Nevermind the stock rally from Monday or the massive sales figures from Black Friday, CNBC’s Jim Cramer had a very grim outlook for the global financial markets going forward. In sum, the European crisis is so bad that the U.S. is grave danger. Business Insider explains:

In his opening segment on Mad Money tonight (via The Fly) Jim Cramer warns that Europe could easily spoil any party we’re having in the US due to the collapse in credit.

He walks through a fairly long (but very basic) explanation of what credit is, and how central it is to the economy, before (around the 6:30 mark) declaring that we’re in “DEFCON 3, two stages from a financial collapse so huge it’s hard to get your mind around.”

But he wasn’t done there. He also took another segment to explain why “we are taking today’s fantastic rally as an opportunity to explain why you should be nervous:”