Yes, in the proverbial nutshell -- with the caveat that I'm not trying to give a history lesson, because my memory is blessedly cloudy on the decades of debates and commissions and specifc reforms. And to refresh one's recollection in this mass of trees and missing forests is an exercise truly beloved of only wonks and political science majors. So this is stylized political history, stylized policy, and stylized macroeconomics. But I find it helpful to think about this stuff at the 40,000 feet level -- and from there, the important thing you have to always go back to in government financing is cash and to what extent the government winds up printing the stuff.