Editor's Note: This article was originally published at 7:32 a.m. EDT on Real Money on June 25. To see Jim Cramer's latest commentary as it's published, sign up for a free trial of Real Money.NEW YORK ( Real Money) --So where are the sellers? Where are the motivated sellers from Monday -- motivated for why, for what? What were they so scared about? Yesterday the market had a whoosh down that was classic in its intensity and its extremes. It looked to wipe out all of the sellers. Just take a look at those intraday lows. Not only that, but using the excellent work of Options Profits writer Mark Sebastian -- and I urge you to read his stuff -- there was an intraday moment when the CBOE Volatility Index (VIX) stopped going up even as the S&P 500 kept going down. That was a signal that the fear had petered out and that it was time to get long. Yet, the close was hideous and a total give-up. Here's what I think happened. We are at a perilous moment when pretty much every market has a shot of breaking down on any given day. Look at the globe. We're seeing tremendous instability in Japan right from the top. There's an amazing weakening in Australia, given its commodity-based economy, coupled with a too-eco-friendly government. China? All I can say is, in the words of the Beatles: You say you want a revolution? I think the people do. They are tired of not being able to see their feet. They are tired of the repression. They are tired of the government creating military sideshows in order to take peoples' minds off the miserable day-to-day. Meanwhile, the flash purchasing managers index came in below 50, signaling a slowdown. Yet, even in light of this, the one thing no one is talking about is the potential for an actual collapse, as we saw among bad banks in 2008 and 2009. Why don't they? Their banks are apparently all a bunch of Washington Mutuals. China's looking a lot like a paper tiger. The Philippines and Indonesia have built up stock markets in the last few years that need money from outside in order to grow -- and any country that needs money had had hot money that's now coming out of it. They're classic hot spots that no one is paying attention to.