Full Metal Alchemist, Episode 34: Theory of Avarice

Grab a scorecard, folks. Even though a character dies at the end of this show, it's still a challenge keeping track of all the competiting interests at work.

Previously, the homunculus Greed had kidnapped Al to try and pry from him the "secret of eternal life". Unbeknownst to Greed, however, military man Frank Archer has allied himself with Greed's homunculi enemies, who track down Greed's crew (along with the captured Al). The homunculi Lust and Gluttony appear to destroy Greed, but Greed's comrades insist that Greed flee while they battle. Showing a loyalty uncharacteristic of his kind, Greed initially refuses, but eventually runs. The battle doesn't end well for Greed's side: in what must be the most grisly way to die ever devised, Gluttony ends up eating his friends.

Greed flees to Dante's house, only to find Dante (apparently) dead and her assistant, Lyra, attending the house. Lyra weakens Greed by trapping him in an alchemical circle and forcing him to spit up the stones which give him his life. Greed realizes what's happening moments before Ed charges back into Dante's house, demanding that Greed return Ed's brother. Greed doesn't mention that he's already let Al go, and instead coaxes Ed into battle. But...why? We soon learn that Greed has his reasons.

During the battle, Greed taunts Ed, telling him that his alchemy is useless - moments before Ed transmutes Greed's hard carbon shell into flesh and delivers a powerful blow. Ed tells the stunned Greed that carbon, like any other element, can be transmuted. As an alchemist who can transmute objects without an alchemical circle, Ed is well positioned to take Greed down. "Let's start!" Greed shouts. "Let's finish!" Ed retorts, marking a short-lived battle that ends with Ed shoving his arm-spike through Greed's stomach.

As Greed dies on the floor of Dante's house, he tells Ed that Ed now has both the knowledge and the will to defeat the other homunculi. Greed also shares a critical bit of information: the homunculi's weakness. Homunculi, we learned before, are created when an alchemist attempts to resurrect life. Greed tells Al that a homunculus's strength ebbs when he is close to the remains of the person the alchemist attempted to resurrect. Greed has always stood out from the other homunculi, demonstrating human traits such as compassion and loyalty. But, even though still driven by animosity and a lust for revenge, he's his most human in these final moments, dying from his wounds and drowning in regret.

Ed freaks out, screaming at Greed, telling him he can't die. But he does, and our young hero is left to wallow in the knowledge that he's taken his first life - and that more killing lingers in his future.

As with most episodes of Full Metal Alchemist, this one solves mysteries only to open up more. Greed was trapped for 140 years before being released - yet he was weakened and killed next to Dante's corpse. Does this mean that Dante created Greed? How old was she, and what role does she play in this web of intrigue?