I do not think so, it’s like saying we don’t need money, but money sustains life. It will always depend on how you used your money. There are many meaningful things you can used money; e.g., build hospitals, feed the homeless, build schools, fund to teach people, charity works, help technology, supporting the government on enhancing its citizens way of living, and other many things you can do with money that is worthwhile. I have read about “the love of money”, it talks about every behavior of an individual not money itself that is the source of all different types of evil and distress. Money is ethically neutral; I believe there is naught wrong with money or the ownership of wealth. But, once money starts to control a person that is when the trouble began. People being controlled by money will feel superior and takes pride for power which leads to greediness and obsessions of an individual. He or She will enjoy the luxury of life, they will use their money to dictate and control other people for his or her will. Money is a necessity that is why people do fraud, insult, kill, and do bad things to have it. Hence, it is not “the money” but “the love of it” is the root of all evil.
Not at all, however it requires a lot of power to harness for the good of the wider public. Capitalism has been proven to be the most effect economic model for spurring wealth creation, productivity and creativity - however it requires a very delicate balance of lots of different ingredients for it to be effective. You need things like effective moment of goods (via road, rail, air, etc.), you need a powerful but fair judicial process that is not imbalanced towards certain parties, you need an effective framework of laws that politicians must oversee without getting corrupted by powerful business lobbying, an education system that sets people up to fill all the necessary business gaps in this complex framework and all sorts of other nuanced areas. Without all this, money is often squeezed into the hands of the few, who rule ineffectively and with great violence.