Panel 1: Veidt’s commentary on Kennedy’s ignorance of the cross-hairs aimed at his head emphasizes how alert and prepared Veidt himself is, as he takes care of Rorschach’s next attack without bothering to turn and face him.
Panel 2: This is one of Moloch’s gambling dens and is reminiscent of a similar scene of Dr. Manhattan’s early crime fighting from Chapter IV, Page 14, panel 2.
Panel 3: Again, Veidt’s remarks upon earlier events (this time, his embarrassment at his early adventuring, which did nothing to solve the very real problems facing mankind) mirror events in the contemporary narrative, as he “blinds” Rorschach while commenting how he had “blinded” himself to mankind’s problems.
This image is yet another subtle example of how Moore & Gibbons circumvented the common tropes of superhero comics with Watchmen – in this instance, showcasing how foolish and tactically unsound it would be to wear a full-face mask, as many superheroes in the comics do.
Panel 4: Note the clock – its hands at the familiar “minutes to midnight” position.
Panel 5: In this panel, Veidt’s reminiscences are juxtaposed ironically – as he recounts how the Comedian “opened [his] eyes” even as he continues to keep Rorschach blinded.
Panel 6: Linking the two separate caption boxes, we come to realize that this is when Veidt understood he needed to be the one “…to save the world…” as stated by Captain Metropolis.
Panel 7: Veidt’s comment – “…that’s when it hit me…” – emphasizes the punch that was landed by Veidt, between panels, on Rorschach, as the latter falls to the floor.
Panel 9: Veidt’s comment that he vowed to always meet his foes on his own terms transitions directly to