ALEA: Where are the Treasuries?

From the Alea blog:
Outstanding: $4,513 bn [marketable securities only, including TIPS]
In “foreign” hands: $2,402 bn
At the Fed: $677 bn
That leaves only $1,434 bn for U.S investors. Any flight to safety will create “short squeezes.”
Net Issuance was negative in january and usually is very negative in april, may and june.