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I am in agreement with everything Moon has said, except for the
following paragraph:

    Right now, Common Lisp has two kinds of cells: global cells and local
    cells.  Local cells have lexical extent, while global cells have global
    extent and can be referenced from anywhere except where they are shadowed
    by a local cell referenced by the same name.

I believe this paragraph confuses the notions of extent and scope.
In the terminology of CLTL chapter 3, both kinds of cell have
indefinite extent (but the bindings of a global cell have dynamic
extent).  The *names* used to refer to these cells have lexical
and <???> scope, respectively.

If this bit of language were to be cleaned up, I would favor something
like Moon's proposal.