The blues genre is commonly (and not incorrectly) regarded as a key marker of African-American identity and one with ‘deep’ (folk, or ‘down home’) roots. But this status is inadequately understood unless it is placed in a context of inter-racial exchange, in which ‘roots’ are a product of a complex transaction between ‘modernity’ and ‘tradition’. This territory is explored in terms of a thematics of loss, nostalgia and trauma, evident both in blues content and in the historical structure of revival to which the genre has been continually subject. A useful background is the film O Brother, Where Art Thou?, a nostalgic celebration of nostalgia with a blues/bluegrass inter-racial dimension, and a productive theoretical framework is provided by Lacan's approach to fantasy, loss and nostalgia.