China’s Belt and Road Initiative (BRI) is the largest investment in global infrastructure of all time, easily outpacing the United States’ Marshall Plan following World War II. Despite the BRI’s aspirations, it has been called into question from an increasing range of perspectives. This article focuses on security questions raised from the American perspective. By placing the BRI in historical and global perspective, I will critically evaluate the questions raised by American observers in order to separate the concerns we should take seriously from those that are overblown. The Belt and Road initiative and accompanying military buildup have been heralded as a fundamental change in the global order. Whether that is the case, of course, remains to be seen. What is certain, however, is that the balance of regional economic and military power is undergoing a dramatic change.