  I attempt to answer the question of the title by giving an annotated list of
the major results achieved, over the last six years, in the program to
construct quantum general relativity using the Ashtekar variables and the loop
representation. A summary of the key open problems is also included. Also
included are expositions of several new results including the construction of
spatially diffeomorphism invariant observables constructed by coupling general
relativity to matter fields.
