Rep. Ron Paul won the most support for the 2012 Republican presidential nomination in an unofficial straw poll of conservative activists attending an annual conference.

A libertarian from Texas who has railed against spending and the Federal Reserve, Paul won the Saturday contest at the Conservative Political Action Conference with 31 percent backing.

This straw poll does not mean much, but Paul's success does raise a crucial question for Republicans: are they going to lean conservative or libertarian?

Another libertarian the Republicans might nominate in 2012 is Gary Johnson, the former governor of New Mexico.  You can read about him here and here.  Full disclosure: I have been working with Johnson on his economic program.