... every second of every day.
Translation: What I know is the the only thing that matters.
This is the self-important stupidity driving MAGA: Notice where that took the USA?
Money is stuff rich people can own, it is stored labour and thus is a proxy for difficulty of making (or, in the case of bling, owning) something. If a king (or Trump) owns everything, then money has limited purpose because he can't buy anything. At best, he can trade his wealth for someone's labour. But if he owns everything, the labour force is at his mercy (Hint, Hint: Trump isn't attacking immigrants merely to appease the racists and steal the farms). He doesn't need money to control or motivate them, he can merely withhold his own property: Food, shelter, healthcare and sex (other workers): This is slavery.
The end of transferable wealth won't end the power to oppress others and enjoy immense decadence: The rise of King Trump is proof of that.
The interesting idea behind "In time" (2011), is poverty equals death: Thus, one can control population size and enforce obedience by changing the cost of staying alive. Also, when the workers gained more wealth, they attacked each other, rather than the system that enslaved them.