Saluting his global Belt and Road Initiative project on Friday, Chinese President Xi Jinping promised he's "delivering win-win outcomes and common development." BRI actions, he added, will proceed in a "transparent way."

But it's a lie. The BRI is a Ponzi scheme run by a highwayman. Xi draws his marks onto his road only so that he can rob them blind.

It's already happening. As the Atlantic Council noted this week, China's failure to deliver on BRI promises has sparked growing skepticism from Africa to Asia. Slowly but surely, governments are realizing that Beijing's dangle of tens of billions of dollars comes with lots of painful strings attached. Strings such as Chinese businesses being the primary contractors, weak respect for local laws and regulations, shoddy workmanship, and a whole lot of expectation of political quid pro quo. In short, Beijing expects and demands that its investments earn it a veto over the host nation's relevant policy choices.

All of this is a necessary function of Xi's geo-strategic ambition. To achieve his international objectives, Xi cannot accept half measures. Because what Xi wants isn't simply to strengthen China's economy to a point of global dominance, it is to displace the U.S.-led international order of free trade and democratic rule of law. He hopes to replace that order with a Chinese-led feudal mercantilism. It's about building a medieval political system matched to globalization: a new order in which playing in the global economy requires kneeling in homage to Beijing.

That objective is why, even as he talks a good game on the BRI, Xi can't hide the harsher edges of his power. Consider his use of telecommunications firms to engage in industrial-level spying against the West. Or his relentless intelligence service action against targets ranging from students to President Trump. Or his aggressive imperial usurpation of vast seas. Or his choice, because of access to the Indian Ocean, to put Pakistani terrorists ahead of building a better relationship with the world's most populous democracy. Or his repression of millions of his own citizens, some simply for the crime of their faith.

The list goes on, but the lesson is clear — Xi's interest is not common with humanity's. When the time comes, the highwayman will wave his gun and have them for all they're worth. America's offer of defensive alliance, honest free trade, and mutual cooperation is a far better option for their future prosperity.