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The market is crying, and politicians are finally acknowledging the tears flowing from China and Germany.
Chinese Premier Li Keqiang said on a visit to Germany on Friday that the global economy was facing more uncertainty but that China still had "vast growth potential." Likewise, German Chancellor Angela Merkel expressed willingness to take actions necessary to stimulate growth.
Jim Cramer is happy that they finally acknowledged the elephant in the room.
At least it's a start, as these two countries have been the most tight-lipped about recognizing the high stakes that are being played out. With the issues simmering around the world, Cramer thinks it is at least better late than never.
Right now around the globe there is a battle between Ukraine and Russia, ISIS is advancing with unspeakable acts and taking more territory, and heightened security issues persist in North Korea. Not to mention the Ebola virus that is spooking people all over the world.
One market sector in particular shocked Cramer on Friday. Semiconductors, which had remained largely unscathed, are now showing an impact from politicians' lack of acknowledgement.
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On Friday morning investors learned from Microchip Technology that the seasonably strong month of September in China actually turned out to be unseasonably weak. This was absolutely jaw dropping to Cramer, given the span of what Microchip makes. One breeze through its website and investors will see that the company's chips practically go into every device known to man.
This was a huge surprise to Cramer. "We are used to the Caterpilllars and the Joy Globals being disappointed by Chinese orders. We know that the iron and copper companies dramatically over expanded years ago to meet Chinese demand that has now failed to materialize….but semiconductors?"
The Federal Reserve has now finally acknowledged that European weakness and a strong dollar could slow the economy. "I wish they had also said the decline in oil prices, but that breathtaking bear market has occurred so quickly that it wasn't covered by the last months' meeting and therefore wasn't in the minutes," Cramer added.
Until Friday, Chinese leadership and Germany's Angela Merkel seemed complacent in the wake of the declining economy. Thus, Cramer thinks this acknowledgement is at least worth noting. It is a step in the right direction, and better late than never.
"We should never, particularly in the case of Merkel, have gotten this far down the path of weakness unless she truly wants to inherit the mantle of Herbert Hoover, tightfisted when loose as a goose is most warranted," Cramer said. Ouch.
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