This is a funny phrase, but when Bull talks about misallocations, I think of Garrett Garet's Chapter about pyramids in A Bubble The Broke the World. Garet was a Libertarian before libertarians were a group per se and were basically the mainstream ideology. Garet writes:

"But once [a great quantity of labor and material] had been spent on a pyramid to immortalize the name of Pharaoh it was spent forever. People could not consume what their own labor had produced. That is to say, they could not eat a pyramid, or wear it, or live in it, or make any use of it whatever. Not even the Pharaoh could sell it, rent it, or liquidate it."

"How now do we build pyramids?...The name of it is credit...As formally there was no aggrandizement, private or public, without a Pharaoh-like command of labor and materials, so now there is none without command of credit."

So, when someone wonders why we have no money, why there is such distress, we may say that we misallocated our Pyramid. Or, more precisely, we foolishly squandered the resources that could have built something useful on a credit orgy the world has never seen. We have spent ourselves to oblivion.

- CD