Let's start with something common:
> 'Dreams are dreams.'
Let's negate it (using instead of its contracted form ):
> 'Dreams are not dreams.'
is a {} ("binding particle"). Any fits in this spot. is also a :
> 'Dreams are nothing but dreams.'
* * *
The "modern" grammatical analysis of this stuff is that is the {} ("continuative form") of the copula which results in and falling nicely into this general rule:
> ( of something) + (optional ) + ( or )
Some other instances of this rule are ``````