U.S. allies have shown a lackluster response after President Trump's request for assistance in reopening the Strait of Hormuz — a corridor carrying roughly 20% of global oil supply — and this may spell a trend of what's to come. What happens when oil-producing Gulf states have had enough of our/Israel's foreign policy machinations and, as a result, begin to de-dollarize or offload U.S. sovereign debt?

Tonight at 7pm ET, wealth manager Peter Schiff, proponent of the Austrian school of economics, and Rabobank global strategist Michael Every will square off on these questions and debate whether the Iran war will undermine the foundations of dollar dominance.

Moderating the discussion is the great Dave Collum, chemistry professor at ZeroHedge and long-time friend of ZH.

Schiff: Dollar's Days Numbered

Schiff has long argued that U.S. fiscal deficits, monetary expansion, and reliance on foreign capital have put the dollar on an unsustainable trajectory. In recent commentary on the Iran conflict, he warned the war could accelerate those vulnerabilities.