"I think people forget that we've been there before and it was OK. There was also a really long period where we debased the dollar," he said on CNBC's "Squawk on the Street." But "even though this is historically OK, it's the velocity [that's concerning]. If we would see any good news coming out of Europe in terms of a strong economy … we would break the velocity."
The euro breached below $1.06 against the dollar for the first time in about 12 years on Wednesday, while the dollar index rose to another multiyear high when it reached 99.50. The euro zone currency traded at $1.05801 shortly before the U.S. markets began Wednesday's trading session.
These currency headwinds also threw U.S. stocks for a ride on Tuesday, losing nearly 1.5 percent.
Cramer added that the global economy is not ready for a quick Federal Reserve rate hike, as suggested by Dallas Fed President Richard Fisher.
"Thank God he's not voting," Cramer said. "Prompt tightening is going to send all of these currencies to the floor, and it's going to really put a stop to all of our exports."