No way for the world to finance our debt?

I've been interested in some of Chris's recent observations that there is not enough savings in the world to finance our debt.  Chris pointed out yesterday that the US will have a need next year to sell between $2 and $3.8 trillion in government debt instruments.  (See "The beginnning of the end" posted by Chris 12/3/08).

In today's daily digest, there was a post stating that the total amount of all outstanding US treasury securities owned by foreign holders is approximately $2.86 trillion.  See http://www.treas.gov/tic/mfh.txt. I assume this is the total sum accumulated by the rest of the world over the course of years.  Correct?

Am I also correct in interpreting this to mean that the US would have to sell, in a single year, an amount equal to all treasuries currently outstanding in foreign hands?

I've been interested in some of Chris's recent observations that there is not enough savings in the world to finance our debt.  Chris pointed out yesterday that the US will have a need next year to sell between $2 and $3.8 trillion in government debt instruments.  (See "The beginnning of the end" posted by Chris 12/3/08).

In today's daily digest, there was a post stating that the total amount of all outstanding US treasury securities owned by foreign holders is approximately $2.86 trillion.  See http://www.treas.gov/tic/mfh.txt. I assume this is the total sum accumulated by the rest of the world over the course of years.  Correct?

Am I also correct in interpreting this to mean that the US would have to sell, in a single year, an amount equal to all treasuries currently outstanding in foreign hands?