\documentclass[]{article}
\usepackage{pstricks}
\usepackage{pst-node}
\usepackage{multido}
\pagestyle{empty}
\parindent=0pt
\begin{document}

\begin{center}
\begin{pspicture}(8,8)
  \cnode*(4,4){4pt}{A}
  \multido{\nA=0+10,\rB=0+0.5,\rHue=0.0+0.005}{200}{%
    \xdefinecolor{MyColor}{hsb}{\rHue,1,1}%
     \nput[rot=\nA,%
        labelsep=\rB pt]{\nA}{A}{\textcolor{MyColor}{\TeX}}
  }
\end{pspicture}
\end{center}

\end{document}
