Saturday, December 28, 2013

Instant liquidity

                This morning I ate breakfast at the Four Seasons using the leftover cash from my hair appointment.  At my waitress’ recommendation, I tried that shrimp and grits. I paid in cash.  Stunned she asked me if I needed a receipt. I told her yes leaving her a cash tip.  Later this afternoon, I ate dinner at Doi Moi where I left my waiter a $5 cash tip.  His response was immediate upon seeing the $5 bill. This reminded me that cash is king especially among service workers.  They don’t get paid the standard minimum wage due to tips but need cash to support their families.  That $5 can be spent as soon as possible for food or medicine or even rent.  In this era of credit, debit and Bitcoin, the public must never forget that service workers still prefer cash.

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