Retardation causes the Coulomb field of a moving point particle to be pinch
ed in a direction transverse to the direction of the particle's velocity. T
he pinch is expected to be strong as the velocity approaches the speed of l
ight, a situation which arises at small interparticle distances between par
ticles of opposite charge and equal mass, where the motion would be expecte
d to be strongly one-dimensional and hence strongly binding in the directio
n of the pinch. The Klein-Gordon and Dirac equations are solved for this si
tuation; the results suggest that an alternative interpretation for positro
n-electron annihilation might be two-photon decay to a quantum state descri
bing strong two-body binding in the direction of the pinch of the retarded
potential. The alternative interpretation is supported by the fundamental r
elativistic energy-momentum relation, (E - V)(2) = m(2)c(4) + c(2)p(2), whi
ch guarantees, for a removable V-2 singularity at the origin, that the ener
gy goes to zero as the quantum-mechanical mean of V goes to -infinity. In t
he present strong-binding theory any residual mass between zero mass (Dirac
interpretation) and the mass implied by the imprecision of energy-release
measurements is consistent with existing experimental knowledge of annihila
tion. (C) 2000 Elsevier Science B.V. All rights reserved.