Insulation question for installing t&g wood in basement

[OneWithWood]

It is time to finish the basement in our house (last big item on the honey-do list) 

The basement was originally finished with dry wall secured to 2x4 studs secured to a top plate and bottom plate and then the top plate was nailed to the floor joists and the bottom plate secured with masonry screws to the slab.  I have removed all the dry wall and plan on using poplar t&g to recover the walls.

What would be the best way to insulate the walls and provide a moisture barrier to protect the paneling?  All wiring is in place so I really do not want to tear out the 2x4s to place rigid foam against the block and then rebuild the furring.
Would plastic sheeting directly under the t&g trap moisture causing the wall to buckle?

[florida]

Have the stud bays sprayed with closed cell polyurethane foam. It will insulate and create a vapor barrier.

[sumday]

All the basements we finish (several per year) just get normal faced insulation. No plastic or other vapor barrier. If we notice any areas where moisture is penetrating the foundation that gets addressed before we cover anything up.

[jwilly3879]

If there were no issues with the drywall use the same insulation. If there was no insulation use unfaced batts so any moisture can dry to the inside. A vapor barrier is a bad idea over insulation in  basement.

[VictorH]

I'm with florida - get closed cell spray foam.  Not only will you get a vapor barrier and great insulation but it also decreases the infiltration of Radon gas.