It’s amazing how rapidly the prospective losses from the credit crunch keep climbing.

It was only a couple of weeks ago that the G7 said that losses from sub-prime would rack up at $400bn. A week or so later, another analyst had piped up with $500bn as the likely toll.

Now this morning’s Telegraph quotes a Credit Suisse analyst as putting a $600bn figure on the final reckoning.

Another bank reports from the front line of the credit crunch…

RBS revealed another £450m in losses related to bond insurers to add to the £1.2bn hit it announced in December. Plus it has a further £2.5bn exposure to the bond insurers.

For the last couple of years, every time problems have emerged in the stock market, investors have rushed into U.S. Treasury Bonds, assuming they’re a catchall “safe haven” against stock-market storms.

But there are signs that at least long-term Treasuries may no longer provide that safe haven – and actually may pose the danger of substantial capital losses.