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"I'm not so sure about this one. The first that should be noted is that none of the Elizabeths that drown Booker is "our" Elizabeth. If you look closely, none of the are wearing the bird/cage pendant from the beginning of the game. Also, Booker says something along the lines of, "You're not Elizabeth... who are you?" As for the "time is an ocean. not a river" thing, I'm pretty sure Elizabeth took care of all that. She drowned Booker before he could become Comstock, thus preventing all other Bookers from being baptized. Columbia is never created, and Anna is never taken. The siphon was destroyed, but after the final events of the game, the siphon never exists in the first place." -Aaron Cohen

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Interesting. Can anybody confirm that Elizabeth isn't wearing the pendant at the end? That, to me, doesn't say she can't be the Lamb. It says she already is: She's not "our" Elizabeth, she's some other version that Booker did not save, and thus did not choose the necklace for her. If true, the Lamb is tricking you, killing everybody that kept her chained up after using you to free her powers...

"The clip at the end of the credits suggests that Elisabeth only killed the versions of booker who accepted the baptism. if she killed all the versions of booker, then he never would have been in that office, and without the existence of comstock, there was no one to take anna away from him in exchange for his debts, so, because we see a crib still there, then as long as nothing else happened to anna, and booker found another way to settle his debts (which he probably could), he gets to have a normal life with his daughter." -Mr. Nickman

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That's a good interpretation of something I forgot to mention: Don't skip the credits. There's a scene afterward where Booker is in his office and hears crying. He stands up, goes to the door, and asks "Anna, is that you?" However, if all Comstocks are eliminated, then Quantum-powered Elizabeth wouldn't exist - there was nobody there to steal her to start it all. It's likely that she's become scattered across dimensions, like the Luteces, and so isn't necessarily affected by the continuity of timelines, but then - why does Booker ask "is that you?" If these events never happened, and only Quantum Elizabeth is left to remember them, why would Booker ask his crying infant daughter if it's really her? Two explanations: A. The versions of Booker that aren't drowned at the baptism have some memory of the events of Infinite because their timelines have been artificially altered, leaving psychic remnants of the experience. B. Booker was really drunk, and forgot how many babies he had.