The British have been feeling pleased with themselves lately. The economy has been growing strongly, the City of London has outshone Wall Street in attracting business from overseas, sterling has risen above $2 and home owners have become a lot richer, at least on paper. So when it emerged that the Bank of England (BoE) had agreed to bail out Northern Rock, the mortgage bank, the first instinct of many was to blame foreigners - particularly US banks that made subprime mortgage loans.

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