The FED is a creature of the Banks and Neo-Liberal politicians like President Obama and his precursors, who makes/made appointments to this institution! The myth that the Market can be self-regulating died in 2008, please confront that death, and discard your faith in Free Market Theology, because it is a belief not having anything to do with economic reality. Although you vigorously deny the existence of such, with this question that opens your comment:’What Free Market?’
See Nomi Prins web site for the particulars on All the President’s Bankers, a revelatory history of bankers, banking and politicians who made common cause over economic issues like the creation of FED :
Probably the Most Dangerous Man in the World, to borrow from your melodramatic assertion, was/is Marx, John Maynard Keynes, or more contemporaneously Yanis Varoufakis? Certainly not the much too careful Social Democrat Paul Krugman!