We have a modest proposal to the Bank of International Settlements, aka the "central banks' central bank": the next time you feel like warning the general public about monetary Kool-Aid such as:
"low volatility everywhere" or that asset prices are at "elevated" levels
... as you did just 6 weeks ago, [8] or that:
"it is hard to avoid the sense of a puzzling disconnect between the markets’ buoyancy and underlying economic developments globally", that "despite the euphoria in financial markets, investment remains weak. Instead of adding to productive capacity, large firms prefer to buy back shares or engage in mergers and acquisitions" and that "the temptation to go for shortcuts is simply too strong, even if these shortcuts lead nowhere"
... as you cautioned in June 2014 [9], or, best of all, musing whether:
"central banks [can] now really do “whatever it takes”? As each day goes by, it seems less and less likely... [seven] years have passed since the eruption of the global financial crisis, yet robust, self-sustaining, well balanced growth still eludes the global economy"
... as you said in June 2013 [10], perhaps you should discuss these asset-bubble, complacency, volatility-crushing, impotent-central banking concerns with its Board of Directors [11]first?
[12]
