If he does not win the Republican nomination, I hope he would run as a Third Party candidate. He has not stated anything of the sort, but imho, I don't think he has ruled it out. If he did not run as a Third Party candidate, I would write-in Ron Paul on my ballot.
Interesting that you bring this up. I recall reading that Ron Paul is still a potential nominee of both the Libertarian Party and the Constitution Party, even though he currently seeking nomination with the GOP.
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