"Yes, the idea that there is big trouble in not-so-little China, based on some very weak Chinese factory orders and a stock market that is being proper up by the Communist party, lay behind today's carnage," the "Mad Money" host.
The complete rollover of the commodity sector has investors thinking that something evil lurking in China might take the whole world down with it. This was evident when the breathtaking collapse of raw goods on Friday had things falling apart all over the place. Cramer also saw it with Yelp, which he thinks has completely lost its mojo.
All over the place... except for the United States. In fact, Cramer suspects that the confluence of the robust economy in the U.S. with problems overseas will really hit home next week. (Tweet This)
Cramer gives the Fed some credit, as it held off tightening earlier because it was worried about the impact of a Greek-related disaster in Europe. But now that the Greek drama is over, should the bulls hope that the Fed will hold off again because of China?
Or will it decide that growth without commodity inflation is a good thing and not do anything? Or will it say that the U.S. has wage inflation, so it is time to raise rates?
On Wednesday, the Federal Reserve will be making its decision on interest rates. Due to the very robust job growth currently in the U.S., the Fed is widely expected to confirm that it will raise interest rates in September.
At this point if the Fed were to raise rates, Cramer thinks it would send the dollar soaring, which would prompt U.S. based international companies to do poorly, which would then result in negative earnings in the future.
Cramer stood in awe at what good management can really accomplish, when he looked at the earnings of various companies on Friday.
Unfortunately, those earnings were obscured by fear among the broader averages on what it could mean if China really collapses.
"I can't rule out a Chinese collapse. When I see commodities in a free-fall and all of this negative data out of the most populous country on Earth, I know that I can't ignore it," the "Mad Money" host said.
After all, those who were oblivious to the shenanigans of Greece paid a heavy price—and China is a heck of a lot larger than Greece.
Many portfolio managers now believe that China could fall apart to the point where it could take down the rest of the world with it, but Cramer's not that pessimistic.
Think about what happens when world markets come out on the other side of this debacle. Cramer went straight to those companies with strong management. The selloff will ultimately hit Starbucks, Google, Amazon, Under Armour and Netflix—but the drop will be short lived. Cramer believes it represents a buying opportunity, as the shares will likely recover quickly from any dips.
What the heck happened to Ryder? On Thursday it beat Wall Street's earnings estimates, and then the stock was crushed, down 5 percent.
Ryder is the leading provider of transportation and logistical solutions such as truck leasing, fleet maintenance, and outsourced supply chain management. It has more than 30,000 trucks for both short-term and long-term commercial rental.
So, did the stock deserve the punishment? To find out, Cramer spoke with Ryder System's chairman and CEO, Robert Sanchez.
"Revenue can be a little confusing because the total revenue line that you're looking at includes fuel, which we resell…The top line being down is all due to the fuel cost, and fuel prices being down," Sanchez said.
Cramer didn't expect to have a good day on the market on Friday. After all, when the market leaders are shot down one by one, you can't expect to have a good day.
"In this kind of environment, it's hard to make any headway given that we are just being led by a small group of domestic stocks that benefit from lower gasoline prices," the "Mad Money" host said.
One example of leaders being shot down was Biogen, a long-time Cramer fave in the biotech group. It reported astonishingly bad numbers on Friday. At the beginning of the year, Biogen forecast 14 to 16 percent growth for its MS drug, but now it's looking at a mere 6 to 8 percent.
As a result of Biogen's weakness, it pulled down the whole sector. After all, the entire group is connected to one another in biotech ETFs. So, even though Celgene, Regeneron and Gilead had amazing things going for them, they were all taken down by Biogen.
Right now, he doesn't see enough leadership in the market to mount any kind of a comeback.
"But we can't afford too complacently negative because whenever we have done that in 2015, it always comes back to bite us. I bet this time will be no different," Cramer added.
So, with a total lack of leadership right now, Cramer isn't sure what to make out of the semiconductor space.
Cypress Semiconductor is the maker of chips that power touchscreens in mobile devices, small low-power semiconductors called programmable systems on a chip that are used in various end markets, controller chips for machines and devices and static random access memory chips.
Last year Cypress rallied 36 percent after it announced a merger with Spansion in December. Since then it has dropped to $11 from $16 in March. After it reported a fantastic quarter on Thursday, could it be headed back up?
To find out, Cramer spoke with Cypress Semiconductor Corp's CEO and co-founder, T.J. Rodgers.
"The gross margins are going to stay down. We are going to improve it by 10 points, but it is never going to get back to the 55 percent Cypress enjoyed and that's okay because we'll make 20 percent in the bottom line, and that's really what it's all about anyway," Rodgers said.
In the Lightning Round, Cramer gave his take on a few caller favorite stocks:
Caesars Entertainment: "Sell, sell, sell."
Radiant Logistics: "If we are going to get into logistics, you know we have to go with Ryder. That's the one that I feel is best-in-show."