I'm not sure if their numbers make sense though. Earlier today the leading German economist Hans-Werner Sinn claimed that people who are arguing leaving the Euro would be very costly are mainly people who stand to lose lots of money if periphery countries start defaulting. So maybe the UBS balance sheet is full of crappy periphery bonds.

He also claimed the loans to Greece is just about saving Franco-german banks, that Greece isn't helped at all, that Greece should default, leave the Euro and should be extended loans to nationalize and recapitalise its banking sector. Which sounds perfectly reasonable to me.

   

Peak oil is not an energy crisis. It is a liquid fuel crisis.