> It's certainly possible to take kerning into account when calculating the
> letter spacings; I've written macros to do that.  The problem is that once
> you start letting the space for a letter overlap the space for another
letter,
> you can end up with actual glyphs overlapping after you bend them around
> the circle.

Actually, I don't think they will, as long as you're bending in such a way
that the distance between points never decreases. Otherwise the glyphs would
be overlapping anyway, regardless of kerning.

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