Holographic Inflation Revised

This paper is a major revision of our previous work on the HST model of inflation. We identify the local fluctuations of the metric with fluctuations of the mass and angular momentum of black holes, and show that the consistency conditions in HST for a single trajectory to see more and more of a homogeneous distribution of black holes, imply that the system outside the horizon is undergoing inflation: small systems of equal entropy, are not in causal contact. Homogeneity then requires that the initial trajectory underwent inflation that expanded the black hole radius into our current horizon. The low entropy of the initial state of the universe is explained by the fact that this is the maximal entropy state, which has long lived localized excitations, and which can form structures more complex than black holes. The number of e-folds, reheat temperature of the universe and size of inflationary fluctuations are calculated in terms of a few parameters.