Percy Bysshe Shelley's Ozymandias is a well-known and oft-referenced English-language poem from the early 19th century, and purports to quote — presumably in translation from Egyptian hieroglyphs — a line from the pedestal of a statue of Ramesses II (c. 1303–1213 BCE):
Look on my works, ye Mighty, and despair!
I don't believe that the "y" in ye is the digraph thorn as in "Ye Old Curiosity Shop", because I think such practice was not common by the beginning of the 19th century. Further I suspect "y" as "th" was limited to typeset print, while a fair copy of Shelley's own (handwritten) manuscript attests to his use of "ye":
Thus I'm lead to believe that Shelley really intended to have the "ye" in "ye Mighty" correspond to the second-person pronoun as in "you Mighty", much as Herrick had earlier charged the virgins to "Gather you rosebuds while you may".
In Shelley's poem this is "ye Mighty" line is chilling and continues the tension created a couple of lines earlier; this tension is only released by the ending of the poem.
But reading this line as "Look on my works, you Mighty, and despair!" seems a bit confusing - who would Ozymandias/Ramesses be addressing? Kings of other lands? His minions or other supplicants? Why does Shelley have Ozymandias promote those who in his eyes were subject to his own dominion by calling them "Mighty", only to instruct them otherwise to fear and despair his lordship?