The interest of panpsychism does not lie in the modified materialism it offers but as an analogy for consciousness, in one aspect, as a single 'stuff' in which both the objective and subjective poles of experience are present without tension or any kind of heterogeneity. Witnessing itself, it is, as it were, the material cause in all experience. Seen in this way the perspectival eclosion of ordinary waking and dream experience is seen flattened out and devoid of duality. And indeed, what is distinguished as agency in experience can only belong here, immanent, but somehow where it is least likely to be looked for.