Black Crunch
  We study the growth of fluctuations in collapsing cosmologies, extending old work of Lifshitz and Khalatnikov. As examples of systems where the fluctuations have a different composition than the background we study scalar fields with general improvement terms. Fluctuations always grow, and often dominate the homogeneous background. We argue that even for very dilute fluctuations, scattering processes inevitably lead to a dense gas of black holes. This leads us to hypothesize that the generic final state of a Big Crunch is described by a collapsing $p=\rho$ FRW cosmology. We conjecture that the black hole fluid is invariant under the conformal Killing symmetry of this metric, so that the final state is in fact stationary. 
T. Banks, W. Fischler