Scene 2
(the same)

Wanderer (Wotan): Good day, sir. I see you are a wise smith; will your generosity be as great to one who is tired of traveling?

Mime: Who are you, and why have you come here, this far into the forest?

Wanderer: I'm known only as "Wanderer". I've traveled the length and breadth of the earth; the land I walk on is the only home I have.

Mime: Well, if you're known for your wandering, then wander on away from here!

Wanderer: Many good men have offered me shelter; only those who fear misfortune have failed me.

Mime: Misfortune is already right here, at home with me. Are you planning to bring me some more?

Wanderer: I've traveled far, and I've learned a few things along the way. Many who have helped me have themselves been rewarded with information they needed. Perhaps you have a need, a problem I can help you with?

Mime: No, I don't need your help. You might know a lot of stuff, but I prefer to do things on my own. And I don't make deals with bums.

Wanderer: Many believe themselves wise, only to find that they don't know what they truly need. I offer my guidance and counsel to you freely.

Mime: I know all I need to! People are always learning things that are of no use to them, but my cleverness will get me by. Thanks for the offer; now please use your wisdom to find the door.

Wanderer: I offer you my life as the wager in a contest of wits between us. If I can't tell you what you most want to know, then you can have my head.

Mime: (aside) How can I get rid of this guy? I'll ask him the trickiest questions I can think of. (to the Wanderer) All right, I accept your life in exchange for my hospitality. I hope you're smart enough to win it back! I guess I'll ask you three questions - is that OK?

Wanderer: I'll give you three answers, then.

Mime: You say you've traveled far across the face of the earth, and have learned a lot from your travels. Then tell me: Which race of men lives underground, in the depths of the earth?

Wanderer: In the depths of the earth live the Nibelungs. Their home is called Nibelheim. They are the children of darkness, and Alberich was their Lord. He controlled them with the power of a magic Ring, and commanded them to collect a hoard of treasure for him. This treasure should have won him the world. What's your second question now, my friend?

Mime: You've answered the first question well, but tell me this: Which race lives on the broad surface of the earth?

Wanderer: The face of the earth is home to the race of the Giants. Their home is Riesenheim. Fasolt and Fafner were their masters; they envied the power of the Nibelungs, and won Alberich's gold and Ring for themselves. But Fafner killed Fasolt to get it all, and now he guards it in the form of a mighty dragon. Now, what is your third question?

Mime: You do know a lot about the world! But, can you tell me which race lives above the earth, up in the clouds?

Wanderer: In the clouds above live the Gods. Valhalla is their home. They are the lords of light, and Wotan is their ruler. His spear, with which he controls the workings of the world, was cut from the original ash tree, and will never wither or die. This spear is the source of Wotan's power. His treaties are carved in its shaft, as a symbol of Heavenly Trust. The Nibelungs bowed down to him; he commands the Giants as well. They must all obey him, for all eternity, the mighty Lord of the Spear! Tell me, wise dwarf: Have I answered the questions to your satisfaction? Is my life spared?

Mime: You have, very well indeed. Now, off with you!

Wanderer: You didn't greet me as a guest, yet I offered you my very life in exchange for answers to your questions. You should have used them for what you really needed to know. Since you yourself didn't know what it was you needed, I will now claim your life! You can save it by answering my three questions. I trust your wisdom is in good form today?

Mime: (aside) Long ago I came from my mother's womb. Long ago I left my native land. Wotan's eyes looked on me then, and now I feel all my wits leaving me as he looks at me again. But I must be strong. (aloud) All right, "Wanderer"! Let's see if luck is with me today; ask your questions!

Wanderer: First, my worthy friend, please tell me: Which race is it that is dearest to Wotan's heart, and yet was cruelly oppressed by him?

Mime: I don't know much about heroes and things like that, but fortunately I know the answer to this one: The Wälsungs are his beloved children, but they were put down by him. Siegmund and Sieglinde are the children of Wälse - twins, no less! - who had a child together. This child - Siegfried - is the strongest Wälsung of them all. Well, Wanderer, have I saved my life this time?

Wanderer: You've answered correctly. You do know a lot, and you also knew how to use it perfectly for my first question. My second question is this: A wise Nibelung has raised Siegfried, in the hope that the boy would slay Fafner and win him the Ring. This would make the dwarf master of the world. Tell me the name of the sword Siegfried must use to be successful in killing the dragon.

Mime: That's easy! Nothung is the sword, which was placed by Wotan in the trunk of an ash tree. Whoever could remove the sword would be the greatest of heroes. Many men tried, but the sword wouldn't budge. Only Siegmund, when he needed it the most, could get the sword out of the tree and take it into battle. But his sword was broken on Wotan's spear. The pieces are kept by a wily smith, who knows that a brave but foolish boy will use it to slay Fafner and win back the treasure! Have I saved my life yet again?

Wanderer: You have incredible knowledge, and have indeed used it to perfection a second time. With all the wit you used to manipulate Siegfried like you have, you shouldn't have any trouble at all telling me who will forge the mighty sword he will use to bring your masterful plot to fruition, and win the Rheingold and the Ring for yourself!

Mime: Oh, no! The sword! The pieces I can't forge! What can I say? I can't begin to guess! That damned sword! Why did I ever steal it? It's only brought misery and pain into my life! It's too hard to hammer, and no solder will hold it. If I can't do it, then who can? How could I ever begin to know who could perform this miracle?

Wanderer: You asked me three questions, and I gave you three answers. You asked about things far away, things unimportant. It must not have occurred to you to ask what you most needed to know, but now you seem surprised when I know what that was, what you should've asked me. Now, as your plans and your life lie in ruins, listen to this: "Only he who knows no fear can forge Nothung new again." I've won our wager, and I claim your life for my own. I'll leave it to the one who doesn't know fear to collect for me!