The Fed is now an allocator of credit, not a trustee of sound money.

FORBES: The Fed Has Forgotten Sound Money, And Now Just Manipulates Interest Rates

So the market replaces the circle of bank, tycoon, chaebol and government as the allocator of resources.

FORBES: Magazine Article

Recovering stock or fund pickers: The Intelligent Asset Allocator by William Bernstein.

FORBES: 7 Gifts for People Who Like Money

Government is not and never will be an efficient allocator of capital.

FORBES: Getting Your Arms Around China And Japan

The Pentagon's No. 2 has traditionally run "the Building, " managing its vast bureaucracy and effectively being the ultimate allocator of funds among its competing programs and responsibilities.

CENTERFORSECURITYPOLICY: Gordon England's war

It is a poor capital allocator.

FORBES: QE2 Is Dead And I Feel Fine