We can correlate the beginnings of the readiness potential (350ms before Libet's "conscious will" time "W" appears) with the early stage of the two-stage model, when alternative possibilities are being generated, in part at random.

New information enters the universe, pops into the mind, here.

The early stage is happening in the subconscious, which is capable of considering multiple alternatives (William James' "blooming, buzzing confusion") that would congest the single stream of consciousness.

James says the mind focuses attention on one of the alternative possibilities.