The financial alarm bell is ringing

Spain has requested and received a $126 billion bailout to become the largest country in the European Union to receive a bailout in this two-and-a-half-year-long economic crisis.

For now, they can breathe a temporary sigh of relief. The key word, however, is temporary, because no significant structural changes have been made to their financial philosophy and their actions have not changed.

Just because the European government put pressure on Spain to agree to an aid package ahead of the Greek elections on June 17 does not mean that the financial crisis is resolved. In fact, with the upcoming elections, this entire situation means that we will return to this beast of a financial disaster again after kicking the can down the road.

Because the world is now very much interconnected financially, the problems of Spain ultimately affect Europe and the United States. Moreover, the Greek elections could send a new wave of turmoil not just through regional financial markets but through global financial markets as well.

Although we fear the ultimate financial consequence of a collapse of the European financial system, it isn't too late to learn some significant lessons about waiting to deal with massive financial problems. We know that our system of entitlement will eventually bankrupt the United States and that the consequences will be catastrophic throughout the world. Why are we refusing to take meaningful financial actions for fear of the political consequences?

The alarm bell is ringing loud and clear. The question is, when will we awaken and finally answer?

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