This paper addresses the pervasiveness of contagion as a structure of feeling by putting Maurizio Lazzarato’s biopolitics of indebtedness in dialogue with Roberto Esposito’s insight that debt is the very condition of both community and its dialectical opposite, immunity. Where Esposito does not sufficiently engage the role of financialized or neoliberal capitalism within the contemporary crisis, Lazzarato develops a Marxian account of debt that complements Esposito’s “immunitarian biopolitics,” revealing it as an intrinsically capitalist one, and allows us to ground it in contemporary power structures through Marx’s figure of M-M’.