The market is beginning to get a handle on the sheer extent of the damage of Brown's policies - and, crucially, his inept banking regulation. UK banks (in particular, RBS) lent aggressively to everyone from dodgy Russians to leveraged buy-outs. Given that bank debts amount to 350% of GDP, the potential for calamity is clear. The taxpayer is absorbing banking losses, on an apparently open-ended promise. As I blogged yesterday, the government may say its going to bail out the banks but who will bail out the government? There is no clear answer. And this is what Rogers is talking about. The market thinks that - as George W Bush put it - "this sucker's going down".