  It is assumed that the radial propagation of light with respect to the naive
coordinate system of the observer is uniform and isotropic and that the
physical rate of propagation of light is the same for all observers. In
accelerated frames of reference, these assumptions lead to the findings that
the measured value of $c$ is a function of the gravitational energy per unit
mass (GEPUM) of the observer, and that this is due to the physical
characteristics of the standard measuring-devices being a function of their
GEPUM. The consequences of these findings include observers who at rest with
respect to each other assigning different values to the same physical
separation, the mixed metric tensor ${g^\mu}_\nu$ describing how gravitation
affects measuring-devices, and the De-Broglie wavelength being a function of an
object's GEPUM. How the measured values of various types of physical quantities
are affected is described. The Schwarzschild solution is re-examined: The
physical size of radial coordinate $2m$ is 0, a traveler must perceive himself
to go an infinite distance to reach the radial coordinate of $2m$, and
gravitational self-potential energy reaches a minimal value at the radial
coordinate $3m$. Therefore, black holes do not exist in this theory.
