Cramer was shocked when the U.S. stock market was eviscerated, while the South Korean market — the country that really should be worried — seemed to take the whole thing in stride, dropping only about 1 percent on the news before rallying and closing almost unchanged.
"There is no universe where we should be down more than South Korea on this news, yet that is exactly what happened," Cramer said.
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In Cramer's perspective, investors should not be worried about North Korea, at least no more worried than they were before. North Korea has had missiles for years now, but Cramer does not believe it will use those weapons because it does not want to be wiped off the map in retaliation.
And while everyone was worried about North Korea's H-bomb, many people missed a crucial negative event in the market — the rate hike bomb. ADP reported very strong employment numbers, which is bad news because it suggests that the Fed may continue to tighten.
However, the Fed's vice chairman, Stanley Fischer, told CNBC on Wednesday morning that he was not married to the idea of hitting the market with four rate hikes this year. Cramer thought this was incredibly positive news given the damage that an aggressive Federal Reserve could do to the market.
"I'm simply urging you to maintain a sense of perspective, rather than losing your head and panicking. Even if you want to sell everything you own, today was not to do that. You will likely get a better chance at higher levels if you are simply willing to be patient," Cramer said.
So, while Cramer understands that the market is descending into a spiral where balance sheets no longer matter to stocks, he reminded investors to stay calm and look for weakness so they can pick up high-quality stocks at bargain prices.
"I know nothing is more painful than to hear that it is worth staying the course, yet sometimes the most painful thing to do is the right thing to do, and that is why I am advocating the outrageous position of not jettisoning your stocks just because everyone else around you seems to be doing exactly that," Cramer said.