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This paper gives a detailed interpretation of Freud’s “Inhibition, Symptoms, and Anxiety” with the aim to place: the conceptualizations of anxiety; the difficulties of defining the statute of danger that involves anxiety; the enigmatic “function” of anxiety for the individual; and the way in which Freud solves the mystery in his text. It is thought, that the Freudian interest to specify the function of anxiety and the permanent verification of its inadequacy are precedents to what Lacan formulates about “the necessity to preserve anxiety” in his X Seminar