It is those who are building the mountain of debt who are destroying the value of the dollar, the euro, the pound, etc. Only a handful of countries are not doing that like Norway and Switzerland. Unfortunately for the Swiss, because the largest part of their exports go to the EU, they have had to artificially take steps to keep their currency from rising against the euro, which it had been doing very steadily just from financial dynamics. That is probably going to keep the Swiss franc from attaining what its real value should be against other currencies.
Those building the mountains of debt in country after country are the governments and parliaments, not the Central bankers.
Not going overboard on government debt has given the Swiss franc a lot of appreciation against the dollar. In the 1970s, the Swiss franc was worth 23 US cents, but it has now been over one dollar for years. The Swiss franc is a better managed fiat currency than the dollar. Norway's North Sea oil has given it a powerful economic tool, with the country having little debt and a big sovereign wealth fund. If you are looking at costs of things in Switzerland, and particularly Norway, they seem quite expensive when calculated in dollars, and that is due to the better strength of their currencies. The Norwegian people voted not to join the EU, which is also a big advantage to them. They use their own kronor, not the euro.
