There will be adverse consequences when nations and people are cheated out of the value of $34 trillion.
I suppose. But as I've thought the issue through, I've come to the conclusion that the most moral thing to be done would be to default on the debt and stiff the creditors for that $34 trillion.
As I see it, it's a choice between stiffing the creditors - who for years have known and and exactly what is happening and are still enabling it, like a bartender plying the town drunk with alcohol right before he drives home past the grade school as it lets out. In this analogy the grade school are the generations yet unborn who will be saddled with a debt they are 100% innocent of.
The USD has been weaponized for a long time to rob productive and responsible people and pay off political elites and people on the dole with effectively purchased votes. The holders of government debt have been supporting and enabling that. So I see them as unpatriotic in the extreme, and stiffing them is preferable to paying them off and putting our children and grandchildren into debt slavery.
One could say this would destroy faith in government credit in the future. Fine. That's a feature, not a bug, in my book. Make the politicians fund their programs with concurrent taxes so voters can feel the cost without kicking the can down the road.