10 billion and two months is a blip

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They constantly try to escape from the darkness outside and within
Dreaming of systems so perfect that no one will need to be good T.S. Eliot

This is fake news.

Hey, did you hear that the job numbers are up? Crooked Hillary wouldn't have been able to deliver that!

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How does Danny Hart sit down with balls that big?

Probably blip. The real threat to U.S. treasuries is something that could compete with them as a safe way of storing value. And while the U.S. may not look nearly as financially rock-solid as in the past due to debt, the U.S. economy isn't awful, and there are no competitors looking to make a pass. Euro? Yeah right. China or Russia? No, thanks - myriad concerns. Bitcoin? LOL. Gold or other commodity? Pretty volatile, and usually logistically difficult to safely store.

The US has certainly taken some huge steps away from financial leadership, economic stability and prudence.

But what is the alternative?

Answer- “A basket of diversified international treasuries.”

That will be a glacial transformation.

Unlikely to be of any consequence. In theory, the way this would play out at the margins is that domestic banks would be more prone to buy treasuries and less likely to issue loans. I've said this for a while now: U.S. money center banks have become the modern equivalent of le ferme générale.

Everyone does that already. It'd be dumb to make all your assets dependent on a single government. So we're just arguing about relative changes in risk between different countries. The U.S.' historical place has been as the low yield/low risk bit. And you have like Italy for high yield. My argument is that no one's really competing with the U.S. as the super-safe asset. Every country or region has issues.

If by glacial transformation you mean slow and gradual with barely perceptible (but maybe steady) movement, then that sounds plausible to me.