So what has he said? We are in a period equivalent to the 1966/82 period?
well, i'm not a subscriber but i've read a bit of his stuff. and i think you're being a little unfair here: he's talked about this "muddle through" stuff for a long time. of course, so have others, like roach.
me, i find this letter instructive because, to me at least, it explains how players in the bond market have been acting: if we believe what he wrote, they really *did* buy the fed deflation story, and the recent bond crash was an expression of their "crisis of faith" with the fed.
now, of course you might say that you just need to look at the charts to conclude that ... but its good to hear some confirmation of the inference.
imho.