  We argue that quiescent WZ Sge is a rapidly spinning magnetic rotator in
which most of the matter transfered from the secondary is ejected from the
system. Assuming that the observed 27.87 s oscillation period is due to the
spinning white dwarf we propose that the other observed principal period of
28.96 s is a beat due to reprocessing of the rotating white dwarf beam on
plasma blobs in Keplerian rotation at the outer disc rim. The weaker,
transient, 29.69 s period is identified as a beat with the Keplerian period of
the magnetosphere. WZ Sge evolves through a cycle of spin-up and spin-down
phases. During the spin-down phase it is a DQ Her star, during the spin-up
phase it should be a ER UMa star.
