Arthur Hayes believes that a conflict between the US and Iran could trigger a chain reaction in the economy – and the Fed will have to turn on the "printing press" to mitigate the consequences.

If the war drives up Brent crude oil prices, the yield on 10-year US government bonds could spike sharply. This could provoke a surge in bond market volatility and an increase in the MOVE index.

Historically, such conditions often serve as a precursor for central bank interventions and the launch of new monetary stimulus programs.#IsraelStrikesIranBTCPlunges