This is the only song that perfectly describes depression in one verse. You can argue that it has nothing to do with that or that i’m an idiot, but that won’t change my interpretation of this song
It's not about the song itself. It is about it's position among other songs in the album that makes it perfect. Not only song, but album in whole. He had it in his head, came into studio, recorded it and said: that's it. It is the evidence that nick wasn't making song by song as a pieces, but rather the album as a whole.
Once again Nick Demonstrates the power of his profound vision. Emotion always drives his songs. And here, in his dejected state he has given up trying to write sophisticated songs with heavy arrangements, polyrhythms & structure.. & is now content with just almost hitting his guitar as though he is cursing the instrument.
He is also addressing those, that in spite of his obnoxious behaviour stood by him, & is admitting that he knows what is going on. At this point Nick was almost mute with decay. If you reverse the meanings.. he says "I'm not there, but I see you, & I don't care but I love you."
He is practically crying in to the night with this piece, which is in hindsight quite hard to listen to, but at the same time it is pure raw emotion. This sort of music was never meant for a large audience, & I reckon he knew that by deliberately holding the fret in this way assured it would never be. He is achieving his own astounding isolation in this piece. And we are merely eavesdropping.