Does Schiller get delusion

That would clearly be nonsense. After all, debt (which is measured in currency units) and GDP (which is measured in currency units per unit of time) yields a ratio in units of pure time. There is nothing special about using a year as that unit. A year is the time that it takes for the earth to orbit the sun, which, except for seasonal industries like agriculture, has no particular economic significance.Project Syndicate

What is so special about the yearly period? It gets awfully cold in Germany each winter, the Sun rotates in one year, crops only bloom once a year generally. The yearly cycle is basic to economic planning.

Schiller is delusional.

What really happens under debt crashes? Well, there is not enough time and space for the number of transaction needed to cover debt repayment during the allocated period. So the debt trade has a bubble to deal with.