As Germany issued 10-year bonds with negative yield for the first time in history on Wednesday, Jim Cramer had a word of caution for Wall Street.
"The German 10-year right now with its eyesore of a negative yield is therefore the WORST that money can buy. Whoever is pushing this lunatic piece of paper to people and whoever is buying them are making a huge mistake," the "Mad Money" host said.
Approximately 33 percent of all government bonds worldwide now have negative yields, according to The Wall Street Journal. In other words, investors that hold these bonds until maturity will lose money.
Cramer heard many investors use politics as an explanation, stating that negative rates reflect a failed tyranny of the European Union, or that Germany should be borrowing interest-free money to finance projects that could put people to work.
"My job is not to talk about European politics or debate monetary policy," Cramer said. "I'm on a mission to help you try to make money."