Global currency and credit crises may look the same, but investors shouldn't treat all of them equally, CNBC's Jim Cramer said Friday.
U.S. markets saw their biggest declines of 2014 on Thursday, driven by fears of slowing growth and broken credit markets in China, coupled with steep declines in emerging market currencies. Cramer said Wall Street's jitters over the global growth situation overshadowed strong quarters from several attractive companies, such as Bristol-Myers Squibb, Microsoft, Honeywell International and Procter & Gamble.
"It's important to distinguish between this and the European crisis," Cramer said on "Squawk on the Street." "Let me just say one thing. If the futures go down today and I was calm, people will think, 'Well, why wasn't Cramer more vociferous about the need to sell.'"
(Read more: Traders pondering if this US selloff is the big one)
Cramer went on to say he remains unconcerned about the U.S. stock market because the ongoing issues don't seem as interconnected with the U.S. as past crises.
(Read more: Global slowdown scare crushes stocks)