  We describe a cosmology of the very early universe, based on the holographic
principle of 't Hooft and Susskind. We have described the initial state as a
dense black hole fluid. Here we present a mathematical model of this heuristic
picture, as well as a non-rigorous discussion of how a more normal universe
could evolve out of such a state. The gross features of the cosmology depend on
a few parameters, which cannot yet be calculated from first principles. For
some range of these parameters, microwave background fluctuations originate
from fluctuations in the black hole fluid, and have characteristics different
from those of most inflationary models.
