The US$ is not going up, it is losing its purchasing power at a rapid clip. The US$ is going up vs the euro, yen and the pound, three currencies that are also losing purchasing power at a rapid clip.
I have no doubt that people will be asking for debt forgiveness, that's the reason why democracies fail over time, people vote themselves more and more free stuff.
I think the dollar is on its last legs as the reserve currency, the BRICS nations have made plans to use an alternative. I listened to a very good podcast by Quoth the Raven and the writing looks like it is on the wall. When the US$ loses it's status then all those dollars will come flooding back. This looks like it will be the recession before the great inflation.