Well, you're absolutely right about that, but if the proper steps are taken to invest the money in other industries they could well by-pass the economic problems of europe. As to a world wide depression, I'm not so sure about that. Many of the problems being experienced in the EU countries are due to over-regulation, over taxation, and rediculous social payments (not to mention a huge influx of immigrants who are NOT assimilating into the local cultures).
I don't expect the US to experience 1990's style growth, but then I never really believed much of it was founded in reality. I expect a reasonable and sustained growth in the US.