http://www.bloomberg.com/apps/news?pid=20601068&sid=aOnSy9jXFKaY I guess anyone using their brains would know this.
Well, we shouldn't believe everything BIS says. In early 2007 they published a report where they stated (with various caveats, natch) that the world has entered an era of low volatility. That prediction turned out to be somewhat of a miss.