Would you, on the same foot, have said it was racist for the British people in WWII to refer to the American GI's as
"Oversexed, overpaid and over here"
and for them to retort
"Undersexed, underpaid and under Eisenhower"
I don't see this as any different. It's a bit of national banter. It happens and is not racist in any way. You've been sucked in by the PC society Bliar and his cronies have built for us.
Aye ok smart a***
If the original joke had reffered to a dew, a paki and an englishman. Would that be acceptable - no of course not - so why are the nationalities mentioned acceptable?