “commonsense gun safety.”

And it’s not like those with elite “opportunities” going the extra step Garmo is accused of are such rarities, as the “few bad apples” apologists would have us believe. It took me less than a minute to find the following cases via a search engine:

https://www.ammoland.com/2019/11/gun-trafficking-by-deputies-shows-inevitable-corruption-from-gun-laws/?utm_campaign=shareaholic&utm_medium=twitter&utm_source=socialnetwork

>>7396118

Interesting!

Did you see this yesterday?

Idlib Militants Execute Three Civilians Over Witchcraft, Heresy Accusations

https://southfront.org/idlib-militants-execute-three-civilians-over-witchcraft-heresy-accusations/

>>7396125

Ephesians 6:12

12 For we wrestle not against flesh and blood, but against principalities, against powers, against the rulers of the darkness of this world, against spiritual wickedness in high places.

FBI Docs Suggest Link Between CIA and a Satanic Child Sex Abuse Cult

Would it surprise anyone if the CIA was in bed with a satanic child sex cult?

The FBI released documents last month that connected our own CIA to a former satanic child sex abuse cult known as Finders.

Last month, the FBI released over 300 pages relating to decades-old investigations into the “Finders.” Analysis of the eye-opening documents, which include police reports and correspondence between various agencies, reveals that the group was a satanic cult and suggests deliberate obstruction of justice by feds and the CIA, which is all the more relevant in light of the recent attention to sexual and child abuse scandals connected with the rich and powerful, and the shady history of US Deep State intelligence agencies.

The story began in 1987 in Tallahassee, Florida, with the arrest of two men traveling with six children aged 2-11, who stated they were on their way to a school for “brilliant” children in Mexico. The men were uncooperative with police, and the children were dirty, very hungry, without underwear, had bug bites, and seemed unused to modern technology like plumbing.

The FBI files reveal that one of the men had two copies of the Miranda rights, one of which started with “I have nothing to hide” and the other with “I have something to hide.”

After picking up the men and children, law enforcement determined that they were connected with a cult called the “Finders,” which is known to have been led by a man named Marion Pettie who called himself the “Game Caller,” and would give missions to the members that could be anything from taking an odd job to traveling internationally.

Local police and FBI carried out search warrants on both of the Finders’ locations, a farm and a warehouse near DC. What was found there appears to be a subject of controversy. A USCS agent reported “a substantial amount of computer equipment” and “documents purportedly containing instructions for obtaining children,” allegedly including “purchasing,” “trading,” and “kidnaping” children.

The warehouse was also the subject of an “inquiry” involving “classified maps of underground tunnel/sewer system” in DC. At the farm, police found evidence of a “satanic/cult ritual.” Contemporary stories report that photos recovered included children dismembering goats while watched by white-robed men; a child in chains; and naked children.

Would it surprise you America if YOUR government were, at one time, in bed with a satanic child sex abuse cult?

https://www.dcclothesline.com/2019/11/29/fbi-docs-suggest-link-between-cia-and-a-satanic-child-sex-abuse-cult/

The Mysteriously Redacted Paragraph – 700 Days Since Lindsey Graham Outlined Susan Rice CYA Memo, and DC Doesn’t Want Answers?…

In the past several days; and in anticipation of an inspector general report/release tasked to look into the FISA processes of the prior administration; I have been assembling a file, a series of reminder questions, that peer into the heart of the 2015/2016 FISA surveillance. Today, is another reminder… [ahem Sidney Powell, please note]

Knowing what we know now, consider this long forgotten letter from Susan Rice’s lawyer Kathryn Ruemmler. Ms. Ruemmler is currently the global co-chairman of the Latham & Watkins white collar criminal defense practice; she formerly served as White House Counsel to President Obama. Ask yourself: how do these paragraphs reconcile?

[Feb 23, 2018] The memorandum to file drafted by Ambassador Rice memorialized an important national security discussion between President Obama and the FBI Director and the Deputy Attorney General. President Obama and his national security team were justifiably concerned about potential risks to the Nation’s security from sharing highly classified information about Russia with certain members of the Trump transition team, particularly Lt. Gen. Michael Flynn.

[…] While serving as National Security Advisor, Ambassador Rice was not briefed on the existence of any FBI investigation into allegations of collusion between Mr. Trump’s associates and Russia, and she later learned of the fact of this investigation from Director Comey’s subsequent public testimony.

Ambassador Rice was not informed of any FISA applications sought by the FBI in its investigation, and she only learned of them from press reports after leaving office. (link)

How could Ms. Rice be aware of a “national security compromise”, “particularly surrounding Lt. Gen. Michael Flynn” after a “briefing by the FBI”, if she was not briefed on the existence of an FBI investigation”?

See the problem?

Perhaps now it is worth remembering a certain paragraph within the Susan Rice letter that mysteriously dropped from the radar. When Senator Lindsey Graham first revealed the existence of the Susan Rice “memorandum to draft”, it was at the height of the Mueller investigation.

Likely as a consequence of that ongoing investigation, there was paragraph omitted from the public release of the Susan Rice memo. I am pretty darned sure that paragraph would answer the question I asked moments ago…. and that’s why, 700+ days later, that memo has never been unredacted and/or released.

So here’s the background and citations for everyone to refresh.

More

https://theconservativetreehouse.com/2019/11/29/the-mysteriously-redacted-paragraph-700-days-since-lindsey-graham-outlined-susan-rice-cya-memo-and-dc-doesnt-want-answers/

https://www.judiciary.senate.gov/imo/media/doc/2018-02-08%20CEG%20LG%20to%20Rice%20%28Russia%20Investigation%20Email%29.pdf?platform=hootsuite

>>7396418

Graham is everyone's bitch now

Woman who had breasts cut off, took hormones to live as ‘male’ now regrets ‘huge mistake’

HEMEL HEMPSTEAD, England, November 29, 2019 (LifeSiteNews) – A British woman says that her seventeen-year attempt to live as a male, which included being injected by hormones, having her breasts cut off, and having a fake male reproductive organ attached to her, was a “huge mistake” that she now deeply regrets.

Debbie Karemer, 61, was in the spotlight this week as she broke a new taboo: publicly admitting to “detransitioning” from so-called sex-change therapies (see photos here).

“I'm a woman,” she said. “I'm not meant to be a bloke. I'm trapped. I feel completely mutilated. It's a complete mess ― where do you even start? I just regret the decision.”

Karemer now believes that the self-hatred she suffered almost all her life was a side-effect of being sexually abused by her own father when she was a teenager. But in 2002 she saw a daytime television talk show episode about transgender people, and was suddenly convinced that her problem was that she was in the wrong body. She was 44.

“I had spent years feeling I couldn't live in my own body and hating every single moment,” she told British media.

“'Suddenly I saw the answer on ‘Kilroy’. It felt like the only answer. It felt like the only way forward.”

Karemer, who has been married to a man since 1997, began to research transgenderism online and found a support group for women who identified as “transgender men” in London. Later that week she got an appointment with a private psychiatrist and, she told BBC Radio’s “File on 4”, was given a testosterone injection at her first appointment.

The woman’s journey towards what she thought would be manhood was swift. Three months after she began her testosterone injections, she had her breasts surgically removed and legally changed her name to Lee Harries. She paid for the double mastectomy herself (£3,500), but all subsequent mutilations were paid for by the tax-payer funded National Health Service, even though they were done in private clinics.

In 2004 surgeons removed Karemer’s uterus, ovaries, and fallopian tubes and performed a metoidioplasty, the first step in creating a “penis” from living flesh. In 2005 Karemer was given prosthetic testicles, and in 2008 she had her vagina removed. A few months later surgeons harvested fat and skin from her arm to finish work on her ersatz penis. In 2010 surgeons removed what was left of her breasts, and in April 2013, more work was done on her “testicles”. Thanks to regular testosterone injections, she had grown a beard and begun to go bald.

https://www.lifesitenews.com/news/woman-who-cut-off-breasts-took-hormones-to-live-as-male-now-regrets-huge-mistake

REMINDER

>>7396447

well played

Activists launch ‘HIV-positive sperm bank’ to reduce ‘stigma’ around AIDS virus

A couple of years ago, some of you might remember, California state Senator Scott Wiener of San Francisco sparked outrage by putting forward legislation that would reduce knowingly exposing others to HIV from a felony to a misdemeanor. In other words, withholding the information that you are HIV-positive from the partner you are sleeping with has become no longer a felony in California. The same legislation also applied to those who give blood to a blood bank without disclosing that they are HIV-positive. Wiener himself, unsurprisingly, is HIV-positive, and trumpeted the legislation as a way of “reducing stigma” around those who have this condition.

I’m not precisely sure how hiding this very important information from a sexual partner who might contract that condition as a result of this omission does anything to “reduce stigma”—it seems to me that it might do precisely the opposite. But Wiener’s crude little crusade is nothing compared to how ludicrous New Zealand’s attempt to reduce the stigma round HIV is. According to The Telegraph, the Kiwis have “launched the world’s first HIV positive sperm bank in an effort to reduce the stigma round the virus.”

The description of this bizarre new endeavour is — irony alert — sure to have ladies lining up for blocks to take this totally unnecessary risk that does absolutely no good to anybody whatsoever: “Online sperm bank ‘Sperm Positive’ has begun with three HIV positive male donors, who all have an undetectable viral load, meaning the virus cannot be passed on even through unprotected sex. While the amount of the virus in their blood is so low it cannot be detected by standard methods, it does not mean the HIV has been completely cured by the treatment.”

I’m sure you’ll agree — irony alert — that the above description sounds very reassuring.

https://www.lifesitenews.com/blogs/activists-launch-hiv-positive-sperm-bank-to-reduce-stigma-around-aids-virus

>>7396501

>>7396520

FAGGOT

Mexico’s President Urges US House of Representatives to Pass Trade Deal

Mexican President Andres Manuel Lopez Obrador sent a letter this week to House Speaker Nancy Pelosi (D-Calif.), urging House Democrats to bring the U.S.-Mexico-Canada trade deal to a vote.

The deal, known as USMCA, was agreed upon last year. While Mexico’s Senate has ratified the deal, Pelosi has resisted bringing it to a vote in the Democrat-controlled House, arguing worker protections aren’t strong enough and that negotiations are ongoing.

https://www.theepochtimes.com/mexicos-president-urges-us-house-of-representatives-to-pass-trade-deal_3160856.html

>>7396581

NEWFAGS