Wars are funded by borrowed money, and the banks and asset managers arranging that debt collect either way — bad news for taxpayers who cover the interest.

• Big banks, asset managers like BlackRock, and hedge funds don't profit from war directly; they profit by financing it.
• These firms act as global capital with no real loyalty to any one country, government, or people.
• War is expensive, and the interest on that borrowing lands on ordinary taxpayers.
• Demand for US government bonds is weak right now, which makes that borrowing more costly.
• The outcome of a conflict like the Iran standoff doesn't matter to lenders — they get paid either way, taking their cut as money moves around.

Outlook: As long as governments borrow to fight, the financing side of war stays profitable regardless of who wins.