
Originally Posted by
Jackald
The lyrics make it sound like Ysayle transformed into Shiva for the first time when she was on the absolute brink of death.
I went back and forth on that part a few times.

Originally Posted by
Ysayle
Aye, 'twas in the time following the Calamity. My family was dead, my home was gone, and I had fled from the bitter cold into these lands.

Originally Posted by
Ysayle
But even now, I cannot let go of my dream—my dream of a tomorrow in which no child need freeze alone in the snow.
These lines made me feel like the "She" in the beginning might not be strictly Shiva. It rarely makes its way into the background materials, but the primal form of Shiva (which is fused with Ysayle via the Echo) is based on a combination of two images Ysayle held dear - the holy Saint Shiva (who strove for peace) and Halone (the goddess of war). She reflects Ysayles desire to bring about the end of the war, but through brutal justice upon those at fault, who lead their people blindly into it on false beliefs.
So when we see in the song phrases like Staring at death ... but She won't have me and we all learn to fight the Reaper; Can't defeat Her, so instead I'll have to be Her, I believe that we might be seeing lines that reflect Halone's influence. That just makes the most sense to me: I'm staring at death, but the Goddess won't have me. We all learn to wage our wars, and if I cannot defeat Ishgard's beliefs, I will become the Fury. (Also Frozen references. Because Koji Fox is a mischievous voidsent.)
I interpret it like so...
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Staring at death, I take a breath, there's nothing left.
Now close my eyes, for one last time, and say goodbye.
Lying naked while the snow falls all around me;
Drifting closer to the edge but She won't have me!
Wake up in sweat, full of regret, try to forget.
These memories, lurking beneath, lost in a dream...
After the Calamity, she was left without parents or a home, food or shelter, starving in the snow. She eventually makes it out of Coerthas and into the Dravanian Forelands, but because she doesn't know the safe paths through the Chocobo Forest, ends up between Hraesvelgr and his dinner. Already weak and weary, when the Echo resonates with the Great Wyrm, she has a powerful vision of a great truth and passes out in the wood.
Unchosen paths, a broken past, forespoken wrath.
The pain won't cease, I'll find no peace, no sweet release.
Fragile creatures, we are taught to fear the Reaper;
Ever running, we are dead before we meet Her!
These voices telling me let it go! (Let it all go!)
I try and try but I can't say no! (Try and say no!)
This endless nightmare has just begun! (Nowhere to run!)
My heart is dragging me down into oblivion!
As time goes on, the visions haunt and embitter her. Chosen by Hydaelyn, gifted with the Echo, shown these memories, she believes all of this happened for a purpose. She twists Hraesvelgr's memories of Shiva into support for this, furthering a selfish desire to have companionship and meaning. She looks back on the Dragonsong War and all of the lives it has consumed - how a buried lie has forsaken countless lives into a situation they can't escape from, onto a path they can't choose to not walk (and to their deaths). She spends the next few years giving into this rage - she starts giving sermons of her own, inspiring those forsaken by gods and men to be the instruments of their own salvation. The truth spreads (well, pieces of it...), and hope of redemption and righteous vengeance grows amongst her flock.
The endless lies, I've cast aside, locked them in ice.
Steeled is my soul, my blood grown cold, I've gained control.
Fearless creatures, we all learn to fight the Reaper;
Can't defeat Her, so instead I'll have to be Her!
These voices screaming to let it go! (Never let go!)
This time I'm screaming back no no no! (Go on say no!)
My mind's made up, yeah my fear is gone! (Where have you gone?)
Open my eyes now here I come, oblivion!
By the time we come upon her, the "final verse" is being sung. She's embraced this path and hardened her spirit. With the knowledge of summoning, she calls "the soul of Saint Shiva" into herself, and is only emboldened by what she perceives as the soul's acquiescence to use her vessel as its own. With Shiva as her companion, she fuses her image with Halone, the Fury, and though it makes her a murderer and sinner and will probably kill her in the end, prepares to put that rage to righteous use...
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But that's just how I've interpreted it thus far; maybe I'll find something better and change it.
Maybe one of you can point out something better, already!