Sovereign credit is the credit of a sovereign country backed by the financial resources of that state. Sovereign credit is the opposite of sovereign debt. Fiat money is sovereign credit and sovereign bonds are sovereign debts. When money buys bonds, sovereign credit cancels sovereign debt.
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Famous quotes containing the words sovereign and/or credit:
“If these were only words that I am speaking
Indifferent sounds and not the heraldic-ho
Of the clear sovereign that is reality,
Of the clearest reality that is sovereign,
How should I repeat them, keep repeating them....”
—Wallace Stevens (1879–1955)
“Most of the money given by rich people in “charity” is made up of conscience money, “ransom,” political bribery, and bids for titles.... One buys moral credit by signing a cheque, which is easier than turning a prayer wheel.”
—George Bernard Shaw (1856–1950)