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To get up to date figures of straight from the mouth of the fox guarding the hen house:

MAJOR FOREIGN HOLDERS OF TREASURY SECURITIES

http://www.ustreas.gov/tic/mfh.txt

As of Feb 2010 China, Mainland owns 877.5 Billion dollars in Treasury securities.

Also, Try these sites:

http://www.ustreas.gov/tic

http://www.treasurydirect.gov/NP/BPDLogin?application=np

Peter Schiff talks quite a bit about treasury bonds, and how when China (the country that has the most US Treasuries) stops buying up US Bonds, the American Government will be less able to summon trillions of dollars to give to things like the military, healthcare, US Pension system, food subsidies, space, infrastructure, as well as internal government operations themselves. Once foreign holders of treasury securities get spooked that the full faith and trust of the US treasury is suspect (has a risk of being unable to pay back the interest rates on the bonds), the US Fiat currency will collapse and return to its intrinsic value, which is the worth of the green paper and the ink on it.

US Dollar becomes confederate money, a new Dollar is created, and all debts are cancelled, it has happened before, and it will happen again.

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15y ago

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