  We argue that quantum theory is a low-energy effective theory which emerges
from some sub-quantum level theory which is of an undulatory and translocal
character. We show the close connection of quantum theory with both gravity and
the holographic principle which are different phenomena of one and the same
theory on this primordial level. An important role in our analysis is played by
the concept of a generalized renormalization group connecting this primordial
level and e.g. quantum theory plus a continuous space-time. We show that
characteristic phenomena like the seemingly instantaneous state reduction, the
EPR-paradox or the problem of polydimensions can be understood in our
undulatory translocal theory in a realistic way. Most importantly, we give a
realistic interpretation of the phasefunction as a collective action variable
in the spirit of Bohm and explain the emergence of a macroscopic notion of
time.
