I've yet to see one of these theorists come up with the goods on one simple set of questions:

Exactly when and where will the IOB start up?
What will it trade?  How will it settle?  Where is an explanation of the rules of the road?

no rule book, no bourse.  simple as that.

Even if you dig through Chris Cook's info on his website, you find only vague handwaving.  Even that suggests the "bourse" will begin with petrochemicals (tiny market compared to crude oil).

try this article as another rebuttal:

http://www.atimes.com/atimes/Middle_East/HC10Ak01.html

As for Ron Paul -- he's a dyed in the wool libertatian (looneytarian?).  Comes from the same school of anti government borderline paranoids that are giving us the oil bourse = collapse theorists (gold bugs mostly).