Ron Paul is, in many ways, the ideal candidate for a conservative electorate hungry for a principled GOP nominee. Ron Paul will never be the GOP nominee. For this, Mr. Paul has himself to blame.

In his third run for president, and only a few weeks out from the 2012 Iowa caucuses, the Texas congressman has become the sleeper news of this nomination fight. Polls show him with real strength in Iowa, and stories are brimming with speculation about how the ardent libertarian might pull off a victory there,...