There now seems to be strong evidence for a non-cosmological interpretation of the QSO redshift — in any case, so strong that it is of interest to investigate the consequences. The purpose of this paper is to construct a model of the Hubble expansion which is as far as possible from the conventional Big Bang model without coming in conflict with any well-established observational results (while introducing no new laws of physics). This leads to an essentially Euclidean metagalactic model (see Table I) with very little mass outside one-third or half of the Hubble radius. The total kinetic energy of the Hubble expansion need only to be about 5% of the rest mass energy. Present observations support backwards in time extrapolation of the Hubble expansion to a ‘minimum size galaxy’R m , which may have any value in 0<R m <4×1026 cm. Other arguments speak in favor of a size close to the upper value, sayR m =1026 cm (Table II). As this size is probably about 100 times the Schwarzschild limit, an essentially Euclidean description is allowed. The kinetic energy of the Hubble expansion may derive from an intense QSO-like activity in the minimum size metagalaxy, with an energy release corresponding to the annihilation of a few solar masses per galaxy per year. Some of the conclusions based on the Big Bang hypothesis are criticized and in several cases alternative interpretations are suggested. A comparison between the Euclidean and the conventional models is given in Table III.