Historical death rates from conflicts, pandemics, famines, and natural disasters per 100k population (15-year moving average) show the Thirty Years’ War (~1618–1648) and fall of Ming Dynasty as the most lethal period since 1500, exceeding even both World Wars. COVID-19 appears as a minor blip. Tail risks from geopolitical transitions are far larger than most modern investors price. WWII (~1939–1945) produced ~12% fall in Global RGDP per capita and ~10% fall in USA equities cumulative return at the depths.