What comes after Greece defaulted?

No matter how they tried to avoid the inevitable and sugarcoat the situation, Greece has officially defaulted (Full report here). With Greece now in default, the rest Europe will slowly sink in this mess. Massive money printing will now go into an overdrive. A new QE is definitely on the cards now and all eyes will be on Europe for now. However, there is an even bigger crisis looming in America that we should be keeping an eye on.

The US debt easily makes nearly every other countries look rosy. The only thing keeping it from being a catastrophe is having the USD being the default currency around the world and US just need to settle their problem by printing more money. Now comes the big question. Will the US lose its default currency status? What if the rest of the world stop using USD as a default standard? Many people might think of it as a crazy notion but signs of happening is slowly creeping in. In one of my previous post, I have mention that some countries are taking the lead to slowly remove USD as the default currency. Currently the one ahead of the race is China.

With China's currency already unpegged from the USD and currently being the largest importer of gold in the world, China is slowly internationalizing their currency and looks set to be the likely candidate to take over as the new default currency status. They are even reported to be extending loans in yuan to BRIC countries and slowly diversifying from the US dollar (full report here). Slowly, this will extend to more countries with greater demand as USD is increasingly devalued from massive money printing to control the outrageous America debt.

Another indication of USD slowly losing its status is the offering of so-called Dim Sum bonds by Dubai-based Emirates NBD, the largest bank in the UAE (full report here). With more countries adding to the list of preferring Yuan over the USD, the US bomb has started to tick with China igniting the fuse. It appears that someday, the USD will lose its default status. It's only a matter of time.

The paradigm has shifted and actions need to be taken to protect yourself. You cannot be sitting duck waiting for the crisis to explode. I would advocate physical gold and silver to buffer your wealth and if you have read my previous posts, you will understand why. However, a time of crisis can also be a time for opportunities. 

Please feel free to share your own insight. A greater network of people with valuable opinions to share on how to tide through this impending financial crisis is also welcome.