By Douglas French
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. CNN's senior political analyst Bill Schneider may believe Obama's personal qualities make him "the superpresident," but first and foremost, Obama with his $3.5 trillion budget 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, described as "the first New Deal of the capitalist order," by John T. Flynn in his amazing book Men of Wealth.
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Douglas French is president of the Mises Institute and author of Early Speculative Bubbles & Increases in the Money Supply. See his tribute to Murray Rothbard.