The global economy is already in a depression.
A friend of mine tracks commodities and says industry is drawing on existing stockpiles of raw materials and is not resupplying -- given flat demand. This is true even for the most advanced parts of the economy. It's why the stock of companies that mine crucial materials like rare earth elements have declined. Low demand.
A dollar crisis -- followed by busted stock and bond market bubbles will only exacerbate this.