This article traces the radical devaluation of the phantasm throughout Western civilization. With the help of Nietzsche’s critical perspective, I develop a notion of hystery as the series of collective traumas repeated in each individual’s growth, whereby the phantasm changes value from psychosomatic interface, to evil incarnate, to disease of learning. Beginning with the Classical episteme represented by Plato, Aristotle, and the Stoics, then moving up through the Christian era, I focus primarily on Enlightenment thinkers such as Hobbes and Bacon, who represent the last nail in the imagination’s coffin. The next section examines Nietzsche’s rediscovery of the phantasm and the theoretical contributions of post‐structuralism that follow in Nietzsche’s wake. Juxtaposing Bataille and Deleuze, I look at Deleuze’s early enthusiasm and ultimate betrayal of the phantasm, and I posit Bataille’s emphasis on the affective force of the mythological phantasm as an insurrection to reclaim our experience and life along with it. The article ends with speculation, offering Bruno’s art of memory as an ontic and epistemic alternative to dominant Western hystery, other pasts opening to other possible futures, an ungrounding that paradoxically leads to a restoration of the human house in a re‐enchanted cosmos.