most of the world heading towards a 1929 type depression
I'm not sure which world you live in, but if you care to take in a few of the most respected global economic opinions ("The Economist" is a good read for example), I think you will find that although the US is headed for a home-made downturn, most of the rest of the developed world is experiencing healthy economic growth.
With the Euro slowly taking over the USD role of world currency, once the majority of oil contracts are processed in Euro, oil prices will return to supply and demand pricing..