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Cramer said there is clearly a slowdown in worldwide commerce as people and business are just shipping less these days. That's why policymakers around the globe are in a frenzy because they see the weakness building.
But when it comes to FedEx and rival UPS (UPS), Cramer said both companies didn't see this slowdown coming and were too optimistic for a quick recovery. He noted that FedEx is not tied to housing or autos, the two sectors that are driving much of U.S. growth at the moment.Cramer also posited that perhaps Amazon.com (AMZN) is partially to blame because the mail-order giant is building more and more warehouses closer to their customers, causing less demand for next-day deliveries and more demand for ground deliveries that arrive in the same timeframe. Watch the full Cramer interview
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