The Bond code name theory falls apart when you realize For Your Eyes Only features Moore Bond killing Blofeld and visiting his wife’s grave and Goldeneye offhandedly mentioning that Brosnan Bond is cleared from probationary review, presumably after going rogue in License to Kill.
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Bantership Potemkin
Calling it now, they are going to canonise the "Bond is a codename" theory and it is going to suck.
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The reason Blofeld doesn't recognize Bond in OHMSS is because he's newly regenerated.
And under this theory, OHMSS would take place after Diamonds Are Forever, which would fix the problem of that movie pretending its predecessor doesn't exist.