This paper provides a commentary on the Trauerspielbuch, Walter Benjamin’s rejected habilitation thesis. It aims to fill a significant gap in the reception of the text by highlighting a fact that has been systematically ignored: that the Baroque presented by Benjamin is characterized by two extreme poles in tension –a Protestant pole, which has been extensively commentated upon, and a Catholic pole, consistently silenced–. Likewise, this implies a reinterpretation of decisive Benjaminian themes: romanticism, capitalism as a religion, the allegorical, destiny, nakedness, melancholy, and sovereignty. If, in the posthumous fragment Kapitalismus als Religion, Benjamin diagnosed capitalism as a parasitic religion of Christianity, powerful enough to force Christianity to convert to capitalism through Protestantism, it will be in the Trauerspielbuch where he studies this conversion more c...