What is the famous phrase "you have nothing to fear but fear itself" supposed to mean anyway?

Let's look at it word by word

We: generic everyone

have nothing to: do not have a reason for

fear: the state of emotional distress

except:unless one other condition

for fear: the state of emotional distress

itself: fear

So... there is no reason to fear unless it is for the sake of fear?  Does that mean we make our own fear for the sake of being affraid?  Or does it mean The only thing we have to fear, the only reaosn to hesitate, is that our own fear will hold us back?  As long as you are not affraid, you have no reason to be affraid?

I wonder if this can be represented in a logic statement.  I tried it out, but I don't understand the question well enough to make all the necessary condition