  Every finitely presented algebra S is shown to be Morita equivalent to the
universal localization \sigma^{-1}R of a finite dimensional algebra R. The
construction provides many examples of universal localizations which are not
stably flat, i.e. Tor^R_i(\sigma^{-1}R,\sigma^{-1}R) is non-zero for some i>0.
It is also shown that there is no algorithm to determine if two Malcolmson
normal forms represent the same element of \sigma^{-1}R.
