Surely, you're joking, Mr. Wheeler :)
However, it would be interesting to see the process of annihilation explained in terms of this one.
To surmount this, I suppose you could say there are N electrons (where N is still less han the total # observed). Assuming not all loops are closed, this could also explain the electron/positron imbalance (more forward-going strings) as well as quantum entanglement (different instances of the same electron).
Experiment to test this theory: allow the positron from a newly created electron-positron pair to annihilate with a second electron. The spin of the two electrons should always be the same.