The scholar Dr. Hammerbacher recounts the Rune Poem of the Edda as follows:

One day Odin rode his white horse Sleipnir until he reached the world ash Yggdrasil. There he saw three women sitting at the well. They were busy spinning threads and weaving the garment of fate for gods and men. Nornes, they were called- Urd, Werdandi, Skuld. Thereupon, the three women revealed to the god many secrets of the distant past and foretold the far-off future.

But the god was eager to learn even more about the worlds. So the women referred him to the giant Mimir, who dwells at the spring of wisdom, whose nourishing liquids feed the world tree.

Odin rode to Mimir. But the giant did not want to give his knowledge so easily. Therefore, Odin pledged his left eye to the mighty one. Then Mimir showed him the mysteries of this world.

Still, the Allfather was not fully satisfied in his quest for wisdom. On the way back through the desolate heath, he came upon a leafless tree. It was the Fogmoon and the frosty twilight permeated the landscape. Suddenly, his coat was caught in the branches of the tree. Odin hung between heaven and earth. In vain, he tried to free himself. Herjafather's white horse "Sleipnir", also called "Glidehoof," circled around him, whinnying. His ravens "Hugin" and "Munin"-thought and memory- flew around him agitatedly and brought the world's thoughts to him.

Odin struggled with himself for the ultimate wisdom. Nine nights he hung on the windswept tree. His inner being gradually grew clearer and more luminous. Now he finally found the symbols of life's noblest values. He bent down deeply from the tree. Groaning with extreme exertion, he took up the signs and cut them into the trunk with his sword. Rune she called these sacred glyphs, because they whisper wisdom to the initiated (the word "rune" is related to the German "raunen"= to whisper). Now, Skyfather was possessed by the mighty ability to free himself from the tree. He fell down, jumped up, called his steed and rode back to Valhalla, the castle of the gods.

Odin-Wotan proceeded to initiate his divine companions into the lore of the runes. He also gave this gift to his most loyal men. Men who lived according to his laws and fought alongside him for the cosmic universal order and against the dark forces. Chosen women were also instructed in the runic arts by the god. Now the signs became the sacred writing of the Germanic people, as announced by the Eddic Rune Poem.

From an article by Dr. Wieland Hopfner