As is well known, the extrusion rate of polymers from a cylindrical tube or slit (a "die") is in practice limited by the appearance of "melt fracture" instabilities which give rise to unwanted distortions or even fracture of the extrudate. We present the results of a weakly nonlinear analysis which gives evidence for an intrinsic generic route to melt fracture via a weakly nonlinear subcritical instability of viscoelastic Poiseuille flow. This instability and the onset of associated melt fracture phenomena appear at a well-defined ratio of the elastic stresses to viscous stresses of the polymer solution.