The VIX is only a tool...based on the options purchased on SPY. The reason it's so low is due to complacency...if not bullish sentiment---with few buying protective puts. By the time the sheit hits the fan, it will be too late.
The vix isnt a usable tool anymore. Its like a wooden carriage wrench....great from 1800-1900...not so much after....with the FED in the market and HFT trading it isnt accurate anymore. Its outdated and uselss imo.