P/E Ratios - What They Tells Us of Probable Returns

Given our high P/E ratios here in the US, I'm pulling up an old chart that needs to be revisited. Comes from Dr. Robert Shiller and it is a very insightful chart. However, methinks it may be high time to see if the loyal readers and lieutenants of the Captain are starting to understand to become economists in their own right and can deduce the lessons that need to be learned from it.

So, do you see what I see?