“The crucial thing is to understand what banks do. And it’s not mostly about money creation! Instead, what banks are for is helping to improve the tradeoff between returns and liquidity.
Actually, what banks do is mostly about money creation. Of a sort. See here, here, and here. But I digress.
“Like a lot of people, my insights draw heavily on Diamond-Dybvig (pdf), one of those papers that just opens your mind to a wider reality. What DD argue is that there is a tension between the needs of individual savers — who want ready access to their funds in case a sudden need arises — and the requirements of productive investment, which requires sustained commitment of resources.
Banks can largely resolve this tension, by offering deposits that can be withdrawn on demand, yet investing most of the funds thus raised in long-term, illiquid projects. (…)
The problem, of course, is the vulnerability of such a system to self-fulfilling panics: if people believe that a bank will fail, everyone will in fact want to withdraw funds at the same time — and because the bank’s assets are illiquid, trying to meet those demands through fire sales can in fact cause the bank to fail.
This then leads to the need for policy: deposit insurance and/or lender of last resort facilities to head off bank runs, and bank regulation to reduce the moral hazard from these explicit or implicit guarantees.
So, according to Professor Krugman’s defense of Bagehot banking, the alleged purpose of banks is to resolve this “tension” between the need of individuals for ready access to their funds, and the “sustained commitment of resources” required for “productive investment”. The banking system — designed in the 17th century — can “largely” resolve this tension, but is vulnerable to bank runs, and so requires complex regulation, and deposit insurance and/or central banks to support it.
Here is an alternative solution to the Diamond-Dybvig-Krugman “tension” problem.
By giving everyone a tool to create ‘money’ in the same way that banks do — by simple double-entry bookkeeping — individuals can always have ready access to funds, and make sustained commitments to productive investments. No vulnerability to bank runs. No need for complex regulation, deposit insurance, or a “lender of last resort”.
“Tension” problem solved.
This is, after all, the 21st century Paul. Things have moved on a bit.
On Double-Entry Bookkeeping, Money Creation, Sexual Alchemy, and the Magickal Inversion of Values
“In vulgar opinion, transmutations and metamorphoses have always been the very essence of magic. Now, the crowd, being the echo of opinion, which is queen of the world, is never perfectly right nor entirely wrong. Magic really changes the nature of things, or, rather, modifies their appearances at pleasure, according to the strength of the operator’s will … Speech creates its form, and when a person, held infallible, confers a name upon a given thing, he really transforms that thing into the substance signified by the name. The masterpiece of speech and of faith, in this order, is the real transmutation of a substance without change in its appearances.”1
– Eliphas Lévi, Transcendental Magic, 1896
“In case you thought banks lend money—they take deposits and lend money—you’re wrong. Legally, they do not take deposits, they borrow from the public. The expressions in banking are designed to mislead what’s really happening. What does a bank do? Banks purchase securities .. and they don’t pay up.”
– Professor Richard Werner, Address to the Russian Academy of Sciences, 12 Feb 2015
It is often said that “the devil is in the detail”. We commonly understand this to mean that hidden somewhere there is a catch or mysterious element. It serves as a warning to pay close attention in order to avoid error… or entrapment.
When we consider the grand mystical numberland of banking and finance today, with its infinitely labyrinthine mountains of multi-layered financial derivatives—allegedly ‘monetary’ instruments bearing incomprehensible acronyms, innumerable interconnections, and indecipherable obligations—one might be forgiven for believing that the devil and his minions really does now rule the world.
So it is both interesting and ironic that this idiom is itself a derivative—and an inversion—of an earlier saying.
“Le bon Dieu est dans le détail” (“the good God is in the detail”)2 means that attention paid to small things has big rewards. It serves as an encouragement to be conscientious in one’s work; that whatever one does, it should be done thoroughly, with an eye to how “the good God” will judge it.
There, we traced the history of el modo vinegia (“the Venetian method”) of double-entry bookkeeping, and unveiled the abundant evidence for its true purpose.
Contrary to popular belief, it was not developed as a dry, moral values-free, coolly rational mathematical tool of accounting and practical commerce. It was, rather, a Hermetic-Kabbalist ‘magick’ method for a very different kind of calculation – the deliberate, willful concealment of the immoral (and at the time, illegal) practice of lending money for gain (usury).
We also demonstrated that the method, both of double-entry bookkeeping, and of bank ‘money’ (credit) creation ex nihilo (“out of nothing”), is precisely represented by the Hermetic-Kabbalist alchemical symbol of the hexagram:
However, in one small detail, the above diagram has never appeared to me to be perfectly consistent with 19th century French occult magus Eliphas Lévi’s “Double Triangle of Solomon”, as referenced in my essay:
Seal of Solomon, front page of Eliphas Lévi’s ‘Transcendental Magic, its Doctrine and Ritual’ (Source: Wikipedia)
Lévi tells us that “(t)he notion of the infinite and the absolute is expressed by this sign … the most simple and complete abridgment of the science of all things”3:
The Double Triangle of Solomon, represented by the two Ancients of the Kabbalah; the Macroprosopus and the Microprosopus; the God of Light and the God of Reflections; mercy and vengeance; the white Jehovah and the black Jehovah.4
Specifically, the detail that has long troubled me is the two little symbols (and their inverses) in Lévi’s sign, representing inter alia the Hermetic-Kabbalist alchemical axiom, “As above, so below”5:
“That which is above equals that which is below,” says Hermes.6
Comparing with my diagram, the apparent inconsistency is clear:
As you can see, that which is Above does not appear to be the same as that which is Below – that is to say, in the very particular sense of there not appearing to be two different pairs of opposing (inverse) identities on the Left hand side versus the Right hand side, as depicted in Lévi’s “Great Seal”.
Note carefully that the word values (meanings) do not appear to match – even though their numerical values do, as indeed they must (remember the fundamental rule of double-entry bookkeeping – “For every credit there must be a matching debit”):
The apparent inconsistency is easily resolved, however, by a closer consideration of Lévi’s magnum opus, with particular attention to the importance of language—and especially of speech—in ritual magick (italicised and bold emphasis added):
Grammar itself attributes three persons to the verb. The first is that which speaks, the second that which is spoken to, and the third the object. .. The magical dogma is also one in three and three in one. That which is above is like or equal to that which is below. Thus, two things which resemble one another and the word which signifies their resemblance make three.7
What is the word that signifies the “resemblance” of the symbols and their inverses?
What is the word that defines not the form but the substance of the so-called ‘Asset’ and ‘Liability’—words that appear to be contradictory—as employed in the process of bank ‘money’ creation?
Interestingly, the correct word is itself a triadic word; one in three and three in one.
Or, to use the correct legal term employed by the ‘money’ creators, a Promissory Note (ie, promise-ory). In layman’s terms, an I-Owe-You (“IOU”).
If you have read my earlier essay, you will recall that we went through the double entry process step by step, demonstrating that it is precisely represented by the Double Triangle of Solomon.
Let us review that process symbolically once again, but this time, with a more precise, and complete word definition included. That is to say, we will now include the triadic word (“IOU”) that signifies the unity of the “two things which resemble one another”—the two apparent opposites—that are being created. We will also include the word that signifies the identity of the person issuing the IOU.
When you go to the bank to borrow money, the first critical step is the forming of an agreement – the loan contract:
The contract says, in essence, that the bank promises-to-pay (IOU) a number of Dollars, Euros, or Pounds (the “principal” of the loan), in exchange for your promise-to-pay (IOU) the bank the same (“principal”) number of Dollars, Euros or Pounds back again …
… plus “interest” (usury):
From your perspective as the borrower, on the one (right) hand your IOU to the bank is your Liability – you are going to have to discharge that liability, by paying the bank in future. On the other (left) hand, the bank’s IOU to you is your Asset – when the bank discharges its liability to you, you will have ‘money’ to spend:
Likewise, from the bank’s perspective, their IOU to you is their Liability, and your IOU to them is their Asset:
When the loan contract—a binding legal document—is signed by both parties, the Sacred Marriage or Divine Union between the male (phallic △) principle (the Lender), and the female (vulva ▽) principle (the Borrower) is ready to be consummated.8
It behooves one to draw attention to the obvious anthropomorphic metaphor here: the Borrower is about to get ****** by the Lender.
As we can now see, by carefully defining what is the true substance, and not just the magickal form of words used, the Above does indeed match the Below. The legal substance (an IOU) and its numerical value (the principal amount) is identical, as is the identity (person) who “owes” on either side. Only the word form (and thus, the word value, or meaning) is transformed, by inversion:
Now, consider carefully that it is the Lender (male △ identity) IOU that appears in its inverse reflections “As above, so Below” on the Left hand side, while the Borrower (female ▽ identity) IOU appears on the Right hand side.
Eliphas Lévi informs us that (bold and italicised emphasis added):
The primeval sages, when seeking the First of Causes, beheld good and evil in the world; they considered the shadow and the light; they compared winter with spring, age with youth, life with death, and their conclusion was this: The First Cause is beneficent and severe; it gives and takes away life. Then are there two contrary principles, the one good and the other evil, exclaimed the disciples of Manes. No, the two principles of universal equilibrium are not contrary, although contrasted in appearance, for a singular wisdom opposes one to another. Good is on the right, evil on the left, but the supreme excellence is above both, applying evil to the victory of good and good to the amendment of evil.9
It is apparent then, that the Hermetic-Kabbalist creators of the Venetian method of double-entry bookkeeping have also inverted the traditional correspondence of Good with the Right hand side, and Evil with the Left hand side. In double entry, the rule of law (pun meaningfully intended) is reversed – Assets (“in the black“) are shown on the Left, and Liabilities (“in the red“) on the Right:
If the stunned exclamation “Holy ****!” leapt to your lips in the watching of that video, then you might well be forgiven.
Because you are more near to right than you know.
This formalised inversion of values can be traced back to the ancient Semitic empires of Mesopotamia, and the cult worship of Inanna-Ishtar, goddess of Love and War, the “Queen of Heaven” (all parentheses in original; bold and italicised emphasis added):
Central to the goddess as paradox is her well-attested psychological and more rarely evidenced physiological androgyny. Inanna-Ishtar is both female and male. Over and over again the texts juxtapose the masculine and feminine traits and behavior of the goddess.10
Her androgyny (also) manifests itself ritually in the transvestism of her cultic personnel. The awesome power of the goddess shows itself in the shattering of the human boundary between the sexes: “She (Ishtar) [changes] the right side (male) into the left side (female), she [changes] the left side into the right side, she [turns] a man into a woman, she [turns] a woman into a man, she ador[ns] a man as a woman, she ador[ns] a woman as a man.”11
Sjöberg… discusses the meaning of the transformation implied here. In his opinion, the passage does not suggest “a changing of the sexes when referring to the Inanna-Ishtar cult. The passages refer only to the changing roles of women and men in the cult ceremonies.” … Note the association in Mesopotamia, as elsewhere, of the left side with the female and the right side with the male. On the “pure right” hand and the “impure left” hand, see M. Civil, “Enlil and Ninlil: The Marriage of Sud”…12
Inanna-Ishtar combines male aggressiveness with the force of superabundance of female sexuality. She encompasses the two forms of potential disorder and violence—sex and war.13
The most vivid expressions of the goddess’s innate contradictions appear in the following passage:
To run, to escape, to quiet and to pacify are yours, Inanna….
To destroy, to build up, to tear up and to settle are yours, Inanna….
To turn a man into a woman and a woman into a man are yours, Inanna…. Business, great winning, financial loss, deficit are yours, Inanna….
Neglect, careful preparation, to raise the head and to subdue are yours, Inanna….
Slander, untruthful words, to speak inimical (words) (and) to add hostile words are yours, Inanna….
To initiate a quarrel, to joke, to cause smiling, to be base and to be important are yours, Inanna.14
Inanna-Ishtar’s cultic celebrations and cultic personnel above all reflect her anomalousness and liminality. She is, one might say, externalized into unordered, carnivalesque celebration that demonstrates a reaching beyond the normal order of things and the breakdown of norms. The goddess’s festivals are institutionalized license. They celebrate and tolerate disorder. They are occasions when social rules are in abeyance and deviance from norms is articulated. Through symbolic inversion they attack the basic categorical differences between male and female, human and animal, young and old.15
The chief participants and actors in the goddess’s cult are well known by name … Their transvestism simulated the androgyny of Inanna-Ishtar. It was perhaps the inversion of the male/female binary opposition that thereby neutralized this opposition. By emulating their goddess who was both female and male, they shattered the boundary between the sexes. … The cultic personnel of the goddess in their costumes, words, and acts had but one goal: “to delight Ishtar’s heart, give themselves up to (otherwise) for[bidden] actions.”16
The male prostitutes comb their hair before her….
They decorate the napes of their necks with colored bands….
They gird themselves with the sword belt, the “arm of battle”….
Their right side they decorate with women’s clothing….
Their left side they cover with men’s clothing….
With jump ropes and colored cords they compete before her….
The one who covers the sword with blood, he sprinkles blood….
He pours out blood on the dais of the throne room.16a
Returning then to our account of the monetary Sacred Marriage or Divine Union that is about to be consummated—that is, now that the all-important legal document (the loan contract) has been signed—we are about to discover that another inversion of (word) values is about to take place. This one, far more crucial. And entirely one-sided.
If you go to the bank and you borrow money you sign a loan contract – very crucial. Your signature creates the money supply. Because the bank—legally—will consider the loan contract a Promissory Note, and that’s what it’s considered legally, a Promissory Note … and the bank purchases this contract. That’s what they do; they purchase the loan contract. Now, they owe you money. You say ‘I don’t care about the mechanics, give me the money’. The banker will say, ‘We’ll put it in your account. You’ll find it in your bank account’. Well, what is a bank account? It is not a deposit. What is it? It is a record of the bank’s debt to the public; it is a record of the bank’s debt to the new borrower, and they’ll show you the record of how much money they owe you. That’s it. They don’t pay up.17
In other words, the Lender—the male (phallic △) principle—does not discharge his Sacred Marital (legal) obligation to the Borrower, the female (vulva ▽) principle.
‘Our’ monetary system is really an “Un-holy ****”.
It is an anthropomorphic metaphor for the ancient alchemical practice of coitus reservatus—an andocentric, misogynist, predatory ritual magick system for the acquisition, manipulation, transformation, and domination of the female power18 principle of fertility or fecundity (i.e., the power to create abundant new life)—applied to the realm of ‘money’ creation. The Lender chooses not to discharge his ‘essence’ (substance) or ‘seed’ (the “principal”) that he is obligated to give her, in exchange for her promise to repay him with her “firstborn” (monetary) “child”; the “first fruits” of her “labour”.
Bernard Lietaer and Rivkah Harris (respectively) explain:
Essentially, to pay back interest on a loan requires using someone else’s principal. In other words, not creating the money to pay interest is the device used to generate the scarcity necessary for a bank-debt monetary system to function. It forces people to compete with each other for money that was never created…19
Play (mēlulu) is an integral part of Inanna-Ishtar’s personality… her playground was the battleground: “Goddess of fights, let the battle proceed like the play of puppets.” .. “Ishtar, whose play is fighting.”20
Now that the Borrower has naïvely signed up for her legal obligation to him, the Lender engages in a willful act of deception; he inverts the meaning of the words used to define his own legal obligation to her.
If you will forgive a little wordplay, well might ‘our’ monetary system be called “Malice in Numberland”.
For our purposes here I have taken the liberty of excerpting from the Conclusion of the professor’s paper, and inserting the relevant tables (my bold and italicised emphasis added):
The act of signing the loan contract and purchasing it as a promissory note of the borrower without yet making the borrowed funds available to the borrower (Step 1) has the same accounting implications for banks, non-banks and non-financial corporations alike. In all cases, the balance sheets lengthen, as an asset (the loan contract) is acquired and a liability to make money available to the borrower is incurred (accounts payable).21
In Step 2, the lender makes the funds available to the borrower. The fact that in Step 2 the bank is alone among firms in showing the same total impact on assets and liabilities as everyone else at Step 1, when the money had not yet been made available to the borrower, demonstrates that the bank did not actually make any money available to the borrower. This means that the bank still has an open ‘accounts payable’ liability, as it has not in fact discharged its original liability. What banks do is to simply reclassify their accounts payable items arising from the act of lending as ‘customer deposits’, and the general public, when receiving payment in the form of a transfer of bank deposits, believes that a form of money had been paid into the bank. As a result, the public readily accepts such ‘bank deposits’ and their ‘transfers’ to defray payments. They are also the main component of the official ‘money supply’ as announced by central banks (M1, M2, M3, M4), which is created almost entirely through this act of re-classifying banks’ accounts payable as fictitious ‘customer deposits’.22
This one-sided inversion of (word) values appears like this when depicted in its Hermetic-Kabbalist symbolic form:
As you can see, the ‘money’-Lender sex magicians—for all practical intents and purposes—transform their own Liability (“AC Payable”) into a fictitious “Client Deposit” (that is, as seen by the Borrower), through the power of authoritative opinion, repeated ad infinitum.
It is worth recalling Eliphas Lévi here (bold and italicised emphasis added):
In vulgar opinion, transmutations and metamorphoses have always been the very essence of magic. Now, the crowd, being the echo of opinion, which is queen of the world, is never perfectly right nor entirely wrong. Magic really changes the nature of things, or, rather, modifies their appearances at pleasure, according to the strength of the operator’s will … Speech creates its form, and when a person, held infallible, confers a name upon a given thing, he really transforms that thing into the substance signified by the name. The masterpiece of speech and of faith, in this order, is the real transmutation of a substance without change in its appearances.
This magick power of speech to create form, and to (apparently) transform the substance of a thing simply by conferring a (different) name on it, is only the more pertinent in light of the recent release of the Panama Papers, allegedly containing evidence of tax avoidance (both legal, and illegal) practiced by wealthy individuals and public officials, through their lawyers and accountants, via offshore company entities.
In yet another inversion of word values (meaning), there is a formal accounting principle called “Substance over form” that enables precisely the kinds of legal obfuscation adopted by these individuals in moving their wealth offshore … and that banks perform in the magickal transformation of their “accounts payable” obligations (bold and italicised emphasis added):
Substance over form is an accounting principle which recognizes that business transactions should be accounted in accordance with their (economic) substance instead of their (legal) form. Economic substance refers to the underlying economic or commercial purpose of a business transaction apart from its legal or tax considerations. Legal form refers to interpretation of a business transaction in accordance with the applicable business laws.
While accounting for business transactions and other events, substance over form principle requires accountants to measure and present the economic impact of an event instead of its legal form. …
Substance over form principle is recognized by all major financial reporting frameworks, namely the International Financial Reporting Standards (IFRS) and US GAAP, etc. External auditors are required to attest that companies recognize all business transactions in compliance with the substance over form concept.23
In accounting then, the legal definition of a transaction is not considered its substance; it is now only its form, is open to interpretation, and, most importantly, is to be considered only apart from and secondary to the (claimed) “purpose”. The ‘substance’ will now be whatever the accountant (or banker) claims the purpose of the transaction to be.
Since the economic purpose of a bank’s “accounts payable” item is to provide the customer with ‘money’, then according to this barefaced inversion of logic, reason, and morality, it is standard accounting practice for the bank to re-enter (transform) and record its “accounts payable” item as a “customer deposit”, even though the true substance of that item remains, both legally, and from the bank’s own perspective, a Liability (IOU) of the bank!
As we saw in my previous essay, the Venetian method of double-entry bookkeeping was developed as a tool for the deliberate concealment of illegal (and immoral) practices. So perhaps the “substance over form” example of Generally Accepted Accounting Principles (GAAP) should come as no great surprise.
It is important not to lose sight of the fact that it is not only through the speech of an authority “held infallible” that such a transformation becomes ‘real’ – it is also through the ceaseless repetition of those magick words over generations.
Had Apollonius [of Tyana] offered a cup of wine to his disciples, and said to them: “This is my blood, of which ye shall drink henceforth to perpetuate my life within you;” and had his disciples through centuries believed that they continued the transformation by repeating the same words; had they taken the wine, despite its odour and taste, for the real, human, and living blood of Apollonius, we should have to acknowledge this master in theurgy as the most accomplished of enchanters and most potent of all the magi. It would remain for us then to adore him.24
M. de Montalembert seriously relates, in his legend of St Elizabeth of Hungary, how one day this saintly lady, surprised by her noble husband, from whom she sought to conceal her good works, in the act of carrying bread to the poor in her apron, told him that she was carrying roses, and it proved on investigation that she had spoken truly; the loaves had been changed into roses. This story is a most gracious magical apologue, and signifies that the truly wise man cannot lie, that the word of wisdom determines the form of things, or even their substance independently of their forms. Why, for example, should not the noble spouse of St Elizabeth, a good and firm Christian like herself, and believing implicitly in the real presence of the Saviour in true human body upon an altar where he beheld only a wheaten host, why should he not believe in the real presence of roses in his wife’s apron under the appearances of bread? She exhibited him loaves undoubtedly, but as she had said that they were roses, and as he believed her incapable of the smallest falsehood, he saw and wished to see roses only. This is the secret of the miracle.25
Let us indulge ourselves in a small act of transformation of our own, replacing the forms and identities in the words of Lévi’s tale with those of our present subject:
Why, for example, should not the noble client of St Goldman, a good and firm Christian like himself … why should she not believe in the real presence of money in her bank account under the appearances of a promissory record? He exhibited her a record of the promise undoubtedly, but as he had said that it was money, and as she believed him incapable of the smallest falsehood, she saw and wished to see money only. This is the secret of the miracle.
What all this means of course, is that for several hundreds of years (yes, literally), we have all like sheep been led astray.
That is to say, we have been led to believe a lie.
All of the ‘money’ that we believe ourselves to own, and that we circulate daily among ourselves in payment for goods, services, and investments, is neither ‘money’ in true substance, nor are we the owners of it.
The reality of the system is this. Bankers create IOUs out of nothing. These digital tokens represent our IOU to the bank. Then—by a clever accounting trick—they let us borrow their IOUs as ‘money’.
Begging the question – why don’t we all do the same thing, and just lend to ourselves?*
It also begs the question of how it is that the ‘money’ magicians have been able to perpetuate this colossal deception for so long, without being discovered and called to account.
Eliphas Lévi explains:
To become invisible one of three things is necessary—the interposition of some opaque medium between the light and our body, or between our body and the eyes of the spectators, or the fascination of the eyes of the spectators in such a manner that they cannot make use of their sight. Of these methods, the third only is magical. Have we not all of us observed that under the government of a strong preoccupation we look without seeing and hurt ourselves against objects in front of us?26
The secret of invisibility, therefore, wholly consists in a power which is capable of definition—that of distracting or paralysing attention, so that the light reaches the visual organ without impressing the eye of the soul. To exercise this power we must possess a will accustomed to sudden and energetic actions, great presence of mind, and skill no less great in causing diversions among the crowd. Let a man, for example, who is being pursued by his intending murderers, dart into a side street, return immediately, and advance with perfect calmness towards his pursuers, or let him mix with them and seem to be engaged in the chase, and he will certainly make himself invisible. A priest who was being hunted in ’93, with the intention of hanging him from a lamp-post, fled down a side street, assumed a stooping gait, and leaned against a corner, with an intensely preoccupied expression; the crowd of his enemies swept past; not one saw him, or, rather, it never struck anyone to recognise him; it was so unlikely to be he!27
There are a variety of words and phrases that come to mind as being apropos to describe this phenomenon.
But perhaps the most apropos word of all would be this.
* You may be interested to discover an alternate currency ecosystem concept of my own design, that can enable everyone to do this – to be their own central banker. Visit deror.org
I am presently writing a book on the thesis outlined in this, and my earlier essay. As we have seen, the core concepts are traceable right back to the ancient Semitic cult worship of Inanna-Ishtar, the “Queen of Heaven”. Of particular interest is the evidences for widespread regional use of magickal talismans and erotic plaques placed at thresholds (eg, doorways, windows) to sexually attract and “bind” prosperity demons:
Source: Sex, Magic, and the Liminal Body in the Erotic Art and Texts of the Old Babylonian Period, Assante. J, (2002)
Source: Sex, Magic, and the Liminal Body in the Erotic Art and Texts of the Old Babylonian Period, Assante. J, (2002)
If you would be interested in receiving notification upon the book’s completion and publication, please feel free to drop me a line using the contact form at deror.org
Added quotation (footnote 16a) plus video clip “The male prostitutes..decorate the napes of their necks with colored bands”
 Eliphas Lévi, Transcendental Magic, Its Doctrine and Ritual (1896), p. 282
 John Bartlett, Bartlett’s Familiar Quotations: A Collection of Passages, Phrases, and Proverbs Traced to Their Sources in Ancient and Modern Literature, 17th ed. (2002)
 Eliphas Lévi, Transcendental Magic, Its Doctrine and Ritual (1896), p. 44
 ibid, p. xxi
 “That which is above is from that which is below, and that which is below is from that which is above, working the miracles of one” – Hermes Trismegistus, The Emerald Tablet, translation by Jabir ibn Hayyan, (Holmyard 1923: 562.)
 Eliphas Lévi, Transcendental Magic, Its Doctrine and Ritual (1896), p. 38
 ibid, p. 44
 Julia Assante, Sex, Magic, and the Liminal Body in the Erotic Art and Texts of the Old Babylonian Period (2002)
 Eliphas Lévi, Transcendental Magic, Its Doctrine and Ritual (1896), p. 46
 Rivkah Harris, Inanna-Ishtar as Paradox and the Coincidence of Opposites, History of Religions, Vol. 30, No. 3 (Feb., 1991), p. 268
 ibid., p. 270
 ibid., p. 270 n. 48
 ibid., p. 270
 ibid., p. 265
 ibid., p. 273
 ibid., p. 276-277
[16a] ibid., p. 276, cf. n. 83 – DD. Reisman, “Iddin-Dagan’s Sacred Marriage Hymn,” Journal of Cuneiform Studies 25 (1973): 187:45-64
 Victor and Victoria Trimondi, The Shadow of the Dalai Lama: Sexuality, Magic and Politics in Tibetan Buddhism (2003)
 Richard A. Werner, “To a new understanding of the function of the banking sector: the mechanism of productive credit creation and quantitative easing”, presentation to the Russian Academy of Sciences, round table “Anti-crisis fiscal policy of the state in the interests of economic development of Russia” (2015)
 Bernard Lietaer and Jacquie Dunne, Rethinking Money, (2013), p. 39
 Rivkah Harris, Inanna-Ishtar as Paradox and the Coincidence of Opposites, History of Religions, Vol. 30, No. 3 (Feb., 1991), p. 274
 Richard A. Werner, How do banks create money, and why can other firms not do the same? An explanation for the coexistence of lending and deposit-taking (2014)