A lack of progress in dealing with heavy debt in both the U.S. and Europe unnerved investors Monday, sending stocks lower for a fourth straight session. The Dow Jones industrial average lost 249 points while the S&P 500 index fell 23 points and the Nasdaq saw a 49 point decline.

So are the bulls doomed for the same fate as the fattened turkey ahead of the Thanksgiving holiday?

The bulls have one last hope, Jim Cramer said on Monday's "Mad Money." Things need to get so bad, that policymakers in both the U.S. and Europe are forced to act, he continued. Cramer expressed his displeasure in the congressional "supercommittee," which has so far failed to cut $1.2 trillion from the $15 trillion national debt, even as its Wednesday deadline draws near. With a lack of a deal, Cramer worries the U.S. could face credit downgrades, as well as a rollback of unemployment benefits and hiring benefits. He's more concerned about Europe's debt woes, though.

"They are the real proximate cause of the decline and will continue to be so for some time," Cramer said. "In Europe, their leaders only worry about inflation when it's severe deflation from a collapse of the economy that's really at stake."

Cramer complained the European Central Bankhasn't rolled back its second rate hike from this year. While the European Union consists of 17 different countries, its central bank lives in a binary world that only offers two solutions: a slowdown or hyperinflation. To Cramer, the chances of Europe avoiding a collapse of its banking system are slim. It seems that many of its banks have to be nationalized and unfortunately, most of the losses will have to be absorbed because the Germans fear inflation. If a massive European bank nationalization wipes out trillions in investments, Cramer thinks both U.S. and European stocks are too high. The situation is fluid, though, and Cramer thinks the Germans could be scared into doing something.

In the meantime, Cramer said high multiple stocks will continue to swoon. Amazon.com , Apple and Google , for example, are benefitting from seasonality and increased demand for smartphones. International banks will continue to get pummeled, though, and he would stay away from them right now.

When this story was published, Cramer's charitable trust owned Apple.

Call Cramer: 1-800-743-CNBC

Questions for Cramer?

Questions, comments, suggestions for the Mad Money website? madcap@cnbc.com