Editor's Note: This article was originally published at 6:37 a.m. EDT on Real Money on June 21. To see Jim Cramer's latest commentary as it's published, sign up for a free trial of Real Money.NEW YORK ( Real Money) -- Look, if it were just U.S. interest rates that were going up and nothing else, I would say: "You know what? Let's see what looks good in the fallout and do some buying." But it is so much more than that. So much more is going wrong. China injected banking reserves last night, or else U.S. stocks would be down hideously again. But no one has a clue really about what's going on in China, and higher rates here cannot be good for fund flows there under any circumstances. Europe's just bad but stable. But will it remain stable? After all, some of the interest rates in the peripheral countries are creeping up, and we are headed into the traditionally slow summer months. Brazil's horrendous. Anything you touch down there -- and I have attempted to touch it -- is disastrous. I actually believe it's getting worse, as the country is spending fortunes building stadiums and the like while the people revolt. India's got inflation and slow growth. Japan's made up -- just made up -- and is a huge part of the problem, because it wants a currency war at the wrong time and the wrong place. There are whole emerging markets in which currencies have been paying better rates for money than the U.S. has. They are experiencing outflows that are, at least to their countries, frightening in the way this was in 1996 and 1997. In that environment I am supposed to step into the breach and buy a homebuilding stock -- all while mortgage rates could go up 25% in the next few weeks? In this environment I am supposed to buy the stock of a company with low growth, and yield that is less than that of the 30-year Treasury, that needs a weak dollar in order to beat the numbers? In this environment I am supposed to trust Fed chief Ben Bernanke over the bond market? The latter telling me to forget about Bernanke at the same time that President Obama seems to be saying the same thing in, frankly, a very rude sort of way.