Obama's 100th day is upon us and the new president is ramping up an
expansion of government that will place him alongside some of the most
notorious dictators in history.

President Obama sees himself as the new FDR, armed with a new New
Deal. But the New Deal wasn't new when FDR did it. The charismatic
Roosevelt was more than 200 years behind John Law's Mississippi
Bubble. Just like Obama's and FDR's "deals," John Law's prescription
for what ailed France required no sacrifice. But ultimately, his
system would only serve to forestall France's bankruptcy, not solve
it. Law himself would die near poverty a decade later.
[...]

John Law's use of a bank to create money out of nowhere to pay for
government programs was imitated by Roosevelt, Hitler, and Mussolini.
[...]

http://mises.org/story/3438
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