Forget today's rally.
In his opening segment on Mad Money tonight (via The Fly) Jim Cramer warns that Europe could easily spoil any party we're having in the US due to the collapse in credit.
He walks through a fairly long (but very basic) explanation of what credit is, and how central it is to the economy, before (around the 6:30 mark) declaring that we're in "DEFCON 3, two stages from a financial collapse so huge it's hard to get your mind around."
In the video below, he continues to expound on his point from the first video.
If the videos aren't working for you, see them here and here.
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See Also:
- Greek Newspaper Lashes Out At German Hypocrisy, Selective Amnesia, And Drift Into Malevolence
- Wolfgang Münchau: THE EUROZONE HAS 10 DAYS AT MOST
- This Is The Chart We'll Be Watching Like A Hawk All Week
