Investors focusing only on U.S. stocks and the Federal Reserve may be missing the broader picture regarding financial markets, especially what's going on with Brazil's Petrobras, CNBC's Jim Cramer said Monday.
He noted that the semipublic oil behemoth's 10-year bonds were yielding 10.5 percent, a level which he said is "unsustainable."
"This is the world's No. 1 problem ... right now because it has so much debt and people aren't talking about it," Cramer said on "Squawk on the Street."
Petrobras has more than $100 billion in debt and a further downturn in the company could lead to widespread economic problems, given Brazil is one of the largest oil producers in the world, Cramer added.
"If you only think about the U.S., you might miss a larger picture," Cramer added. "I remember Russia. I didn't think it was going to be of great impact. There was a big Goldman bond deal, and next thing I know, I'm on TV talking about Russia, and I felt very Ill-equipped. I don't want to be ill-equipped when talking about Brazil and Petrobras," he said.