The subtitle of his article is "Sowing Inflation, Reaping Deflation". It's 16 pages long and not an easy read.

In general terms, I agree with Fekete. Without a doubt Fed policy is counter-productive, for many reasons, some of which Fekete does not even mention. 
 

The Fed creates bubbles of increasing amplitude over time. 

The Fed fosters speculation with moral-hazard bailout policies. 

Fed policies benefit those with first access to money, namely the banks, government, and the already wealthy, at the expense of everyone else. 

The Fed is largely responsible for rising income inequality that even the Fed complains about.

Here's a couple of paragraphs from Fekete's article that caught my eye.