At the time I learned quantum field theory it was considered a folk theo rem that it is easy to construct field theories fulfilling either the locality or the spectrum condition. The construction of an example for the latter case is particularly easy. Take for instance an irreducible representation of the Poincare group with positive energy, and as an algebra of observables all compact operators in that representation space. This algebra of observables is even an asymptotically Abelian algebra. Since it has only a single repre sentation - except for multiples of this one - it is hardly...