Without the Fed, the market would find the interest rate itself. You can fill a whole room with Nobel-Prize-winning economists, and they still won't be able to figure out what the market would do with interest rates. If they knew, most would be millionaires and running their own hedge funds – not employees of quasi-governmental agencies and universities.
-Vedran Vuk
Not only about the ability of Ron, but the baloney of Keynes and Krugman.
http://lewrockwell.com/vuk/vuk38.1.html