Credit means that a certain confidence is given, and a certain trust reposed. Is that trust justified? and is that confidence wise? These are the car… - Walter Bagehot

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Credit means that a certain confidence is given, and a certain trust reposed. Is that trust justified? and is that confidence wise? These are the cardinal questions. To put it more simply credit is a set of promises to pay; will those promises be kept?

English
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About Walter Bagehot

Walter Bagehot (February 3 1826 – March 24 1877) was an English businessman, essayist and journalist who wrote about literature, government and economics.

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But the mass of the old electors did not analyse very much: they liked to have one of their "betters" to represent them; if he was rich they respected him much; and if he was a lord, they liked him the better. The issue put before these electors was, which of two rich people will you choose? And each of those rich people was put forward by great parties whose notions were the notions of the rich—whose plans were their plans. The electors only selected one or two wealthy men to carry out the schemes of one or two wealthy associations.

... The fame of Gibbon is highest among writers; those especially who have studied for years particular periods included in his theme (and how many those are; for in the East and West he has set his mark on all that is great for ten centuries!) acutely feel and admiringly observe how difficult it would be to say so much, and leave so little untouched ; to compress so many telling points; to present in so few words so apt and embracing a narrative of the whole.

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The apparent rulers of the English nation are like the most imposing personages of a splendid procession: it is by them the mob are influenced; it is they whom the spectators cheer. The real rulers are secreted in second-rate carriages; no one cares for them or asks about them, but they are obeyed implicitly and unconsciously by reason of the splendour of those who eclipsed and preceded them.

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