Hm, let me see if I got this right:
Initially the 10u cap is discharged. The 330k resistor charges it very slowly (3.3s time constant). When it charges enough to activate the NPN, the PNP also turns on. The circuit is designed to make that switching very fast, hence the 10n cap. So the voltage in Y will rise very fast. Since the voltage across a capacitor cannot change instantaneously, when Y rises, X will also rise. There is a positive feedback going on here: the more Y rises, the more X rises, and the harder the PNP switches on, rising Y even more. So this will go on until the PNP saturates. At this point, if Y is at 4 volts, X should be around 4.6 or a bit less. Now the 330k resistor will be unable to compensate the loss of charge through the base of the transistor, so X will start to go down in voltage. Even if X tries to pull Y down, it won't be able to do much, because that side of the cap is pinned to 4V by the saturated PNP, and the 22 ohm resistor diverts any transient trough the cap directly to ground (the time constant at the Y side is 220us). When the voltage in X goes down enough, the PNP will come out of saturation, and the voltage in Y will also go down. This will pull X down even further, closing the switch. At this point, the 330k will start recharging X, and the cycle will repeat.