Taking the reported high-Q^2 anomaly at HERA as a signal of new physics, we show that several independent considerations point towards s-channel leptoquark production as the most attractive interpretation. We argue that even this option is highly constrained by flavor-changing processes: the couplings must be accurately diagonal in the quark and lepton mass eigenstate basis and should preserve individual quark and lepton family numbers. We propose a dynamical mechanism that might produce this

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... ttern; it has distinctive experimental consequences.