Losing an allowance. It may not be as bad as losing an inheritance, but it's still going to get your kid's attention. The question is, it ever a good idea to take away your child's allowance?
In general, I really recommend that discipline be handled separately from the allowance. Remember that the purpose of an allowance is to teach money management, not to provide another avenue for punishment.
Economic sanctions should be reserved for rogue nations, not your own flesh and blood. As adults, we know what a powerful weapon and motivator money can be. And when that weapon is wielded on a kid, it sends a very powerful message, one that we might prefer not to send if we really considered it.
In childhood, our sense of security and love is dependent almost entirely upon our parents. Anything that threatens that, even symbolically, suggests to us that the universe is a fragile and unreliable place.
Holding kids accountable for their own actions and decisions is not in question. For example, if a child breaks an item that needs to be replaced, requiring them to pay for the damage out of their allowance can be a terriffic money management and life lesson. But beyond that, any subsequent discipline should be handled separately and non-financially.