I have spent quite some time reading miscellaneous forum threads by him and have found nothing that shocks me as profoundly "mentally ill". Sure, the guy sees some strange patterns in the noise, but don't we all? Most of us just have enough sense not to share them publicly, or enough existential fear to censor our own thinking.
If we take the lack of cognitive self-censorhip to be a criterion for establishing "insanity", then are we not guilty of the same intellectual laziness we point out when we discuss "thinking inside box"?
That is, if someone professes to one "insane" (== not generally accepted as "true", to the point of ridicule) idea, does that invalidate the rest of ideas they originated? What about two? How many "insane" ideas must one express to have the rest of one's ideas invalidated? Or must the ideas be considered independently of the source?
I found what could be losethos's pastebin: http://pastebin.com/68Rif0mv A few things there made me think.
"Or, perhaps, we are all missing something and he is just always speaking in code." (OP)
^I think you might be onto something there. Regardless of whether what's encoded "makes sense", the use of doublespeak is evident.