In a speech that year, Reagan expressed concerns about America losing its monetary independence. And, eerily, he alluded to fears about foreign nations owning American currency.

As I try to remind my friends who were around in 1980, Reagan was considered by the mainstream Republican establishment to be as kooky as many label Paul as being.

Gerald Ford in 1980 was quoted in Time Magazine as saying that Reagan was "unelectable." It is no wonder that when Reagan challenged Ford some four years earlier for the GOP nomination, Paul was one of only a handful of sitting congressmen who supported Reagan's effort.

What Paul lacks is Reagan's movie-star looks, and the credibility that comes with having been governor of California. Even without those attributes, Paul has managed to become the first Republican candidate I've seen since 1980 that can draw huge crowds so devoted to their candidate that they seem almost cult-like in their zeal. Believe it or not, that's what we thought of the Reagan crowds that gathered early in his bid for president in 1980.

The fact is that Reagan tamed both his rhetoric and the implementation of his agenda to meet the realities of the presidency. My guess is that were Ron Paul to have such a chance, he would inevitably do the same.

I still believe that between the Republican Party's longing to appear "mainstream" and the national political media's fear of appearing to give in to "fringe elements," that Paul's quest for the nomination will fall far short in the end.

But as I have said before, Lord help both parties if he decides to run as a third-party candidate. They may not like what he might say, but he would darn sure say it.

As Reagan said once said when a debate moderator cut him short, "I paid for this microphone." Paul might just buy one of his own.