Editor's Note: This article was originally published at 6:36 a.m. EDT on Real Money on June 24. To see Jim Cramer's latest commentary as it's published, sign up for a free trial of Real Money.

NEW YORK (

Real Money

) -- There was no right time for the

Federal Reserve

to do what it did. It was always going to go wrong. That's why people shorted so heavily before every Fed meeting. It is why the market rallied when the Fed signaled in a definite manner,

each time

, that quantitative easing wouldn't be ending.

As usual, though, people had been shorting the wrong markets. I don't think the U.S. market is in good shape, and I believe it'll go lower -- and I see only a handful of groups that can withstand this onslaught for now. But it is the foreign markets that are really sustaining a drubbing, and we can't insulate ourselves from them any more now than we could when Europe was falling apart not that long ago.

We can't insulate ourselves because there have been so many knuckleheads, as always, reaching for yield, as they had done with collateralized debt obligations between 2004 and 2007. So we'll have to endure this whole painful unwind from all over the globe.

Does anyone really think, for example, that Brazil

isn't

falling apart? That's especially so with the putative world's richest man, Eike Batista, in some sort of unraveling that seems to impact every portion of that stock market. The decline in Mexico is breathtaking, an amazing fall from grace. Japan's now gone from being the greatest to one of the worst.

Then, of course, there is China. When Fed chief Ben Bernanke was planning this exit from QE, had he foreseen China's flash manufacturing purchasing managers index falling below 50? Did he realize that this country was in such a bad way?

As a result, the U.S. market has ended up getting crushed from the outside as well as from within.

When I scrutinized the charts this weekend, I was struck by one thing in particular. Except for a scattering of insurers, a handful of regional banks and the health maintenance organizations, almost every single one of these shows is broken. Some are broken so badly that they look terminal -- namely the coal stocks and all other companies involved with coal.

That group, in particular, is so bad that I have to believe we are going to see some bankruptcies in the area. Makes sense when you consider that President Obama is trying to phase out coal use in this country, and given that the environmentalists are trying to block the export to others. That's a recipe for wipeout.

So it plays out, Dutch Boy-like. Have you even heard a peep out of the Philippines yet? How about Indonesia? Can Thailand ever

not

be a source of financial stress? Could Brazil actually go communist or fascist? Will companies be nationalized?

All of these questions should be on your agenda right now. All of them. Because if that 10-year U.S. Treasury goes to 3%, investors will no longer have any reason to reach for yield in equities. Everyone, except for the people who just rode those bond prices down in their reaching-for-yield bond funds, will then be flocking to here in order to take advantage of these higher rates and the stronger dollar.

So even when U.S. bonds settle in to some much higher level, the turmoil should go on for a bit until people realize that the stocks of the companies in our indices represent value. In the meantime, though, brace yourself for a wild ride.

At the time of publication, Cramer was long ___.