Foreign debt demand is no longer keeping up with America's growing debt: Foreign official holdings of US Treasuries are down to 12.5% of total Treasuries outstanding, the lowest this century. This percentage has declined -24 points since the 2009 peak. Over this period, marketable US Treasury debt has surged +$23 trillion, or +379%, to $29.1 trillion, near an all-time high. At the same time, US Treasuries held by foreign government entities have increased by just +$1.5 trillion, or +63%, to ~$3.9 trillion. China's Treasury holdings have more than halved, to $651.1 billion, the lowest since September 2008. The US is issuing record levels of debt.(The Kobeissi Letter)