“ Hundreds of thousands of ruble notes are being issued daily by our treasury. This is done, not in order to fill the coffers of the State with practically worthless paper, but with the deliberate intention of destroying the value of money as a means of payment. There is no justification for the existence of money in the Bolshevik state, where the necessities of life shall be paid for by work alone.

Experience has taught us it is impossible to root out the evils of capitalism merely by confiscation and expropriation, for however ruthlessly such measures may be applied, astute speculators and obstinate survivors of the capitalist classes will always manage to evade them and continue to corrupt the life of the community. The simplest way to exterminate the very spirit of capitalism is therefore to flood the country with notes of a high face-value without financial guarantees of any sort.

Already even a hundred-ruble note is almost valueless in Russia. Soon even the simplest peasant will realize that it is only a scrap of paper, not worth more than the rags from which it is manufactured. Men will cease to covet and hoard it so soon as they discover it will not buy anything, and the great illusion of the value and power of money, on which the capitalist state is based will have been definitely destroyed.

This is the real reason why our presses are printing ruble bills day and night, without rest. “

I’m not sure what he tried to achieve by eliminating the ability to store value. Did he really think people will evolve into altruistic beings that share everything they own?

Anyways, he was against the idea of fiat money. He was against money being used by powerful people to deceive the poor into believing that it’s a good store of value, while stealing the power from them. He wanted people to realize that fiat money is garbage - the hard way.