Germany’s 1948 currency reform (Deutschmark replacing Reichsmark) wiped out virtually all financial wealth held in the old currency — a near-100% loss. This is the canonical example of how war losers experience total financial system reset. The mechanism: government-mandated exchange rate of 10:1 (old:new) with severe holding limits. Equity holders and bondholders were essentially expropriated. This is why portfolio diversification across geopolitical blocs matters — winning-side assets survived; losing-side assets were confiscated or inflated away.