The theory is that if you charge by the hour you time is literally worth money. But who do you know that works twenty-four hours a day three hundred and sixty-five days a year? No one.
Also, if money was time, how would the economy exist with a system that gives everyone a dollar every minute; but they have to spend in within that minute and they can't keep it or give it to anyone else? It wouldn't exist. It would die before it started.
The guy that said that quote was probabily just a stickler about wasting time.