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Save the drama for your mama! Euro zone's impact

Cramer shifts his attention overseas

Here we go again. The critics have crawled out of the woodwork, and there is yet another showdown between Germany and Greece to create looming fear amid investors.

Now hold on a second, because Jim Cramer is calling bluff and thinks people are blowing this way out of proportion.

From a practical standpoint, even if Greece's finance minister, Yanis Varoufakis, actually does scare the pants off of Angela Merkel in Germany, that is good news for the U.S. stock market. It will shoot through the roof, as all of this money waiting on the sidelines for this drama to end.

What if Merkel pulls the plug on Greece and it goes belly up? Cramer figures it could go down 5 percent. In that case, Greece would most likely arrange a 100-year stretch to get out of debt and the market would rally right back the next day.

What about the worst-case scenario, and Greece is booted from the euro zone?

Crowds gather in front of the Greek parliament in Athens on Feb. 5, 2015, in support of the new anti-austerity government's efforts to renegotiate Greece's international loans.
Louisa Gouliamaki | Getty Images

"Now, people a lot smarter than I am but without a TV show would tell you this could have some huge ramifications for the Swiss franc and the Danish krone, if not the Hungarian forint," said the "Mad Money" host on Wednesday.

It could also mean the sudden collapse of yields on German corporate bonds, and the Fed taking drastic measures to keep the dollar from flying high versus the euro.

There are million situations that Cramer could ponder, and frankly he does not know the answer.

But what he does know is that companies like PepsiCo, that has a huge presence in Russia, just reported an excellent quarter with fabulous organic growth and gross margins. The earnings blew Cramer's mind beyond his expectations.

"Here's what you really need to know: if we get a genuine Greco-Russian conflagration, we know that CEO Indra Nooyi's going to deliver the number anyway…so why should I freak out about the dollar ramifications of this Wagnerian soap opera?" asked Cramer.

Regardless of how the Greek situation is resolved, the "Mad Money" host's favorite stocks will not be impacted. He recommended stocks such as Zoetis that hit an all-time high on Wednesday, or Rite-Aid and Chipotle that have come back to life.

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"You need to recognize that Europe has been the gift that keeps on giving literally for years now, with each new crisis creating incredible buying opportunities," said Cramer.

The "Mad Money" host is certainly not oblivious to real issues in the world. But he does see opportunity for investors, when most of the market is paralyzed in fear, and can't wait to take advantage of them.

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