We discuss a novel manifestation of the global anomaly in an
gauge theory with an odd number of chiral quark doublets and arbitrary Yukawa
couplings. We argue that the massive 4-dim.() Euclidean Dirac operator is
nonhermitean with its spectrum of eigenvalues lying in
pairs in the complex plane. Consequently the existence of an odd number of
normalizable zero modes of the 5-dim.() massive Dirac operator is
equivalent to a fermionic level exchange phenomenon, level circling'', under continuous topologically nontrivial deformations of the external gauge field. More generally global anomalies are a manifestation of fermionic level circling’’ in any gauge theory with an odd number of massive
fermions in the spinor representation and arbitrary Yukawa couplings.

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