The notion that capital – as an infinitely ramified system of exploitation, an abstract, intangible but overpowering logic, a process without a subject or a subject without a face – poses formidable obstacles to its representation has often been taken in a sublime or tragic key. *Vast*, beyond the powers of individual or collective cognition; *invisible*, in its fundamental forms; *overwhelming*, in its capacity to reshape space, time and matter – but unlike the sublime, or indeed the tragic, in its propensity to thwart any reaffirmation of the uniqueness and interiority of a subject. Not a shipwreck *with* a spectator, but a shipwreck *of* the spectator.