They say history repeats itself. Cramer thinks that may be the case here.
Last year at this time, investors turned their noses up at the prospects of holding bonds issued by the PIIGS – that is Portugal, Italy, Ireland, Greece and Spain - the nations in Europe thought to be at greatest risk of default.
The conventional wisdom was that they were far too risky.
But as it turned out that wasn't the case. The Europeans offered sensible plans. Responsible governments stepped up to increase taxes and cut benefits.
"Last year, when we were saying they could bring the whole world down we should have been buying them. It was a once in a lifetime opportunity that came and went because the fears far outran the risks," said Cramer.
Read More: Cramer's Plays on Housing Reboun