On the David Asman show last night, Ron Paul was asked what plans he and son Rand had for the new term. He said they had talked about entering legislation together in the Senate and the House on the first day. Half joking, Ron Paul said his son suggested legislation to “end the Fed.”

I think it was St. Paul or maybe Kurt Cobain who said, “There is no such thing as a joke.” They might think of doing just that. Certainly it would not pass, but it would set a benchmark allowing them to graph progress from now into the future.

It would also begin to explain Austrian economics to Congress, to everyone, and it would also establish a beachhead for the reality-based Tea Party. As Ralph Nader has been saying, within the Tea Party there are the committed and conscientious and the horde that follows. Every movement is like this, and this is the beginning of a new movement. Senate Republican leader Mitch McConnellAddison (Mitch) Mitchell McConnellSenators introduce bill to overhaul sexual harassment policy The Hill's Morning Report — Sponsored by PhRMA — Republicans see some daylight in midterm polling Exclusive: Bannon says Rosenstein could be fired 'very shortly' MORE (Ky.) correctly says, “Turn the ship around,” but McConnell did not in any way turn this ship around. Ron Paul began the turnaround.

And they are beginning to panic on Wall Street. The federal government has been tied to Wall Street since Alexander Hamilton. This is perhaps why rumors abound that Mike Bloomberg, the mayor of New York City, will start a new party.

But as Harry Wilson was defeated in New York’s state comptroller race and New York has defaulted to a “first family” governorship — a spiraling descent in political sensibility to the days of the Hapsburgs and the unHoly Roman Empire — New York may have already reached the point of no return.

Visit Mr. Quigley's website at http://quigleyblog.blogspot.com.