“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?”

—  Walter Bagehot

Source: Lombard Street: A Description of the Money Market http://www.gutenberg.org/dirs/etext03/lsadm10.txt (1873), Ch. II, A General View of Lombard Street

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Walter Bagehot 42
British journalist, businessman, and essayist 1826–1877

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