Even when you think you know what's going on, you don't really know at all.
The second episode of Loki, titled "The Variant," ends with us meeting this mysterious figure that has caused mischief and mayhem with the Time Variance Authority. We presumed it was Loki as we know him, (the TVA even told us as much), yet when the mystery figure reveals herself, it turns out to be a female version of Loki!
There's a lot to unpack here, some of which may allude to our political climate. Is this actually the same Loki character we know, but transformed into a woman (the timing of recent headlines about Loki being transgender make more sense)? During a briefing early in the episode, Mobius informs his crew that "Variant" Loki - called Lady Loki in the comics - could have a variety of looks (as opposed to the possibility that multiple Lokis are running around history). She could be a shapeshifter. She could just be appearing as a woman only in the moment. We see images of Loki as a Kree and a Hulk, for example (and maybe a bicyclist holding a trophy?). Some of these variations of Loki may have new powers, which is a simple way to expand the character in general and give him space for more cool tricks that we haven't seen. I'd love to see a version of Loki with Thor's powers, and then see that Loki actually fight Thor!
During this briefing, 2012 Loki gets to show off a bit of intelligence by explaining the difference between Illusion Projection and Duplication Casting powers. He's trying to earn trust with the TVA, which works, because they take Loki on his first mission. Foolish, right? Except that Mobius pulls out a new carrot to dangle in front of Loki by mentioning he might earn an audience with the Time Keepers. But still mostly foolish, because there's no way he should expect that to work (hint: it doesn't).
As a quick tangent, 2012 Loki keeps referring to the Time Keepers as "Space Lizards," but we've already seen the Time Keepers prior to the Loki show. In Guardians of the Galaxy: Vol. 2, Rocket makes many jumps through space, and during one of those jumps, we catch a glimpse of the three Time Keepers on a random meteor talking to Stan Lee (one of his better cameos). There are three scaly armor sets in one of the TVA's offices, which is Loki's point of reference, but in Guardians 2, we see three smooth human-esque characters with robes. It seems like a gross oversight on Marvel's part; then again, we've only seen statues and armor-like sets of these Time Keepers through the first two episodes, so I could be proven wrong later when we see them in the flesh. Then again, if they are not lizards, then why do the statues make them look like that? Maybe there are variations of them, too? But I digress...
Anyway, the TVA arrives at the scene of Lady Loki's latest crime, a Renaissance fair in 1985 (for those keeping score, this is just three years ahead of the opening scene of Guardians of the Galaxy: Vol. 1, when Peter is a child). And, of course, as Loki always does, he seizes the opportunity to help himself. He stalls the TVA's search of the Variant. It's too bad Thor isn't around right now, because he seems to be the only person in the universe who knows never to trust Loki and his bag of tricks. Mobius and the TVA give in to his antics momentarily, but in the end, they just reset the timeline and all is well for the time being (though the TVA did lose officer C-20).
Here's my problem with what's going on, though. As Ravonna so eloquently explains to Mobius after their botched trial mission with 2012 Loki, the Time Keepers are monitoring every aspect of this case. So how is it even remotely possible that they are not aware how everything plays out? The writers are trying to build in a reasoning for this with their "Nexus events destabilize the time flow" chatter, not to mention the big reveal of the episode (courtesy of Loki himself), which is the fact that Lady Loki is striking during cataclysmic events, during which variant energy doesn't pop up on the TVA's radar because there isn't any possibility of a branched timeline. But that still doesn't mean the Time Keepers can't see everything that's going on, right? Mobius showed Loki a video of his future, suggesting that everything has already been recorded in his life. So how could it be possible that there is no video of this Variant? What, can they only sift through a certain amount of hours' worth of playback of the timestream every day? Maybe the Time Keepers are not as powerful as they seem.
I'd also like to point out a consistency with Avengers: Endgame. During their testing of Loki's theory at the volcanic destruction of Pompeii, Mobius explains to Loki that they need to be careful not to change things too much. But not because they would change the events of history, but rather because they would create a different branch. Again, as Hulk says, "Changing the past doesn't change the future."
The acting continues to amaze me. My favorite moment of Tom Hiddleston's performance came as Mobius left Ravonna's office. Loki tries to justify his actions in the botched mission by giving him the classic "They don't know that we know they know we know" routine (straight out of a Friends episode). In fact, that whole conversation with Mobius just puts Hiddleston's and Owen Wilson's comedic genius in the spotlight. They are so great together. Their wits, Mobius' hand gestures when he's smack-talking Loki, Hiddleston's many facial expressions; every nuance of their performance is incredible to watch. They complement their comedy by continuing their push at the deeper motivations of these characters. Hiddleston further displays his range when he gets somber and tears up while coming across a file detailing the events of Ragnarok (which is where he gets the idea that the Variant is choosing nexus-level apocalypse-sized events).
Theory Time
So what exactly is Lady Loki up to? If she is merely playing around during these apocalypse-sized events during which her actions mean nothing, then what exactly can she accomplish? Well, Lady Loki apparently has been collecting these time devices during her hits on TVA personnel; in the episode's final moments, she sends dangerous-looking devices to dozens of random points throughout history, which creates several branched paths. The TVA is forced to send everyone its got to stop all these branches before any of them create a new timeline. I'm guessing that the true purpose of her entire operation, of course, is a diversion (not a wild leap to make by any stretch). Lady Loki simply wants to infiltrate the TVA while its unguarded. I'm thinking she simply wants her shot at the Time Keepers, though during her banter with 2012 Loki, she makes it seem like going after them would be small potatoes. Maybe she's trying to gain control of the timestream herself? Maybe, as the name "God of Mischief" implies, Lady Loki truly is trying to bust up the timestream and cause all kinds of chaos.
Once again, time will tell. Is it next Wednesday yet?
NOTES:
-Mobius signs a document when meeting with Ravonna after the first botched mission. On the pen is written "Franklin D. Roosevelt High School." I felt like that was a reference to someone. A Google search tied it to Kang the Conqueror, who may become the big bad of the next phase of movies.
-The big warehouse building the TVA arrives at in 2050 is called Roxxcart, a variation of Roxxon, a corporation we see during the Agent Carter series. Apparently that company lasts a long time.
-At one point, Loki and Mobius have another deep discussion about the illusion of free will. I'm beginning to see why Loki is so enthralled with the Time Keepers....