Why not a $1000/hour minimum wage?

Its because the majority of people who advocate vocally for increased minimum wages live in urban areas. In these urban areas a minimum wage of $9.00 or $10.00 is usually under the equilibrium price of labor. So, very few people would be adversely effected. The employers already pay it, and the employees wouldn't work for less anyway. The only demographic that its significantly detrimental to are high school students looking for part time work; but they don't count because they can't vote and they can't be falsely characterized as trying to raise a family. An increase much higher than that would have the obvious and real effects we all know about. Historically minimum wage has been below equilibrium since 1950 when it was $1.00 an hour. To illustrate: $1.00 in 1950 equals $8.81 in 2008 dollars.

Basically, minimum wage advocates are ineffectual, only because they are sure to keep the proposed minimum under the equilibrium; but it makes for good talking points politically. Who can say you don't care about the poor, when you fight so hard to increase minimum wage?

Because the money that you carry in your pocket it is just paper, but the truth is that the money bills are just pieces of paper that are supported by precious goods, like gold, silver, oil, etc... by the federal reserve. So, if you think that by having lots of "paper" money will solve the problem; well, guess what, our country it also depends on other goods and services from other countries, and they can care less for "paper" money, because they will need goods, so if your economy is based on nothing, well then you can't acquire goods and services from other nations, because you don't have anything to back up your currency.

Additionally, if you go from a $10 minimum wage to $1000, then all you will create will be an huge inflation, because things that cost you $1 to buy, will now cost you $100, because people has "cash", but when those suppliers turn around and try to re-stock... they will have to suffer the consequences of having no backup funds.

A $1000/ hour minimum wage... Wow, I could up-grade my food inventory with some beanie-weanies, more bottled water, and a gun to go with my ammo...

Unfortunately, if it happens, it will become like Germany became between WW I and WW II when the price of bread sored so high that wealthy men struggled to buy one slice of bread.

The day your idea happens, this self-employed, Mom & Pop businessman, would be forced to close-up shop, take his tools of trade to a nearby pawn shop to hock them, to take the money to buy the essentials for survival, and begin to dig a deeper shelter. Because, the proverbial fan will begin to blow a not of nasty stuff around.

Because then businesses would not be able to afford to pay workers and there will always be someone willing to do it for cheaper. Not only that, the dollar would be virtually worthless.

Government needs to keep there greedy inefficient fingers out of the economy.