This article uses the presence of similar and overlapping themes in a number of different areas of contemporary theoretical, clinical, and cultural development to hypothesize a current shift in a fundamental societal unconscious fantasy—namely, the fantasy of the meaning of the phallus. The article focuses on recent developments in clinical psychoanalytic theory, in gender theory, and in what can be loosely grouped together as postmodern theories, as well as in popular culture, not in order to engage these theoretical developments on the level of a debate as to their truth or falsity, but to explore what they may mean for the cultural unconscious of our time. The paper suggests that the defensive and nardssistically invested aspects of our fantasies of the phallus and of the possibility of noncastration—that is, fantasies of the possible wholeness and unity of the field of knowledge and of the knowing and acting subject—are becoming conscious, and that their becoming conscious may be part of a process of societal relinquishing of the fantasy and moving beyond it.