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.'"
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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)
"I'm trying to put it in perspective," Cramer said. "There's a reason to worry about Europe because our banks are so intertwined. There's always a reason to worry about China since we do so much business there."
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Investors shouldn't take selloff talk too seriously, Cramer added. He said it's difficult for investors to understand that U.S. markets have seen strong rallies in light of currency troubles abroad.
"I'm going to recommend a strategy no one wants to hear: Don't panic," Cramer said. "Because panic is just really in vogue. When you feel it, you really want to join."
—By CNBC's Jeff Morganteen. Follow him on Twitter at @jmorganteen and get the latest stories from "Squawk on the Street."