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Four hypotheses seem relevant:
1. Panofsky gives a wrong picture - the effect does not exist.
2. If we punch a hole in the plate, below the surface of the liquid inside the
capacitor but above the surface of the liquid outside the capacitor, no liquid
will leak out through the hole.
3. The liquid will leak out in violation of the first law.
4. The liquid will leak out in violation of the second law.