The next generations are cursed to deal with the aftermath of this financial disaster.
Europe headed south economically when all major European countries incurred heavy debts to finance WWI. America underwrote most of the debts. After the war, most were unable to pay back. Their economy went into tailspin after a couple of years of recovery. They slapped monstrous reparations on Germany so that they can recoup the money to pay back their debts owed to U.S. U.S. even lent money to Germany so that Germany can better pay up the reparations. Despite this bandaid measure, German economy collapsed. Hitler came and stopped the payment of reparations. The rest is history. Incurring huge debts eventually have dire consequences. Europe was wiped off as a major power because of that. America was able to dominate the world thanks to its strong net creditor position.
If a country incurs too much debts internally or externally, essentially the net effect is the downsizing of its economy at some point.
The only point of interest is if other economies will be downsized in similar proportion so that American economy will still have a dominant share of the world economy even if its net worth goes down. Or there would a change in relative standings among economies.
My personal opinion is that there could be no dominant economic powers for some time. Multiple competing struggling economies. America economy can still be the biggest but not so big as it is now in relative terms. I doubt that neither China nor Europe nor Japan can replace America due to their internal economic problems.