Do you remember February 2007? That was the time right before the subprime mortgage crisis broke out. The market was quiet, macroeconomic indicators looked great, politicians were complacent; so were central bankers and bank managers.
In March 2007, an early warning came. Then, in summer 2007, a more serious warning followed. Ironically, European politicians boasted about the lowest unemployment rate in the last two decades at that time (in France, Spain, Portugal, Italy, Greece...)
In October 2007, stock markets turned really sour (worldwide), which lasted until March 2009.
The VIX spikes in 2007 came as an early warning of the things to come; the calm that preceded was an early warning of the early warning.
What does the current calm in the stock market mean? Perhaps I'm a bit paranoid, but better be alert than sorry.