white smoke is oil burning. This will explain your no boost. However, this is bad news. You have lost the oil seal on the turbo. You may be able to have it rebuilt sence its the seal and not the bering, however soon after the oil seal starts to go, the bering also goes.
RED circle. This is the shaft that berings and seals are on. heres to better help you understand. NOTE this is not your turbo, however they are all pretty simular